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Acrylonitrile Butadiene Styrene Market size valued at USD 10 billion in 2022 and is set to grow at over 4.5% CAGR from 2023 to 2032, owing to the booming home appliance industry.
Significant demand for lightweight automobiles to attain improved fuel efficiency is escalating the need for ABS in the automotive sector. The acrylonitrile butadiene styrene industry is highly influenced by the increased preference of OEMs and aftermarket players for high strength and thin material compared to the traditional metals in automotive parts due to reduced carbon emissions and design freedom.
Furthermore, an upsurge in home appliance demand is fostering product adoption. The growth of appliance assembly plants, especially in the APAC region, is primarily accelerating product penetration in the home appliances sphere. The rising uptake of insulating materials such as silicone elastomers that provide high levels of corrosion resistance, toughness, durability, and resilience are benefitting acrylonitrile butadiene styrene market outlook.
Report Attribute | Details |
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Base Year: | 2022 |
Acrylonitrile Butadiene Styrene Market Size in 2022: | USD 10 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 4.5% |
2032 Value Projection: | USD 16 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 268 |
Segments covered: | Application and Region |
Growth Drivers: | |
Pitfalls & Challenges: |
Environmental concerns regarding the usability of plastic are a major factor restraining market demand. Petrochemicals used to create ABS are non-renewable and non-biodegradability, which could be hazardous to the environment. Moreover, the heavy number of carcinogens present in ABS is also hampering business expansion, especially in Europe. Nonetheless, the mounting demand for high-performance materials in the construction industry is likely to aid manufacturers in overcoming this issue.
The appliances segment of ABS market is anticipated to exceed USD 15.5 billion by 2032. The soaring demand for home appliances as a result of the customer inclination toward goods with outstanding surface appearance and fire-retardant characteristics is encouraging home appliance firms to employ ABS plastics.
Asia Pacific acrylonitrile butadiene styrene market is projected to register gains at over 6% through 2032 led by the rapid adoption of ABS in consumer items and the construction sector in developing nations, such as China, India, Indonesia, and South Korea. In July 2022, China Petroleum & Chemical Corporation (SINOPEC), a petroleum refineries firm, partnered with INEOS Styrolution Group GmbH to expand its chemical offerings. As part of the deal, the companies aimed to manage the construction and production of an HDPE plant in China.
Some of the prominent key players operating in the acrylonitrile butadiene styrene market are
These firms majorly focus on rigorous R&D programs, expand production capabilities, and innovate product ranges to keep a competitive edge.
The COVID-19 outbreak negatively impacted the supply and demand of acrylonitrile butadiene styrene. The heavy utilization of ABS in manufacturing autos and cellphone parts makes revenue share hugely dependent on the production capacities of these industries. The adverse impact of the pandemic on the automotive, electronics, and other sectors hampered product adoption. However, the growing popularity of 3D printing in the healthcare sector for medical tools and equipment to protect against coronavirus infection is set to promote industry growth.
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