According to the report “Acrylonitrile-Butadiene-Styrene (ABS) Resins Market: By Grades (High Gloss and Low Gloss); By Application (Electrical/Electronics, Automotive, Consumer Appliances, Building & Construction and Others) & Geography -Forecast (2017-2021)
” published by IndustryARC, estimates the market to reach $25.12 billion by 2021.
Browse 15 Market Tables, 105 Figures spread through 180 slides and an in-depth TOC on “Acrylonitrile-Butadiene-Styrene (ABS) Resins Market (2017 - 2021)”
The ABS resins market is emerging and has been amongst the key supplier industries for automotive, consumer and industrial applications. With the manufacturing and industrial investments shifting towards APAC coupled with rising demand for automobiles and consumer goods in developed nations, the market is set to grow rapidly in the future. Innovation in this market has been constantly developing and delivering incremental enhancements in terms of functionalities of resins with major contribution from chief industry driven nations like U.S., China, Japan and Germany.
The ABS resin market in automotive is exhibiting strong growth due to the growing demand for the light weight vehicles in developing as well as developed regions. Globally 12.50% of plastic used in automobiles is ABS. Hence, growth of automobile industry will gradually act as a catalyst for the growth of ABS market. ABS resins have been extensively used in various applications over the past few years across the globe. Amongst the various applications served by ABS, it find its use majorly in electrical & electronics. In electronic industry, ABS is used at various places such as casing of phones, small household appliances, microwave ovens, flat screens, monitors, keyboards, mouse and more.
Based on grades of ABS resin available commercially, the market is segmented into high gloss and low gloss. High gloss ABS are primarily used materials in home appliances. Apart from the major applications in home appliances and other segments like toys and television, the major usage if attributed to automobile industry. Semi-structural Automotive interior parts, exterior Automotive pillars, air conditioner fan, radiator grille, door components, enclosures for electric devices and many others are some of the examples of high gloss ABS resin products. High Gloss ABS resins are utilized in automotive industry for their excellent balance of impact strength, good dimensional stability, high rigidity, low emission, medium heat resistance and high flowability to name among a few advantages.
Escalating electronic industry coupled with rapidly expanding market of consumer appliances in emerging countries is anticipated to propel the demand for ABS resins
The global ABS resin market revenue is estimated to grow with a CAGR of 3.6% during the forecast period and will reach $25.12 billion by 2021. Escalating demand for consumer appliances is propelling the growth of ABS resins in various geographies. The market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2016, APAC is the prominent region for ABS resin and is estimated to grow with CAGR of 3.9% during the forecast period. The growth in APAC is attributed to the increasing electronics as well as consumer appliances segment, especially in China. China imported almost 69% of Asia-Pacific’s import volumes during 2010, and is currently driving Asia-Pacific demand for ABS.
The Prominent Players in this Market Include
- Chi Mei Corp.
- LG Chemicals
- Ineos Styrolution
- Formosa Plastics
These companies through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the market. Chi Mei Corp. is one of the major players in the ABS resin market with wide range of product offerings dealing in various industries. The concentration of players in the APAC region, especially in Taiwan can be attributed to the fact that the region is up and coming in the electronics industry, a major end-use segment for the ABS resins. Thus, in order to decrease the cost of raw materials, the companies in this region gain high profits.
Browse Related Reports:
- Engineering Plastics Market Analysis – By Types (Polyamides, Polyimides, Polycarbonates, Thermoplastic Polyester Elastomer, Acrylonitrile Butadiene Styrene (ABS)); By Industry (Automotive, Electronics, Healthcare, Packaging, Consumer Goods); By Geography – Forecast to 2021
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