Global Acrylonitrile-Butadiene-Styrene (ABS) Resin Market - Segmented by Type, End-User Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global acrylonitrile-butadiene-styrene (ABS) resin market is currently valued at USD 26.359 billion in 2017, and is projected to reach USD 35.819 billion by 2023, registering a CAGR of 5.7% during the forecast period, 2018-2023. North America is expected to lead the market owing to its rapid growth in the automotive and ceramic industries, while Asia-Pacific offers the highest growth rate.
ABS materials, owing to their structural formulations, offer various favorable properties, such as high and moderate impact resistance, ease of processing, and chemical inertness, in addition to being lightweight. However, the discovery of more viable and inert polymeric blends has lowered the consumption trends of ABS in various end-user industries.
Soaring Demand in Automotive and Ceramic Industries
Major drivers propelling the growth of the global ABS resin market are the increased integration of high performance plastics in the automotive industry for sustainable measures as well as rapidly growing demand in electronics and electrical applications. The automobile segment is expected to grow at a higher rate during the forecast period. The construction sector is expected to witness a stable growth rate. The increase in the purchasing power of the middle-class population leads to an increase in the demand for its application in electrical and electronics sector, which is further driving the ABS resin market.
The major challenge faced by this market is the development of sustainable products, which can replace ABS resin applications in several areas. The manufacturing process of ABS resins leads to emission of solid waste gases that are harmful to human beings and strictly violate environmental regulations.
North American Region Leading the Market
In terms of consumption, North America leads the current ABS market. North America and Europe present saturated markets for ABS, and Asia-Pacific offers the highest growth rate due to the rise in consumption of electrical & electronics appliances for the forecast period (2018 - 2023).
Notable Developments in the Market:
March 2018: Gigaset to choose ELIX Polymers in the manufacturing of its products in home alarm systems.
February 2018: Electric and hybrid vehicles likely to minimize the use of poly-plastics found in the cars of the future. Ready-to-implement automotive plastic as per the growing demand in the Asia-Pacific region.
Major Players: Covestro, Chei Mei, INEOS, SABIC, and Styrolution Group, amongst others.
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