Acrylonitrile Butadiene Styrene (Abs) Market Size is projected to reach USD 57.24 Billion by 2030, growing at a CAGR of 6.7%
The global acrylonitrile butadiene styrene (ABS) market size was valued at USD 31.93 billion in 2021 and is projected to reach USD 57.24 billion by 2030 at a CAGR of 6.7% from 2022 to 2030. China is expected to dominate the global market, led by its strong automobile and home appliance industries.
Acrylonitrile butadiene styrene resin is considered the best polymer of the styrenic family and is used as an engineering plastic in several industries around the globe. Several properties make ABS suitable for use in automotive, home appliances, electronics, building and construction, and transportation industries. Many consumer goods industries have manufacturing units in and originate from Taiwan, Singapore, China, Thailand, and South Korea. The prominent presence of leading end-use industries in Asia-Pacific encourages ABS resin manufacturers to significantly invest in increasing their production capacity.
A Great Substitute to Metal: Acrylonitrile Butadiene Styrene Resin
Durable plastics such as ABS consume less energy during the production process and can replace metals. The substitution of metals with these plastics results in not only weight reduction but also the integration of a number of functions in an individual application. ABS is used in place of metal in several applications across the automotive industry, as here, players are working to reduce vehicle weight to enhance fuel efficiency and reduce carbon emission. Moreover, the production of battery-operated vehicles requires vehicles to be lightweight for better performance, which is propelling market growth.
Impact of COVID-19 on the Acrylonitrile Butadiene Styrene Market
The novel coronavirus continues to spread with no signs of slowing down. As the number of cases increases worldwide, there is a halt in operations and prohibition of domestic as well as international travel. A share of the demand for ABS resin stems from the automobile sector for the production of auto parts. Significant demand decline from the tire and automotive industries will pressure butadiene demand and price, directly impacting the acrylonitrile butadiene styrene resin market.
