Acrylonitrile Butadiene Styrene (ABS) Market by Application and Geography - Forecast and Analysis 2021-2025

The acrylonitrile butadiene styrene (abs) market share is expected to increase by 1.38 million t from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.09%.

This acrylonitrile butadiene styrene (abs) market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers acrylonitrile butadiene styrene (abs) market segmentations by application (appliances, electrical and electronics, automotive, construction, and others) and geography (APAC, Europe, North America, MEA, and South America). The acrylonitrile butadiene styrene (abs) market report also offers information on several market vendors, including Avient Corp., BASF SE, Chi Mei Corp., Daicel Corp., Formosa Plastics Corp., INEOS Group Holdings SA, LG Chem Ltd., Mitsui Chemicals, Inc., Saudi Basic Industries Corp., and Toray Industries Inc. among others.

What will the Acrylonitrile Butadiene Styrene (ABS) Market Size be During the Forecast Period?

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"Major automotive manufacturing countries such as China, Germany, India, France, Italy, South Korea, Japan, and the US use ABS in automotive components. These countries have large automobile manufacturing hubs, for instance, Arlington Assembly in Texas, U.S.; Volkswagen Transparent Factory in Dresden, Germany; and Dongfeng plant in Changzhou, China. Thus, the production of vehicles will increase the demand for ABS during the forecast period."

Acrylonitrile Butadiene Styrene (ABS) Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing demand for abs from china is notably driving the acrylonitrile butadiene styrene (abs) market growth, although factors such as fluctuating crude oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the acrylonitrile butadiene styrene (abs) market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Acrylonitrile Butadiene Styrene (ABS) Market Driver

One of the key factors driving the acrylonitrile butadiene styrene (ABS) market is the increasing demand for ABS from China. China is a leading consumer of ABS and accounted for a 55%-56% share in 2020. The demand for ABS from China is expected to increase during the forecast period, as many OEMs are shifting their manufacturing bases to the country because of the easy availability of land and raw materials, inexpensive labor, and lenient government regulations and policies on the use of ABS as a polymer in industries such as electrical and electronics, appliances, construction, automotive and others. Moreover, some of the major end-user industries of ABS are the appliances, electrical and electronics, construction, and automotive. In the appliances industry, ABS is used in appliance control panels, housings (shavers, vacuum cleaners, and food processors), refrigerator liners, and others. ABS offers strong resistance to corrosive chemicals and has a low melting point. Moreover, it is inexpensive compared to other polymers and is also used in electrical components such as computer monitors, keyboards, electrical fitting boards, and other products.

Key Acrylonitrile Butadiene Styrene (ABS) Market Trend

Technological advancements and product innovations is another factor supporting the acrylonitrile butadiene styrene (ABS) market growth in the forecast period. The major players had increased their focus on R&D of advanced and innovative ABS products. Furthermore, products with higher efficiency and enhanced properties are a result of innovation, which is a growing trend in the market. Therefore, to maintain their competitive edge and market share, vendors emphasize the importance of new technology and innovations. SABIC manufactured CYCOLAC, a new ABS thermoplastic resin widely recognized as a customizable engineering material. Apart from its visual appeal, it offers excellent toughness and dimensional stability, excellent colorability, scratch resistance, and high-temperature resistance. It has been approved by the Food and Drug Administration (FDA) and is thus used in food and beverage packaging. Similarly, Trinseo offered ABS under the MAGNUM ABS Resins brand. The product has low concentrations of residual volatile organic compounds (VOCs) and gel and offers high strength, durability, colorability, and toughness. Therefore, product innovation is estimated to boost the demand for ABS during the forecast period.

Key Acrylonitrile Butadiene Styrene (ABS) Market Challenge

Fluctuating crude oil prices will be a major challenge for the acrylonitrile butadiene styrene (ABS) market during the forecast period. In the last decade, frequent fluctuations in crude oil prices were observed. Fluctuations in crude oil prices subsequently affect the global cost of ABS. As per the US Energy Information Administration (EIA), the price of crude oil was $82 per barrel in 2010, which increased to $98.05 per barrel in 2013. The price reduced to $41.69 per barrel in December 2020 and increased to $54.38 per barrel in January 2021. Therefore, price fluctuations can negatively impact the prices of polymers and their applications. Moreover, fluctuations in crude oil prices have compelled vendors to adopt various cost-cutting measures. Producers have cut costs aggressively, lowering overall operating expenses by up to 3 dollars per barrel, trimming global headcount by 20% to 30% and reducing capital expenditures by about 60% from the previous year's peak levels. Cost-cutting methods within Oil and Gas industry have historically focused on non-revenue generating and support functions within the companies, such as the office of finance.

This acrylonitrile butadiene styrene (abs) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global specialty chemicals market as a part of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the acrylonitrile butadiene styrene (abs) market during the forecast period.

Market Overview

The parent global chemicals market covers companies engaged in manufacturing of various types of products under organic and inorganic chemicals. The global specialty chemicals market covers products and companies engaged in high value-added chemicals used in the manufacture of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. 

Who are the Major Acrylonitrile Butadiene Styrene (ABS) Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Avient Corp.
• BASF SE
• Chi Mei Corp.
• Daicel Corp.
• Formosa Plastics Corp.
• INEOS Group Holdings SA
• LG Chem Ltd.
• Mitsui Chemicals, Inc.
• Saudi Basic Industries Corp.
• Toray Industries Inc.

 

This statistical study of the acrylonitrile butadiene styrene (abs) market encompasses successful business strategies deployed by the key vendors. The acrylonitrile butadiene styrene (abs) market is concentrated and the vendors are deploying growth strategies such as new technology and innovations to compete in the market.

Product Insights and News

• BASF SE - The company offers terblend n, terlux, and terluran through its specialty styrenics product line.
• LG Chem Ltd. - The company offers ABS resin in various grades such as ap163, hf380, hf390, and hi100.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The acrylonitrile butadiene styrene (abs) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Acrylonitrile Butadiene Styrene (ABS) Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the acrylonitrile butadiene styrene (abs) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global chemicals market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers providers to ensure a sustainable market presence.

 

Which are the Key Regions for Acrylonitrile Butadiene Styrene (ABS) Market?

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76% of the market's growth will originate from APAC during the forecast period. China, India, Indonesia, Vietnam, and Thailand are the key markets for acrylonitrile butadiene styrene (abs) market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Increasing urban population, rising disposal incomes, and the growing construction and automotive industries will facilitate the acrylonitrile butadiene styrene (abs) market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in the region is expected to hamper the growth of the regional ABS market in the consumer and manufacturing industries. All manufacturing industries were highly affected, as their production units were either closed or halted, which had a negative impact on the growth of the ABS market in the region in 2020. However, the rising demand for ABS in appliances and electrical and electronics applications in the region has resulted in increased investments in new ABS production units in the region. For instance, in December 2020, Ineos Styrolution started construction of its new ABS plant located in Ningbo, China, which has a capacity of 600,000-tons/year. The plant is expected to be operational by 2023. Such factors are expected to drive the growth of the ABS market in the region during the forecast period.

What are the Revenue-generating Application Segments in the Acrylonitrile Butadiene Styrene (ABS) Market?

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The acrylonitrile butadiene styrene (abs) market share growth by the application segments. Appliances segment will be significant during the forecast period. The increasing demand for household appliances will drive the demand for ABS during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the acrylonitrile butadiene styrene (abs) market size and actionable market insights on post COVID-19 impact on each segment.

 

Acrylonitrile Butadiene Styrene (ABS) Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 3.09%
Market growth 2021-2025	1.38 mn t
Market structure	Concentrated
YoY growth (%)	2.14
Regional analysis	APAC, Europe, North America, MEA, and South America
Performing market contribution	APAC at 76%
Key consumer countries	China, South Korea (Republic of Korea), US, Italy, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Avient Corp., BASF SE, Chi Mei Corp., Daicel Corp., Formosa Plastics Corp., INEOS Group Holdings SA, LG Chem Ltd., Mitsui Chemicals, Inc., Saudi Basic Industries Corp., and Toray Industries Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Acrylonitrile Butadiene Styrene (ABS) Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive acrylonitrile butadiene styrene (abs) market growth during the next five years
• Precise estimation of the acrylonitrile butadiene styrene (abs) market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the acrylonitrile butadiene styrene (abs) industry across APAC, Europe, North America, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of acrylonitrile butadiene styrene (abs) market vendors

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