Global acrylonitrile butadiene styrene market size was USD 20.22 billion in 2014. Superior properties such as strength and durability at low temperatures are expected to have a positive impact over the next seven years. Rising use of the product in numerous application including automotive ancillaries, consumer goods, construction materials and appliances is expected to propel the industry over the forecast period.
Rising importance of light weight automobiles on account of better fuel efficiency is expected to increase product’s application scope. Recent developments in the Corporate Average Fuel Economy (CAFE) have forced automobile manufacturers to seek new ways to reduce fuel consumption which will have a strong impact on the industry over the forecast period.
The presence of functional substitutes such as PEEK and SBR is expected to challenge industry development over the near future. Over the past few years, acrylonitrile butadiene styrene has replaced a variety of conventional materials including metals, wood, nylons and ceramics. However, application growth of bio-based polymers in light of rising concerns regarding greenhouse gas emissions is expected to remain a restraining factor over the next few years.
U.S. acrylonitrile butadiene styrene market volume, by application, 2012 - 2022, (Kilo Tons)
Automotive application accounted for over 15.0% of the global volume in 2014. Expansion of automotive industry in Mexico, China, Indonesia and Hungary in light of growing domestic consumption along with new product launches is expected to play a crucial role in increasing industry penetration over the next seven years.
Electrical & electronics sector is expected to remain one of the promising applications owing to the ability of the product to provide good insulation properties. Growing demand for silicone elastomers as insulation materials on account of good conductive properties is expected to pose a substitution threat for the industry over the forecast period. Ease of processing and fabrication makes ABS an excellent product for use in electrical components.
Other applications include construction material, consumer goods, and appliances. Growing appliance market is China on account of robust manufacturing base coupled with new product launches by LG, Samsung and Daewoo at the domestic level is expected to have a positive impact on the industry over the next seven years.
China dominated the acrylonitrile butadiene styrene industry, accounting for over 4.5 million tons of demand in 2014. Positive automotive outlook, as well as construction sector in China owing to regulatory support to promote new investments, will have a positive impact on the market over the forecast period. The robust manufacturing base of electronics & electrical appliances in other Asia Pacific countries including South Korea, Japan, and Taiwan is expected to play a crucial role in increasing market penetration over the next seven years.
North America is expected to witness growth at a CAGR of over 5.0% from 2015 to 2022 on account of the high prevalence of automobile manufacturing facilities in the U.S. and Mexico. Growing construction industry in Mexico, post initiation of National Infrastructure Program (NIP) from 2014 to 2018 is expected to remain a favorable factor for the industry.
Expanding upstream oil & gas sector in the Middle East for promoting investments in automotive, construction and electronics industry in light of application growth will open new market avenues over the next seven years. The emergence of Brazil as a manufacturing hub for biopolymers owing to easy raw material access including sugarcane and corn is expected to challenge manufacturers over the next seven years.
The acrylonitrile butadiene styrene market was dominated by major players including LG Chemical, Chi Mei Corporation, Styrolution, Formosa Plastic Company, Kumho Petrochemical Company. In March 2015, Ineos announced the merging of its ABS business with its subsidiary Styrolution.
Establishment of strategic partnerships with buyers and increasing expenditure for the development of new products are expected to remain critical success factors for the industry over the next seven years. Application growth of the product in various end-use industries including automotive, construction and electronics in Asia Pacific, particularly China and India is expected to force manufacturers to establish their production units in the vicinity. This move will have a positive impact on the ABS sector over the next seven years.
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