Acrylonitrile Butadiene Styrene Resin Market Size Worth USD 33.1 Billion in 2032 | Emergen Research

Vancouver, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global Acrylonitrile Butadiene Styrene (ABS) resin market size was USD 21.0 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.7% during the forecast period. Rising adoption of ABS in the automobile and medical industries and rapid growth of the construction sector globally are key factors driving market revenue growth.

ABS is a rigid thermoplastic polymer, which has properties such as flexibility, resilience to temperature, and good appearance. These materials have major applications in electronic appliances and automotive sectors where these are used for vehicles and auto parts manufacturing. In addition, increasing population and urbanization, particularly in India and China, is another key factor driving revenue growth of the market. The use of polymeric materials allows for greater design freedom and offers a cost-effective and safe geometrical solution for part manufacturing. The exterior, interior, engine compartment, bodywork, and other elements of an automobile are all made of ABS.

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Increasing recognition of the basic connection between vehicle mass and fuel efficiency has compelled automakers to use metal substitutes and lightweight materials. For instance, in the first quarter of 2021, Volkswagen Group reported a 21.2 percent year-over-year rise in sales of over 2.4 million vehicles globally with revenue of USD 55.1 billion. ABS finds extensive applications in both conventional and electric automobiles, since these are utilized in the automotive industry for components such as center consoles, seating, bumpers, and interiors. According to the International Energy Agency (IEA), 300 million Electric Vehicles (EVs) are expected to be on the road by 2050.

The main raw ingredients used to make acrylonitrile, butadiene and styrene resins are derived from petrochemical sources. Styrene is an important raw ingredient used in the production of resins. Styrene is produced in extremely small quantities globally since it is mostly produced by a small number of Middle Eastern and Asian countries using upstream methods. According to studies, global styrene monomer output is around 20 million tons per year. These macroeconomic factors have a direct impact on the distribution and production costs of ABS resin, leading to extremely high demand and prices for the raw material.

A recent trend in the market is major firms constantly working on manufacturing ABS components owing to increased requirement for fuel efficiency with the goal to reduce Carbon Dioxide (CO2) emissions. For instance, in August 2021, LG Chem and Veolia announced that they would be working together to make ABS using recycled materials. LG Chem planned to supply transparent ABS with low carbon content that is produced from chemically recycled Methylmethacrylate (MMA) as well as collaborate with Veolia R&E on process technology enhancement and Research & Development (R&D) to enhance the quality of recycled MMA.

Segment Insights

Type Insights:

On the basis of type, the global Acrylonitrile Butadiene Styrene (ABS) resin market is segmented into opaque, transparent, and colored. The opaque segment accounted for largest revenue share in the global ABS resin market in 2022. This is because the automotive industry uses opaque ABS for various purposes owing to their many physical attributes, which include good rigidity, gloss, ageing resistance, hardness, and resistance to chemicals. In addition, properties of ABS also make it suitable for a wide range of applications, including aviation applications computer parts, automotive components, and baggage cases. For instance, on 18 March 2022, the German performance thermoplastics producer herone GmbH announced the launch of a new production facility to begin manufacturing aviation-grade and ultra-lightweight thermoplastic components. Moreover, surfaces are given a glossy, long-lasting finish that is extremely resistant to Ultraviolent (UV) and chemical rays by using opaque ABS, which is expected to drive revenue growth of this segment during the forecast period.
Technology Insights:
On the basis of technology, the global Acrylonitrile Butadiene Styrene (ABS) resin market is segmented into extrusion, injection molding, blow molding, thermoforming, and Three Dimensional (3D) printing. The extrusion segment is expected to register steadily fast revenue growth rate in the global ABS resin market over the forecast period due to development of ABS plastics through increased extrusion techniques. ABS plastics offers unique mixes of exceptional heat stability, enhanced high tenacity, and elasticity modulus. In addition, rising need for cars and infrastructure in countries, such as Indonesia, India, and China, is also expected to drive revenue growth of this segment during the forecast period.

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Regional Insights:

The North America market accounted for largest revenue share in the global ABS resin market in 2022 owing to rising vehicle manufacturing and significant investment in Research & Development (R&D) in this region. Many plastic parts, including those used in mass-produced cars, are made of ABS and resemble resin injection molding in certain ways. ABS is a widely used material for housing, shrouds, and covers for vehicles. In addition, increasing use of ABS in 3D printing is another factor driving market revenue growth of this region. As a result, the largest corporations in North America are focusing on using ABS in the creation of 3D printers. For example, in May 2020, Bigrep released ABS material for huge-scale 3D printing.

The Asia Pacific market is expected to register fastest revenue growth rate in the global ABS resin market over the forecast period owing to the region's rising adoption of ABS in the construction and automotive industries. ABS offers various physical qualities, including stiffness, tensile strength, and toughness, which are useful in the car production process. For instance, the number of vehicles sold in China is expected to reach 27 million in 2021, up 6.7% from the previous year, based on the report by China Association of Automobile Manufacturers. Therefore, China meets both its own local automotive needs and the global demand for autos with thousands of cars produced every day. In addition, in FY20, the country produced 26.36 million vehicles, out of which roughly 21.55 million were sold.

Scope of Research

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Major Companies and Competitive Landscape

The global Acrylonitrile Butadiene Styrene (ABS) resin market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective ABS resin products in the market. Some major players included in the global Acrylonitrile Butadiene Styrene (ABS) resin market report are:

• INEOS Styrolution Group GmbH
• Trinseo
• Kumho Petrochemical
• Formosa Chemicals & Fibre Corp.
• LG Chem
• SABIC
• BASF SE
• Toray Industries, Inc.
• Mitsui Chemicals, Inc.
• Ravago
• Emco Industrial Plastics
• ELIX POLYMERS, S.L.U.
• CHIMEI
• China Petrochemical Corporation
• Dow

Strategic Development

• In August 2022, LG Chem announced its investment of USD 400 million to extend the Acrylonitrile Butadiene Styrene (ABS) plastic facilities at its Yeosu factory. The goal was to build a 220,000-ton ABS production line while gradually retiring the previous 140,000-ton lines.
• In July 2020, BigRep released ABS and ASA, two new BigRep approved, engineering-grade materials for usage in the automotive industry along with consumer products such as outdoor as well as sports applications. The new ABS is impact-resistant and adaptable, making it suitable for a range of end-use consumer appliances and mobility applications.

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For the purpose of this report, Emergen Research has segmented the global Acrylonitrile Butadiene Styrene (ABS) resin market on the basis type, raw material, grade, manufacturing process, technology, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Opaque
  • Transparent
  • Colored
•  Raw Material Size Outlook (Revenue, USD Billion; 2019-2032)
• Grade Outlook (Revenue, USD Billion; 2019-2032)
  • High Impact
  • Heat Resistant
  • Flame Retardant Grade
  • Gloss
  • High Flow
  • Electroplatable
  • Composite Grade
  • Blended ABS
  • Others
• Manufacturing Process Outlook (Revenue, USD Billion; 2019-2032)
  • Emulsion Polymerization
  • Mass Polymerization
  • Continuous Mass Polymerization
  • Others
• Technology Outlook (Revenue, USD Billion; 2019-2032)
  • Extrusion
  • Injection Molding
  • Blow Molding
  • Thermoforming
  • 3D printing
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Dashboard Components
  • Door Liners and Handles
  • Seatbacks
  • Seat Belt Components
  • Electronic Enclosures
  • Computer Keyboards
  • Plumbing Fittings
  • Water Filter Casings
  • Kitchen Appliances
  • Sanitary Products
  • Others
• End-use Outlook (Revenue, USD Billion; 2019-2032)
  • Appliances
    1. Washing Machine
    2. Refrigeration
    3. Others
  • Electrical and Electronics
    1. Electronic Enclosures
    2. Computer and Printer Housing
    3. Others
  • Automotive
    1. Instrument Panel
    2. Dashboard Console
    3. Others
  • Consumer Goods
    1. Small Domestic Appliances
    2. Protective Cases
    3. Others
  • Construction
    1. Pipes and Fitting
    2. Roofing and Membrane
    3. Others
  • Sports Equipment
  • Musical Instruments
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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