Acrylonitrile Butadiene Styrene Market by Type (Opaque, Transparent, Colored), Grade (High Impact, Heat Resistant, Electroplatable, Flame Retardant, Blended), Manufacturing Process, Technology, Applications, and Region - Global Forecast to 2028
Acrylonitrile Butadiene Styrene Market
The global acrylonitrile butadiene styrene (ABS) market size is valued at USD 28.6 billion in 2023 and is projected to reach USD 39.9 billion by 2028, growing at a cagr 6.9% from 2023 to 2028. The demand for acrylonitrile butadiene styrene (ABS) is being driven by growing demand from end-use industries, surging consumer awareness & preferences for high performance plastics, and advancements in manufacturing technologies.
ABS Market Trends
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ABS Market Dynamics
Driver: Growing demand from end-use industries
The growing demand from end-use industries, such as automotive and electrical and electronics, is a significant driver for the ABS market. In the automotive sector, ABS is extensively used in components like bumpers, interior trim, dashboards, and lighting due to its lightweight, impact resistance, and dimensional stability. In the electrical and electronics industry, ABS is favored for producing casings, covers, and structural components, providing essential properties like electrical insulation, impact resistance, and ease of customization, driving its market growth.
Restraint: Competition from alternative materials
Competition from alternative materials poses a restraint for the ABS market. Other plastics such as polycarbonate, polypropylene, and polyethylene offer similar properties to ABS, making them potential substitutes in certain applications. These alternatives can sometimes be more cost-effective or offer specific advantages, leading to a shift in consumer preferences. To remain competitive, ABS manufacturers must continuously innovate, enhance product performance, and offer unique value propositions to retain their market share amidst the presence of alternative materials.
Opportunity:
Advancements in 3D printing present a significant opportunity for the ABS market. 3D printing technology allows for the additive manufacturing of ABS parts, enabling rapid prototyping and customized production. The ability to create complex geometries and intricate designs using ABS opens new possibilities in various industries. As 3D printing becomes more accessible and cost-effective, the demand for ABS as a 3D printing material is expected to grow, creating new avenues for market expansion and diversification of applications.
Challenges: The availability and efficiency of recycling infrastructure for ABS waste
The availability and efficiency of recycling infrastructure for ABS waste poses a challenge for the ABS market. While ABS is a recyclable material, the lack of well-established and efficient recycling facilities can hinder the proper disposal and recycling of ABS waste. Inadequate recycling infrastructure may lead to the improper disposal of ABS products, increasing environmental pollution and waste accumulation. Addressing this challenge requires investment in recycling technologies and infrastructure to promote sustainable practices and circular economy principles within the ABS market.
ABS MARKET: Ecosystem
By type, Opaque is the third fastest-growing segment due to its wide-ranging applications in various industries. Opaque ABS formulations offer solid color appearances, providing color consistency and opacity, making them popular in automotive parts, consumer goods, electronics, and household appliances. The demand for opaque ABS is driven by its versatility, durability, and ease of molding, allowing manufacturers to create products with consistent color and appearance, contributing to its rapid growth and market significance.
By grade, high-impact ABS is projected to grow at the fastest CAGR, during the forecast period, due to its exceptional toughness and impact resistance properties. It finds extensive usage in automotive components, safety equipment, and durable consumer goods. The rising demand for lightweight, durable, and visually appealing materials in various industries drives the adoption of high impact ABS. Its ability to withstand harsh environments, mechanical stresses, and rough handling makes it a preferred choice, propelling its rapid growth and market dominance in the ABS market.
By manufacturing process, Emulsion polymerization accounted for the largest share of the ABS market due to its ability to produce ABS with excellent dispersion and fine particle size. This method offers controlled polymerization, resulting in ABS formulations with desirable properties like high impact strength and good processability. Emulsion polymerization's cost-effectiveness, energy efficiency, and capability to cater to a wide range of applications have contributed to its increasing adoption, driving its rapid growth and significance in the ABS market.
By technology, injection molding is estimated to be the fastest-growing segment during the forecast period in the ABS market due to its high efficiency and cost-effectiveness in mass production. This technology allows for the high-speed injection of molten ABS into molds, enabling the manufacturing of intricate and complex three-dimensional parts with precise accuracy. The widespread adoption of injection molding in various industries, including automotive, electronics, and consumer goods, drives the demand for ABS materials. Its versatility, ease of customization, and ability to produce high-quality components contribute to its rapid growth and prominence in the ABS market.
By applications, appliances segment is projected to grow at the highest rate in the ABS market due to the increasing demand for durable, lightweight, and visually appealing materials in various end-use applications. ABS offers a wide range of properties that meet the requirements of the appliances industry, including high impact resistance, dimensional stability, electrical insulation, and ease of molding. Its use in manufacturing components for appliances such as refrigerators, washing machines, vacuum cleaners, and small domestic appliances has propelled its rapid growth and significance in the ABS market.
Asia Pacific is the fastest-growing region in the ABS market due to several factors. The region's booming automotive, electronics, and appliances industries drive the demand for ABS in manufacturing various components and products. Additionally, the increasing construction activities and infrastructure development in countries like China and India lead to higher consumption of ABS in pipes, fittings, and other construction applications. Moreover, the rising population, urbanization, and economic growth contribute to the region's expanding consumer goods sector, further boosting the demand for ABS in diverse end-use industries.
Source: Secondary Research, Primary Interviews, and MarketsandMarkets Analysis
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Key Market Players
The key players in the ABS market are LG Chem Ltd. (South Korea), ChiMei Corporation (Taiwan), INEOS Styrolution (Germany), Petrochina Co Ltd. (China), Formosa Chemicals & Fibre Corporation (Taiwan), Sabic (Saudi Arabia), Toray Industries Inc. (Japan), Lotte Chemical (South Korea), Versalis (Italy), Kumho Petrochemical (South Korea), BASF SE (Germany), and Covestro AG (Germany), Trinseo(US), Techno UMG Ltd(Japan), Tianjin Dagu Chemical (China) , The Iran Petrochemical Commercial Company (Iran) , Shanghai Gaoqiao Petrochemical Company (China), IRPC (Thailand), RTP Company (USA) and Ravago Manufacturing (USA), among others. The ABS market report analyzes the key growth strategies, such as new product launch, expansions, investments, and acquisitions adopted by the leading market players between 2018 and 2023.
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Report Metric |
Details |
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Years considered for the study |
2020-2028 |
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Base Year |
2022 |
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Forecast period |
2023–2028 |
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Units considered |
Value (USD Million), Volume (KT) |
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Segments |
Type, Grade, Manufacturing Process, Technology, Applications, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
LG Chem Ltd. (South Korea), ChiMei Corporation (Taiwan), INEOS Styrolution (Germany), Petrochina Co Ltd. (China), Formosa Chemicals & Fibre Corporation (Taiwan), Sabic (Saudi Arabia), Toray Industries Inc. (Japan), Lotte Chemical (South Korea), Versalis (Italy), Kumho Petrochemical (South Korea), BASF SE (Germany), and Covestro AG (Germany), Trinseo(US), Techno UMG Ltd(Japan), Tianjin Dagu Chemical (China) , The Iran Petrochemical Commercial Company (Iran) , Shanghai Gaoqiao Petrochemical Company (China), IRPC (Thailand), RTP Company (USA) and Ravago Manufacturing (USA), are the key players in the market. |
This report categorizes the global ABS market based on type, grade, manufacturing process, technology, applications, and region.
On the basis of type, the ABS market has been segmented as follows:
- Opaque
- Transparent
- Colored
On the basis of grade, the ABS market has been segmented as follows:
- High Impact
- Heat Resistant
- Flame Retardant
- Electroplatable
- Blended ABS
On the basis of the manufacturing process, the ABS market has been segmented as follows:
- Emulsion Polymerization
- Mass Polymerization
- Continuous Mass Polymerization
- Others
On the basis of technology, the ABS market has been segmented as follows:
- Extrusion
- Injection Molding
- Blow Molding
- Thermoforming
- 3D printing
On the basis of application, the ABS market has been segmented as follows:
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Appliances
- washing machine
- refrigeration
- others
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Electrical and Electronics
- Electronic enclosures
- Computer and printer housing
- Others
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Automotive
- Instrument panel
- Dashboard console
- Others
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Consumer Goods
- small domestic appliances
- protective cases
- others
- Construction
- Pipes and fitting
- Roofing and membrane
- Others
- Others
On the basis of region, the ABS market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In May 2023, After the launch of a 450,000 tons/year ABS manufacturing line in September 2021. Chi Mei Corporation is planning to expand its ABS production capacity at the Zhangzhou plant to 600,000 tons/year by 2025.
- In April 2023, Formosa Chemicals & Fibre Corporation has planned a significant expansion of producing ABS with a projected capacity of 7.43 million tonnes per annum by 2030.
- In January 2022, INEOS Styrolution expanded its ABS capacity in Wingles, France to produce 50 KT ABS with the aim to meet the increased demand for ABS in Europe from the construction, household, and automotive industries.
Frequently Asked Questions (FAQ):
What is the current size of the global ABS market?
The global ABS market is projected to reach USD 39.9 billion by 2028, at a CAGR of 6.9% from USD 28.6 billion in 2023.
Who are the winners in the global ABS market?
Companies such as LG Chem Ltd. (South Korea), ChiMei Corporation (Taiwan), INEOS Styrolution (Germany), PetroChina Co Ltd. (China), Formosa Chemicals & Fibre Corporation (Taiwan), Sabic (Saudi Arabia), Toray Industries Inc. (Japan), Lotte Chemical (South Korea), Versalis (Italy), Kumho Petrochemical (South Korea), BASF SE (Germany), and Covestro AG (Germany), Trinseo(US), Techno UMG Ltd(Japan), Tianjin Dagu Chemical (China) , The Iran Petrochemical Commercial Company (Iran) , Shanghai Gaoqiao Petrochemical Company (China), IRPC (Thailand), RTP Company (USA) and Ravago Manufacturing (USA). They have the potential to broaden their product portfolio and compete with other key market players.
What are some of the drivers in the market?
Advancements in manufacturing technologies.
Which segment on the basis of application is expected to garner the highest traction within the ABS market?
Based on application, the automotive segment held the largest share of the ABS market in 2022.
What are some of the strategies adopted by the top market players to penetrate emerging regions?
The major players in the market use new product launches, expansions, and acquisitions as important growth tactics. .
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2 RESEARCH METHODOLOGY (Page No. - 30)
The study involved four major activities in estimating the market size of the ABS market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, trade directories, certified publications, articles from recognized authors, construction data websites, automotive journals, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, the monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The ABS market comprises several stakeholders in the value chain, which include raw material suppliers, ABS manufacturers, distributors, and end users. Various primary sources from the supply and demand sides of the ABS market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the ABS industry.
Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, grades, manufacturing process, technology, applications, and regions. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of ABS and the future outlook of their business which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
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Company Name |
Designation |
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LG Chem |
Sales Director |
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INEOS |
Sales Manager |
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Formosa Chemicals |
Director |
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BASF |
Marketing Manager |
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SABIC |
R&D Manager |
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|
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the ABS market.
- The key players in the industry have been identified through extensive secondary research.
- The type, grades, technology, manufacturing process, and applications in the industry have been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Abs Market: Bottum-Up Approach
Note: All the numbers are based on the global market size and are provided for representation purposes only.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
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Abs Market: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
The ABS market refers to the global industry involving the production, distribution, and utilization of Acrylonitrile Butadiene Styrene resin. ABS is a thermoplastic polymer known for its impact resistance, mechanical strength, and versatility. It finds applications in various industries, such as automotive, electronics, appliances, consumer goods, construction, and others where its properties are utilized for manufacturing a wide range of products.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To define, describe, and forecast the size of the ABS market, in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on type, grade, manufacturing process, technology, applications, and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as new product launches, partnerships, expansions, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Growth opportunities and latent adjacency in Acrylonitrile Butadiene Styrene Market