The global acrylonitrile butadiene styrene market size is projected to reach USD 42,809.5 million by 2027, exhibiting a CAGR of 6.9% during the forecast period. Phenomenal growth in the global construction industry will be a prime growth driver for this market, states Fortune Business Insights™ in its report, titled “Acrylonitrile Butadiene Styrene Market Size, Share & Industry Analysis, By Application (Appliances, Automotive, Consumer Goods, Construction, Electronics, and Others), and Regional Forecast, 2020-2027”. The construction industry has entered a phase of prolific expansion due to the rapid growth in world population and proliferation of residential and commercial spaces in urban areas. According to a study by Oxford Economics and Global Construction Perspectives, the volume of construction output is slated to grow by 85%, hitting a value of USD 15.5 trillion by 2030.
The report states that the global market value in 2019 was at USD 25,135.0 million. The main highlights of the report include:
- Surgical analysis of the major market drivers, trends, and restraints;
- In-depth diagnosis of each and every market segment;
- Unmatched research into the regional developments and prospects of the market; and
- Valuable insights into the profiles and strategies of the key market players.
Restraining Factor
Fluctuating Demand for Plastics from the Auto Industry amid COVID-19 to Inhibit Growth
The arrival of COVID-19 led to massive upheavals in several industries, with the plastics industry is facing a moderate impact of the pandemic, which in turn in expected to have spillover effects on the acrylonitrile butadiene styrene market growth. Polymer manufacturers catering specifically to the automotive industry have been severely hit by the pandemic as many large automakers worldwide have had to shut down their operations in response to lockdowns and plummeting demand. For example, Fiat Chrysler announced that it will be ending its production activities at its plants in Serbia, Italy, and Poland, while Volkswagen declared closure of its plant in Spain. According to a survey conducted by the US-based Manufacturers Association for Plastics Processors (MAPP) in August 2020, plastic businesses linked almost exclusively to the automotive sector are on track to meet only 75% of the expected revenues in 2020. Since ABS materials are widely adopted for making various auto components, a slump in the auto industry will inevitably hinder the growth of this market.
Regional Insights
North America to Command Revenue Share; Asia Pacific to Dominate the Overall Market
In terms of revenue, North America is envisioned to lead the global ABS market owing to the rising demand for lightweight automobiles in the region, supported by the spreading awareness about fuel efficiency and economy of vehicles among consumers across the US and Canada. Asia Pacific, where the market size stood at USD 14,244.2 million in 2019, is expected to dominate the overall acrylonitrile butadiene styrene market share during the forecast period on account of the exponential growth of the construction industry in India and China. Increasing disposable incomes of car buyers in these two countries will also allow the regional market to register robust growth in the coming years.
Competitive Landscape
Focused Investments in Innovation by Key Players to Heat up Competition
The competitive milieu of this market is getting intensified by the heightening investments by key players to boost their innovation capacities. These investments are aimed at empowering companies to develop and introduce novel ABS solutions and capture a larger market share as well as strengthen their global market presence.
List of Key Companies Profiled in the Acrylonitrile Butadiene Styrene Market Report:
- Formosa Chemicals & Fibre Corp (Tainan City, Taiwan)
- Asahi Kasei Corp. (Tokyo, Japan)
- LG Chemicals (Seoul, South Korea)
- INEOS (London, UK)
- 3M (Minnesota, United States)
- KUMHO PETROCHEMICAL (Seoul, South Korea)
- Chi Mei Corporation (Tainan City, Taiwan)
- SABIC (Riyadh, Saudi Arabia)
- Covestro AG (Leverkusen, Germany)
- BASF (Ludwigshafen, Germany)
Browse Summary of this Research
https://www.fortunebusinessinsights.com/acrylonitrile-butadiene-styrene-abs-market-104538