The global acrylonitrile butadiene styrene (ABS) market size was valued at USD 31.93 billion in 2021 and is projected to reach USD 57.24 billion by 2030 at a CAGR of 6.7% from 2022 to 2030.
Acrylonitrile butadiene styrene is an essential engineering plastic that has a diversified end-user portfolio. It is the most popular and is regarded as the best of all the styrenic family of polymers as it exhibits superior toughness, rigidity, and chemical resistance. The exclusive use of acrylonitrile butadiene styrene plastic in professional 3-D printers drives the acrylonitrile butadiene styrene (ABS) market.
The consumption of acrylonitrile butadiene styrene plastic is expected to grow in the near future as it is easy to paint and glue as well as environment friendly. The increasing need for lightweight vehicles and the expansion of the automotive industry, especially in developed economies, such as the U.S. and those in Europe, drive the global acrylonitrile butadiene styrene (ABS) market.
Increasing consumer income and improved economic conditions are also anticipated to boost the demand for acrylonitrile butadiene styrene plastic in home appliances. The applications of acrylonitrile butadiene styrene plastic in electronics and home appliances have increased rapidly, owing to its good insulation properties. The figure below depicts the global production capacity of acrylonitrile butadiene styrene for the duration of 2013-2016.
The burgeoning use of acrylonitrile butadiene styrene in lego, sports equipment, plastic toys, and other novel uses in medical applications, such as nebulizers and compressors, is also contributing to the global market.
The production of acrylonitrile butadiene styrene resin will increase in tandem with the consumption of end-use industries. Most recently, acrylonitrile butadiene styrene resin has been proven to play a key role in the use of 3D printers in multiple industries. These resin sheets and materials are readily available and can be easily molded to a desired form and effect. Additionally, they can be electroplated to enable even more options for use. Their 100% recyclability makes it possible to meet them again and again and reshape them without chemical degradation or burning.
Acrylonitrile butadiene styrene resins are widely used in computers and office equipment and are a part of consumers' daily lives, from smartphones to keyboards. They are extensively in gaming remote controls, set-top boxes, and other consumer electronics for higher durability, impact resistance, processability, surface quality, and chemical resistance to combat oils that cause progressive cracking. ABS resins are also combined with other plastics to form alloys such as polycarbonate (PC)-acrylonitrile butadiene styrene for the consumer electronics segment. Thus, the rising consumer demand for electronics positively influences the global acrylonitrile butadiene styrene market.
Pipes and fittings made from ABS resin are widely used in building and construction activities as they are easier to install and do not rot, rust, or corrode. The global acrylonitrile butadiene styrene market is expected to grow significantly during the forecast period, against a backdrop of favorable government initiatives for economic co-operation and inflow of foreign investments. CIMIC Group has projects in various countries across ASEAN, including Indonesia, Malaysia, the Philippines, Singapore, and Thailand. The company is involved in a USD 6.8-million infrastructure project in Indonesia for the Vale (Brazil) mining company. Infrastructure development is the key factor driving the consumption of ABS resin in developing countries.
Our analysis concludes that the acrylonitrile butadiene styrene market has ample opportunities during the forecast period and is expected to grow significantly on account of the easy availability of the resin at a low cost and its 100% recyclable nature.
The high gloss acrylonitrile butadiene styrene segment is projected to hold the largest market share during the forecast period. The consumer demand for trendy, smartly designed appliances with enhanced functionalities continues to increase and drive appliance aesthetics. There is extensive use of high gloss grade in home appliances, such as LCD TV front panels, air-conditioner panels, cameras, telephone parts, and computer housing, owing to the resin's ability to be processed and availability in a wide range of colors.
Acrylonitrile butadiene styrene plastic is much lighter than other forms of resins, and car manufacturers are continuously striving to reduce vehicle weight. OEMs that use acrylonitrile butadiene styrene plastic have successfully decreased the overall weight of vehicles by 10%, making them more fuel-efficient. The below figure depicts the world motor vehicle production trend for the period 2003–2018.
Mostly, acrylonitrile butadiene styrene plastic sheets are extensively used on dashboards, wheel covers, and body parts owing to their strength, temperature resistance, and rugged surface that doesn't easily scratch. The shifting consumer preference toward lightweight battery-operated vehicles is expected to create demand for acrylonitrile butadiene styrene in the automobile industry.
Asia-Pacific: The Most Prominent Market for ABS, with Strong Automotive, Electronics, & Home Appliance Sectors Driving Demand
Asia is a key market for acrylonitrile butadiene styrene plastic, with Asian consumers powered by an increasing disposable income, which drives the demand for luxury goods in the region. As per the Asian Development Outlook 2017, more than 30% of the world's consumer disposable income was in Asia for the year 2017.
Government initiatives introduced in the FY 2020 budget will aid recovery and sustain growth in the coming years. The recent budget introduced a simplified personal income tax option that reduces tax rates for those earning less than USD 20,000 per year but surrenders exemptions and deductions. This will increase household disposable income, thereby boosting private consumption in the region.
The region is home to many consumer goods and home appliance manufacturers, which is expected to propel the demand for acrylonitrile butadiene styrene plastic during the forecast period. The below figure depicts the key countries importing acrylonitrile butadiene styrene in the year 2017, with China accounting for 36% of imports.
In Asia-Pacific, China, Hong Kong, Taiwan, Singapore, and many others enjoy most of the foreign investments, particularly in the automotive and electrical industries. As per a report by the China Center for Information Industry Development, China's online B2C home appliance market observed steady expansion in the year 2018 by growing 17.5% year-on-year to USD 86,000 million.
Transparent acrylonitrile butadiene styrene plastic is infused in the production of home appliances to enhance liner functionality and aesthetics. Thus, China's strong home appliances market is expected to foster foster the regional market in the coming years. The figure below depicts the estimated market potential for different regions during the forecast period, 2022–2030.
Some of the key players profiled in the global acrylonitrile butadiene styrene market are
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