Market Research Report
Acrylonitrile Butadiene Styrene Market Size By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||999423|
|Published||Content info||252 Pages
Delivery time: 2-3 business days
|Acrylonitrile Butadiene Styrene Market Size By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
|Published: April 8, 2021||Content info: 252 Pages||
Acrylonitrile Butadiene Styrene (ABS) Market Size By Application (Appliances, Electrical and Electronics, Automotive, Consumer Goods, Construction), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027.
The global acrylonitrile butadiene styrene (ABS) market is garnering momentum and is expected to record substantial growth through 2027. Robust demand across key industry verticals is driving the global ABS demand.
ABS finds application in automotive, construction, electrical & electronics, consumer goods, appliances, and many other end-use sectors. It is estimated that the others segment will account for substantial consumption of ABS due to its growing application in various medical devices and equipment.
Acrylonitrile butadiene styrene is a key component in any medical devices owing to its excellent performance characteristics, customizability, and adaptability to meet specific requirements of the healthcare sector.
In June 2020, ELIX Polymers had announced plans to donate ELIX ABS 3D-FC, a medical-grade ABS material, to meet the surging demand for medical masks, ventilator valves, and other medical supplies across healthcare facilities. Ford Motor Company had transformed some of its auto production facilities for medical equipment production using ELIX ABS 3D-FC. Spanish plastics manufacturers SIIM and PESL were also among the leading end-users of the material for manufacturing medical devices and supplies.
The appliances segment captured around 31% revenue share of ABS industry in 2020 and will record a CAGR of nearly 6.3% up to 2027. The electrical and electronics segment accounted for about 24% of the market share during 2020 and will continue to be a leading consumer of ABS in the next few years.
The demand for ABS in automotive applications is slated to grow at a CAGR of around 6.7% through the coming years due to the demand for lightweight and more fuel efficient vehicles. The consumer goods segment is anticipated to generate robust demand for ABS in the future owing to its excellent physical characteristics. Meanwhile, the consumption of ABS in construction applications is likely to grow at a CAGR of around 4.9% over 2021-2027.
In order to meet the increasing ABS demand in a sustainable manner, manufacturers are looking for environmentally friendly ways to produce ABS that helps reduce the environmental impact and achieve a circular economy.
Citing a recent instance, last year in December, leading styrenics manufacturer INEOS Styrolution, a subsidiary of INEOS Corporation, had partnered with sustainable waste management firm Indaver for a project aimed at producing acrylonitrile butadiene styrene based plastics and polymers from recycled feedstock.
The new four-year project will be funded by the European Union through the EU LIFE program which provides financial support to resource efficiency projects.
Considering the regional landscape, the market for ABS in Latin America captured a market share of over 3% during 2020 and is estimated to record a CAGR of about 6.4% over 2021-2027. The Middle East and Africa ABS industry will record notable growth in the next few years powered by growing product application in the electrical and electronics industry.