Acrylonitrile Butadiene Styrene Market Size, Key Players | LG Chem., INEOS Styrolution , Trinseo , KUMHO PETROCHEMICA, Formosa Chemicals & Fibre Corp
Acrylonitrile Butadiene Styrene Market 2019 Industry Research Report provide the details about Industry Overview and analysis about Cost Structure, Sales Revenue, Sales Volume, Gross Margin and Sale Price, Major Manufacturers, Industry Chain Structure, New Project SWOT Analysis with Development Trends and Forecasts 2023.
Acrylonitrile butadiene styrene or ABS is a thermoplastic resin, which is commonly used in injection molding applications. It is available in the form of amorphous powder. This product is derived from butadiene, acrylonitrile, and styrene, which result into the formation of shiny, glossy yet tough, and durable plastic called acrylonitrile butadiene styrene. It is one of the finest polymers in styrenic family due to some important characteristic features such as greater hardness, toughness, good chemical resistance, and better stability. The global acrylonitrile butadiene styrene is primarily driven by the rapidly growing construction activities, increasing urbanization, and industrialization around the world.
Some of the prominent players in the global acrylonitrile butadiene styrene market are LG Chem. (South Korea), INEOS Styrolution (Germany), Trinseo (U.S.), KUMHO PETROCHEMICA (South Korea), Formosa Chemicals & Fibre Corp. (Taiwan), SABIC (Saudi Arabia), BASF SE (Germany), TORAY INDUSTRIES INC. (Japan), Mitsui Chemicals, Inc. (Japan), and Ravago Americas (U.S.), among others.
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Additionally, increasing standards of living and disposable income of people, especially in developing countries incentivizing them to invest more in high end construction and home decorative activities. However, the major factor, which may restrain the growth of the market during the review period is fluctuating prices of this product on the backdrop of limited supply of raw material as compared to the demand for the end product.
Regionally, North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America are the five major regions in the global acrylonitrile butadiene styrene market. Among these regions, Asia Pacific is estimated to hold the largest share of the global acrylonitrile butadiene styrene market and is anticipated to retain its dominance over the forecast period. The region accounts for over 60% share of the market due to increasing demand from the major end-use industries such as building & construction, electronics, and sports equipment. The major markets in this region are South Korea, China, India, and Japan, wherein the automotive and electronics industry are the major end users.
The automotive industry in the Asia Pacific is witnessing the highest CAGR owing to growing demand for the passenger cars and Light Commercial Vehicles (LCV) around the globe. The emerging economies in this region are continuously earmarking a considerable share of their GDP for investment in developing major physical infrastructures such as roads, rail, and ports, commercial and residential buildings. The major populated countries such as India and China are emphasizing over construction of affordable houses for their rapidly increasing population, which is likely to fetch sizeable share of the overall demand for the product. Moreover, rapid industrialization, growing urbanization, increasing disposable income and rising standard of living of the people in this region are some of the prominent factors favoring the growth of the market in this region. Furthermore, the other significant end-use industries such as electronics and sports are growing at a considerable CAGR in this region to propel the growth of the market further.
After the Asia Pacific, North America is the second major market, in terms of market size in the global acrylonitrile butadiene styrene market. The region is further segmented into the U.S and Canada. Among them, the U.S is estimated to dominate the market due to the significant presence of the leading market players and major end-use industries such as construction and automotive industry.
Europe is another substantial region in the global acrylonitrile butadiene styrene market, which is further categorized into Germany, France, the U.K, Italy, Spain, and Russia. Among them, France, Germany, and Italy holding a considerable share of the market. The automobile industry in this region is fetching maximum demand for the product. Surging demand for the lightweight electric vehicles is anticipated to fuel the growth of the regional acrylonitrile butadiene styrene market in coming years.
Lastly, the Middle East & Africa and Latin America are projected to grow at a moderate CAGR during the review period.
Acrylonitrile Butadiene Styrene Market has been segmented on the basis of application, and region.
Based on the application, the global acrylonitrile butadiene styrene market is categorized into, electrical & electronics, automotive, building & construction, consumer goods, sports equipment, musical instruments, and others. Among these applications, the appliances application segment is estimated to dominate the market and is projected to reach a double digit USD billion figure by the end of 2023. As of 2016, the appliances segment held over 30% share of the market. This is attributed to changing lifestyle of the people, which demands more luxury and expedite process. The major appliances include in this segment are primarily belongs to the household applications such as dryer, microwave oven, television sets, and washing machines. Increasing disposable income and rising standard of the living of the people in emerging economies is one of the prominent factors driving growth of this segment in the global acrylonitrile butadiene styrene market.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis