Analysis by Product Type (Transparent, Opaque, and Colored); and by Application (Appliances, Electrical & Electronics, Automotive, Building & Construction, Consumer Goods, Sports Equipment, Musical Instruments, And Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global acrylonitrile butadiene styrene market is estimated to garner a revenue of ~USD 43 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 27 Billion in the year 2022. The growth of the market can be attributed to the immense opportunity for the development of the sports sector, which is estimated to boost the market’s growth in the coming years. For instance, as per the estimations, the from sports and recreation activities industry total income has increased to more than USD 13 billion in the year 2020. Further, since it has lightweight qualities, therefore acrylonitrile butadiene styrene (ABS) is expected to witness an increased demand in the automobile industry. ABS is employed in the production of a variety of vehicle components, such as seats, bumpers, dashboards, center consoles, interior trim, headliners, and lighting.
In addition to these, factors that are believed to fuel the market growth of acrylonitrile butadiene styrene (ABS) include the surging penetration of acrylonitrile butadiene styrene in the form of pipes and fittings in the construction sector, coupled with escalating demand for ABS materials from several end-use industries, including the electrical and electronics industry. In addition to this, growing consumer spending capacity, and the rising middle-class population is also expected to drive the growth of the global acrylonitrile butadiene styrene market during the coming years. For instance, the global middle-class population is estimated to rise from 7.5 billion in 2020 to 8 billion in 2030, with consumer spending of USD 40 trillion. Besides this, rising demand for household appliances is another key factor that is estimated to spur the global acrylonitrile butadiene styrene market size over the forecast period.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 27 Billion |
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Forecast Year Market Size (2033) |
~ USD 43 Billion |
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Regional Scope |
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Growth Drive
Rising Demand for ABS in the Medical Industry – As medical devices made with ABS can resist chemicals and other physical impacts, therefore, ABS has been replacing metals in the structural parts and plastic parts in medical devices. Therefore, the increasing demand for medical devices is also soaring the demand for ABS materials. For instance, the worldwide revenue for medical devices is projected to be over USD 685 billion by 2027.
Expanding Automobile Industry – The automobile industry has been observing a huge increase as a result of the increased disposable income of people along with the surging ratio of urbanization. Since acrylonitrile butadiene styrene parts play a key role in the manufacturing of automotive interiors and parts, hence, the rising automotive industry eventually boosts the market growth. For instance, presently, in India, the automobile industry accounts for around 8% of India's GDP and 50% of its manufacturing GDP.
Worldwide Growing Construction Sector – Since ABS is used in a variety of fitments that are used in construction work. Therefore, the growing construction sector is anticipated to increase the market’s growth. The worldwide construction industry generated almost USD 3 trillion in revenue in 2019.
High Use in Apparatuses, Auto Ancillaries – ABS is often used in handles, exterior and insulation parts in various apparatus. As per observations, the revenue of auto ancillaries is expected to rise to 10% between 2022-2023 in India.
Worldwide Spike in the Demand for Household Appliances - The global retail sales of major appliances hit nearly USD 370 billion, while sales of small appliances topped approximately USD 130 billion in 2020.
Challenges
The global acrylonitrile butadiene styrene market is segmented and analyzed for demand and supply by application into appliances, electrical & electronics, automotive, building & construction, consumer goods, sports equipment, musical instruments, and others. Out of these segments, the appliances segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the rising demand for appliances such as safety helmets, sports equipment, vacuum cleaners, telephones, CCTV cameras, and cameras. Moreover, acrylonitrile butadiene styrene are used for the manufacturing of complex objects, and it is expected to increase the segment’s growth in the market. For instance, the global imported sales value of headgear in 2021 was topped at around USD 4,612,295.
The global acrylonitrile butadiene styrene market is also segmented and analyzed for demand and supply by product type into transparent, opaque, and colored. Amongst these three segments, the opaque segment is expected to garner a significant share. Since opaque ABS offers a wide range of physical characteristics, including excellent chemical resistance, high durability, toughness, gloss, and rigidity, it finds application in a variety of automotive-related applications. Additionally, owing to its qualities, it is highly used in a variety of applications, such as aircraft, automobiles, luggage, and computer parts manufacturing. Thus, the opaque segment is estimated to dominate the market owing to its highly advanced characteristics along with its surging use in various applications.
Our in-depth analysis of the global acrylonitrile butadiene styrene market includes the following segments:
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By Product Type |
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By Application |
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The Asia Pacific acrylonitrile butadiene styrene market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the escalating growth in the construction industry owing to the huge investment by the government in various infrastructural projects in the region. For instance, construction projects in Northeast Asia were predicted to increase by 5% to nearly USD 4.90 trillion in 2022, slightly higher compared with around USD 4.62 trillion in 2021. Furthermore, the surging demand for automobiles and the growing demand for ABS in the production of several electronic and electrical products are also anticipated to boost the market growth further over the forecast period in the region.
Furthermore, the Latin America acrylonitrile butadiene styrene market is also estimated to display notable market growth by the end of 2033. The growth of the market can be attributed to the rising demand for automotive lightweight material for the production of lightweight vehicles in the region. For instance, in Latin America, the sale of lightweight vehicles such as battery electric vehicles rose from 1 thousand in 2018 to 9 thousand in 2020. In addition to this, a significant surge in economic growth, coupled with rapid urbanization, and a growing ratio of construction activities, are some further factors that are anticipated to accelerate the market size of acrylonitrile butadiene styrene over the forecast period in the region.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising demand for ABS in the medical industry, expanding automobile industry, and worldwide growing construction sector are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Sustainability and recyclability issues of ABS material, presence of other substitutes, and fluctuating cost value of acrylonitrile butadiene styrene are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Trinseo PLC, 3M, Covestro AG, INEOS AG, BASF SE, Saudi Basic Industries Corporation (SABIC), CHIMEI Corporation, Asahi Kasei Corporation, Kumho Petrochemical Co., Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, application, and by region.
Ans: The appliances segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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