New York, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global acrylonitrile butadiene styrene market size is expected to expand at ~6% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 43 billion by the end of 2033, up from a revenue of ~USD 27 billion in the year 2022.The growth of the market can be attributed to the immense opportunity for the development of the sports sector, which is estimated to boost the market’s growth in the coming years. For instance, as per the estimations, the from sports and recreation activities industry total income has increased to more than USD 13 billion in the year 2020.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4517
Further, since it has lightweight qualities, therefore acrylonitrile butadiene styrene (ABS) is expected to witness an increased demand in the automobile industry. ABS is employed in the production of a variety of vehicle components, such as seats, bumpers, dashboards, center consoles, interior trim, headliners, and lighting. In addition to these, factors that are believed to fuel the market growth of acrylonitrile butadiene styrene (ABS) include the surging penetration of acrylonitrile butadiene styrene in the form of pipes and fittings in the construction sector, coupled with escalating demand for ABS materials from several end-use industries, including the electrical and electronics industry. In addition to this, growing consumer spending capacity, and the rising middle-class population is also expected to drive the growth of the global acrylonitrile butadiene styrene market during the coming years.
Increasing Demand for ABS in the Medical Industry across the Globe to Boost Market Growth
As medical devices made with ABS can resist chemicals and other physical impacts, therefore, ABS has been replacing metals in the structural parts and plastic parts in medical devices. Therefore, the increasing demand for medical devices is also soaring the demand for ABS materials. For instance, the worldwide revenue for medical devices is projected to be over USD 685 billion by 2027. The automobile industry has been observing a huge increase as a result of the increased disposable income of people along with the surging ratio of urbanization. Since acrylonitrile butadiene styrene parts play a key role in the manufacturing of automotive interiors and parts, hence, the rising automotive industry eventually boosts the market growth. For instance, presently, in India, the automobile industry accounts for around 8% of India's GDP and 50% of its manufacturing GDP. ABS finds applications in the construction and infrastructure sector due to its durability and resistance to harsh environmental conditions. It is used in pipes, fittings, and other construction materials. The growth in construction activities, especially in emerging economies, contributes to the demand for ABS in building and infrastructure applications. The versatility of ABS makes it a popular choice for 3D printing and rapid prototyping applications. ABS is known for its ease of processing, allowing for the creation of durable and dimensionally stable prototypes.
Acrylonitrile Butadiene Styrene Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Consumer Electronics Dominance to Drive the Market Growth in Asia Pacific Region
The acrylonitrile butadiene styrene market in Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth of the market can be attributed majorly to the escalating growth in the construction industry owing to the huge investment by the government in various infrastructural projects in the region. For instance, construction projects in Northeast Asia were predicted to increase by 5% to nearly USD 4.90 trillion in 2022, slightly higher compared with around USD 4.62 trillion in 2021. Furthermore, the surging demand for automobiles and the growing demand for ABS in the production of several electronic and electrical products are also anticipated to boost the market growth further over the forecast period in the region. The Asia Pacific region is a global leader in the production and consumption of consumer electronics. ABS is a preferred material for manufacturing electronic components and device housings due to its excellent molding properties and impact resistance. The thriving consumer electronics market propels the demand for ABS in the region. The ongoing construction and infrastructure development projects in the Asia Pacific region contribute to the demand for ABS in various applications. ABS is used in construction materials, pipes, and fittings due to its durability and resistance to environmental factors. The region's rapid urbanization fuels the need for construction-related ABS products.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4517
Automotive Industry Expansion to Propel the Growth in the Latin America Region
The Latin America acrylonitrile butadiene styrene market is estimated to garner the highest CAGR by the end of 2033. The growth of the Acrylonitrile Butadiene Styrene (ABS) market in Latin America is significantly influenced by the expansion of the automotive industry in the region. ABS is widely used in the manufacturing of automotive components due to its impact resistance and durability. As the automotive sector in Latin America continues to expand, the demand for ABS for applications in vehicle interiors, exteriors, and under-the-hood components rises correspondingly. As of 2021, Latin America accounted for a notable share of the global automotive production, contributing to the region's role in the automotive industry. Specific statistics on the regional share can be obtained from industry reports and organizations such as the International Organization of Motor Vehicle Manufacturers (OICA). The growth of the acrylonitrile butadiene styrene market can be further attributed to the rising demand for automotive lightweight material for the production of lightweight vehicles in the region. For instance, in Latin America, the sale of lightweight vehicles such as battery electric vehicles rose from 1 thousand in 2018 to 9 thousand in 2020. In addition to this, a significant surge in economic growth, coupled with rapid urbanization, and a growing ratio of construction activities, are some further factors that are anticipated to accelerate the market size of acrylonitrile butadiene styrene over the forecast period in the region.
Acrylonitrile Butadiene Styrene, Segmentation by Application
- Appliances
- Electrical & Electronics
- Automotive
- Building & Construction
- Consumer Goods
- Sports Equipment
- Musical Instruments
- Others
Amongst these segments, the appliances segment in acrylonitrile butadiene styrene market is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the rising demand for appliances such as safety helmets, sports equipment, vacuum cleaners, telephones, CCTV cameras, and cameras. Moreover, acrylonitrile butadiene styrene is used for the manufacturing of complex objects, and it is expected to increase the segment’s growth in the market. For instance, the global imported sales value of headgear in 2021 was topped at around USD 4,612,295. The natural replacement and upgrade cycles of appliances contribute to market growth. Consumers often replace or upgrade their appliances due to wear and tear, technological advancements, or the desire for newer features. Planned obsolescence and changing design trends encourage consumers to invest in the latest models, sustaining demand in the appliances segment.
Acrylonitrile Butadiene Styrene, Segmentation by Product Type
- Transparent
- Opaque
- Colored
Amongst these segments, the opaque segment in acrylonitrile butadiene styrene market is anticipated to hold a significant share over the forecast period. Since opaque ABS offers a wide range of physical characteristics, including excellent chemical resistance, high durability, toughness, gloss, and rigidity, it finds application in a variety of automotive-related applications. Additionally, owing to its qualities, it is highly used in a variety of applications, such as aircraft, automobiles, luggage, and computer parts manufacturing. Thus, the opaque segment is estimated to dominate the market owing to its highly advanced characteristics along with its surging use in various applications. An increase in disposable income and consumer spending power contributes significantly to the appliances segment. As incomes rise, consumers are more likely to invest in durable goods, including high-quality appliances. This trend is particularly evident in emerging economies experiencing economic growth and an expanding middle class. According to the World Bank, global household consumption expenditure reached USD 44 trillion in 2019.
Few of the well-known indsutry leaders in the acrylonitrile butadiene styrene market that are profiled by Research Nester are Trinseo PLC, 3M, Covestro AG, INEOS AG, BASF SE, Saudi Basic Industries Corporation (SABIC), CHIMEI Corporation, Asahi Kasei Corporation, Kumho Petrochemical Co., Ltd, and other key market players.
Recent Development in the Acrylonitrile Butadiene Styrene Market
- Covestro AG presented three new polycarbonate blends e.g., polycarbonate + acrylonitrile butadiene styrene blend called Bayblend T85 XAT at VDI Congress “Plastics in Automotive Engineering”.
- CHIMEI Corporation collaborated with Mitsubishi Corporation to build a renewable plastic supply chain for the production of styrene monomer using bio-based hydrocarbons (Neste RE) and also its derivates of mass balance renewable plastics such as acrylonitrile butadiene styrene i.e., bio-ABS.
Read our insightful Blogs and Data-driven Case Studies:
- Top 5 Key Trends to Impact the Organic Chemicals Industry serving at Bulk in the near future
Discover the advancements, upcoming markets and changes in consumer preferences. Gain insights, into how industry frontrunners are adjusting to these shifts and positioning themselves for prosperity of the business.
https://www.researchnester.com/blog/chemicals/bulk-chemicals/organic-chemicals-industry-trends
- A Specialty Chemical Firm to open up New Channels for the Large-scale Production of Petrochemicals to fulfill market needs
The case study shows how a specialty chemical firm fulfills market needs. After extensive market analysis, company launched technically distinct goods, which further facilitated successfull business expansion.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
