Fort Collins, Colorado, March 13, 2024 (GLOBE NEWSWIRE) -- The Acrylonitrile Butadiene Styrene Market size was valued at USD 23.2 Billion in 2023 and is anticipated to reach USD 35.6 Billion by 2032 at a CAGR of 4.9%.
Acrylonitrile butadiene styrene (ABS) is a thermoplastic polymer widely used across various industries due to its exceptional strength, rigidity, toughness, and chemical resistance. ABS is easy to mold, machine, and fabricate into different shapes and forms, making it a popular choice. The ABS market is growing rapidly, mainly due to the increasing demand from developing countries, where urbanization is leading to a surge in construction activities and the need for key end-use industries.
The growing demand for ABS from various sectors such as automotive, construction, and electronics is a major factor driving the market growth. ABS is extensively used in the construction industry for making pipes, fittings, and corrugated plastic structures due to its ease of installation and impressive chemical and mechanical properties. The consumer electronics industry is also witnessing a surge in demand for ABS as it is used in electronic housings, casings, and structural components for laptops, mobile phones, televisions, and household appliances. The growing popularity of consumer electronics, coupled with evolving consumer preferences and technological advancements, is fueling the demand for ABS for this application.
Moreover, the unique properties of ABS make it an ideal substitute for other materials. ABS can withstand high levels of pressure and temperature and exhibits chemical inertness. It also displays high rigidity and good impact, abrasion, and strain resistance, making it a popular choice for various applications. With advancements in manufacturing procedures and material formulations, the properties of ABS have been further augmented, expanding its usage in sectors like medical devices and aerospace.
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Segmentation Overview:
The global acrylonitrile butadiene styrene market has been segmented into type, grade, application, and region. The automotive industry dominated the market share. ABS is widely used in automotive for various components such as bumpers, trims, and instrument panels. Plastics are also used to enhance fuel efficiency and reduce emissions as they are lighter. ABS is the preferred substitute for metal parts in automotive applications. The high impact segment held the largest market share in 2023. High impact grade ABS offers superior impact resistance for safety applications in automotive, construction, and sports equipment sectors. Goldsun Auto and THACO Plastics Component are among the companies that use ABS for bumper guards, spoilers, and other accessories.
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Acrylonitrile Butadiene Styrene Market Report Highlights:
- The global acrylonitrile butadiene styrene market growth is anticipated at a CAGR of 4.9% by 2032.
- ABS is a thermoplastic polymer widely used in various industries due to its strength, toughness, and chemical resistance. It is easy to mold and fabricate, making it popular in the automotive, construction, and electronics sectors. Its unique properties make it an ideal substitute for other materials, and advancements in manufacturing have widened its usage in medical devices and aerospace.
- Asia Pacific is expected to have a significant market share due to increasing automotive production in China and India. The region produced around 50 million motor vehicles in 2022, as per OICA. The market growth is also being propelled by rising electronics manufacturing and consumer goods demand.
- Some prominent players in the Acrylonitrile Butadiene Styrene market report include CHIMEI, BASF SE, LG Chem, Asahi Kasei Corporation, Lotte Chemical Corp, INEOS, DuPont, Formosa Plastics Corporation, SABIC, TORAY INDUSTRIES, INC., PetroChina Company Limited, and Kumho Petrochemical.
Industry Trends and Insights:
- Lotte Chemical Corp. has created AI organizations to improve data-based research. The company formed an AI Solution Team at the Lotte Chemical Institute of Technology in Daejeon to develop AI-integrated catalysts and products in the basic chemicals business sector. This will enhance quality by combining accumulated research and development (R&D) knowledge with AI.
- LG Chem announced that it has inaugurated an aesthetically designed "Solution Lab Center" at Caiting Hospital, a leading cosmetic surgery clinic in Shanghai. The facility aims to expand LG Chem's educational support to YVOIRE customers in China, offering them hyaluronic acid fillers of the brand.
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Acrylonitrile Butadiene Styrene Market Segmentation:
By Type: Opaque, Transparent, and Colored
By Grade: High Impact, Heat Resistant, Flame Retardant, Electroplatable, and Blended ABS
By Application: Appliances, Electrical and Electronics, Automotive, Consumer Goods, Construction and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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