Global Acrylonitrile Butadiene Styrene (ABS) Market 2019-2023
About this market
The demand for ABS from China is expected to increase during the forecast period as many OEMs are shifting their manufacturing bases to the country because of the easy availability of land and raw materials, inexpensive labor, and lenient government regulations and policies on the use of ABS as a polymer in industries such as electrical and electronics, appliances, construction, automotive and others. Some of the major end-user industries of ABS are the appliances, electrical and electronics, construction. and automotive. Increasing disposable income and demand for consumer goods and household appliances will significantly increase the consumption of ABS in China. Technavio’s analysts have predicted that the acrylonitrile butadiene styrene (ABS) market will register a CAGR of almost 6% by 2023.
Rising demand for ABS from the automotive sector
ABS is primarily used for manufacturing components of automobiles such as instrument panels, pillar trim, dashboard components, door liners and handles, seat backs, seat belt components, and others. Currently, the automotive industry is the largest consumer of ABS It is one of the materials that can be used as a substitute for metal components.
Fluctuating crude oil prices
ABS is manufactured by the polymerization of acrylonitrile and styrene polymers in the presence of polybutadiene rubber. Styrene, butadiene, and acrylonitrile are the raw materials that are derived from crude oil. Therefore, fluctuations in raw material prices directly impact the global prices of ABS. Price fluctuations can negatively impact the prices of polymers and their applications.
For the detailed list of factors that will drive and challenge the growth of the acrylonitrile butadiene styrene (ABS) market during the 2019-2023, view our report.
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Acrylonitrile Butadiene Styrene (ABS) Market 2019-2023
Technavio recognizes the following companies as the key players in the global acrylonitrile butadiene styrene (ABS) market: Asahi Kasei, BASF, JSR, Mitsui Chemicals, SABIC, TORAY INDUSTRIES.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the product innovation is estimated to boost the demand for ABS during our forecast period.”
According to the report, one of the major drivers for this market is the rising demand for ABS from the automotive sector.
Further, the report states that one of the major factors hindering the growth of this market is the health hazards caused by acrylonitrile can reduce the adoption of ABS during our forecast period.
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