What is the global market size of Acrylonitrile Butadiene Styrene (ABS) Market?

Acrylonitrile Butadiene Styrene (ABS) Market size was valued at USD 19.95 billion in 2021 and is poised to grow from USD 21.31 billion in 2022 to USD 57.24 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Acrylonitrile Butadiene Styrene (ABS) Market?

The key players in the worldwide acrylonitrile butadiene styrene market concentrate mainly on new product launches, mergers and acquisitions, the development of manufacturing facilities, and collaboration agreements. These are some of the most important tactics used by manufacturers to increase their market shares. 'LG Chem', 'Chi Mei Corporation', 'Styrolution', 'Formosa Plastics', 'Sabic', 'INEOS Styrolution', 'Dow Chemical', 'Asahi Kasei', 'Mitsubishi Chemical', 'BASF SE', 'Covestro', 'Kumho Petrochemical', 'Trinseo', 'Total Petrochemicals', 'Chevron Phillips Chemical', 'Lotte Chemical', 'TORAY INDUSTRIES INC', 'Nova Chemicals', 'RTP CompanyTeijin Limited'

Acrylonitrile Butadiene Styrene (ABS) Market Size

Acrylonitrile Butadiene Styrene (ABS) Market Insights

Acrylonitrile Butadiene Styrene (ABS) Market size was valued at USD 21.31 Billion in 2023 and is poised to grow from USD 22.74 Billion in 2024 to USD 61.08 Billion by 2032, growing at a CAGR of 6.7% during the forecast period (2025-2032).

Over the years, the automotive industry has undergone substantial transformation, and there has been a growing trend toward lighter, more fuel-efficient cars. In an automobile, a weight reduction of 10.0% is thought to save 5.0 to 7.0% on fuel. Additionally, the lighter weight aids in reducing CO2 emissions over the course of the vehicle's life. Numerous vehicle parts, such as the bumper, seats, dashboard, interior trim, headliners, centre consoles, and lighting, are made using ABS. 12.5% of all automotive plastics utilised in a passenger automobile are made up of ABS. Therefore, during the course of the forecast period, the market expansion is likely to be fueled by the expanding automotive industry.

It is anticipated that the adoption of ABS in automobiles will expand as more people become aware of the fundamental connection between mass and fuel efficiency. Over the projection period, industry growth is likely to be boosted by the flourishing automotive industries in developing nations like China, India, and Brazil. Due to its excellent mechanical strength and light weight, acrylonitrile butadiene styrene is used for vacuum construction as well as pipes and fittings. ABS is utilised to make waste collection products because it has higher durability and corrosion resistance than PVC. The construction industry's demand for acrylonitrile butadiene styrene is expected to increase as a result of these beneficial qualities. Over the forecast period, a rise in the use of styrene-butadiene rubber (SBR) is likely to impede market expansion. The high abrasion resistance that SBR offers, which is used in tyre manufacturing in the automotive industry, is what is driving up demand in a variety of end-use industries.

US Acrylonitrile Butadiene Styrene (ABS) Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The key players in the worldwide acrylonitrile butadiene styrene market concentrate mainly on new product launches, mergers and acquisitions, the development of manufacturing facilities, and collaboration agreements. These are some of the most important tactics used by manufacturers to increase their market shares. 'LG Chem Ltd. ', 'CHIMEI Corporation ', 'INEOS Styrolution Group GmbH ', 'SABIC ', 'Formosa Plastics Corporation ', 'Asahi Kasei Corporation ', 'Trinseo S.A. ', 'Toray Industries, Inc. ', 'Kumho Petrochemical Co., Ltd. ', 'JSR Corporation ', 'Versalis S.p.A. ', 'Lotte Chemical Corporation ', 'Mitsubishi Chemical Corporation ', 'BASF SE ', 'Sumitomo Chemical Co., Ltd. ', 'Sinopec Group ', 'PetroChina Company Limited ', 'Covestro AG ', 'Cheil Industries Inc. ', 'Daicel Corporation'

Because of its lightweight and high strength, acrylonitrile butadiene styrene is increasingly being used in consumer goods, construction, and vehicle accessories, which will account for the market's favorable outlook in the years to come. Additionally, the concern about rising CO2 emissions is one of the main reasons for the increased interest in lightweight automotive materials. The International Energy Agency (IEA) projects that ozone-depleting substance outflows will reach 3.1 metric gigatons on a continuous basis in 2021. Over the course of the next several years, this factor is likely to increase demand for lightweight components in the automotive industry, including acrylonitrile butadiene styrene.

The several factors that are propelling the growth of the global Acrylonitrile Butadiene Styrene Market include rapidly expanding construction projects, expanding urbanization, and expanding industrialization worldwide, where demand for the product is steadily rising. In addition to these, rising standards of living and increased personal income, particularly in developing countries, encourage people to invest more in high-quality construction and brighter domestic activities. In the years to come, this is anticipated to promote the interest of manufacturers of acrylonitrile butadiene styrene.

Due to the region's increasing urbanization and rising population, Asia is predicted to experience an increase in construction investment during the projection period. Due to rising disposable income and increased government spending on significant infrastructure projects, the construction market in China and India is anticipated to experience significant development. Over the foreseeable period, these elements are anticipated to fuel ABS demand. With a revenue share of 56.4% in 2021, China led the world market. This trend is expected to continue throughout the projected period because of rising construction activity there. From 2021 to 2028, the Chinese construction industry had a double-digit expansion, which is projected to fuel demand for the good in the years to come.