ABS Resin Market Size to Reach USD 40.57 Billion at a 4.4% CAGR by 2028 | Reports and Data
The ABS resin market size is expected to reach USD 40.57 Billion in 2028 and register a revenue CAGR of 4.4% over the forecast period, according to the latest report by Reports and Data. Rapid increase in population, urbanization, and industrialization is driving ABS market revenue growth.
ABS has low electrical and heat conductivity that is particularly helpful for products demanding electrical insulation protection. It also provides excellent impact resistance and can absorb shock effectively and reliably. Acrylonitrile butadiene styrene uses are several, which is propelling its demand. Since ABS plastic can be easily recycled, it is gaining rapid traction in recent years.
Acrylonitrile butadiene styrene is a sturdily engineered thermoplastic and amorphous polymer which is used in the production of lightweight, rigid, and molded products that are in turn used in a diverse set of end-use applications. ABS is used to manufacture protective housing for power tools and plastic face guards for a wall socket. It is commonly used in the automotive industry for the manufacturing of several items, including plastic alloys and decorative interior car parts.
Increasing demand for ABS resin from the construction industry is driving the market revenue growth. The high demand for this plastic in the construction sector is attributed to its durable and lightweight property, which makes it easy for transportation in construction sites. It also offers resistance from corrosion in harsh weather conditions due to its tight sealing features. Cost is a crucial factor in construction projects, which is a significant reason for persuading companies to prefer plastics material. Resin is economical and less expensive than its alternates such as metals.
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Major players in the market include: Asahi Kasei, LG Chemicals, BASF SE, Formosa Plastic, Chi Mei Corporation, Styron, SABIC, Covestro, The Dow Chemical Company, and LyondellBasell Industries N.V.
Some Key Highlights in the Report
- In June 2019, ELIX Polymers, a leading player in high-performance ABS materials, included two new grades to the Ultimaker Cura Marketplace for 3D printing equipment FDM applications. The move was made in partnership with companies producing filament from ELIX ABS, 3R3D materials, Filoalfa brand of Ciceri de Mondel, and Printme.
- Medical devices segment accounted for a significant revenue share in 2020. ABS is commonly used in production of 3D print manufacturing for original equipment manufacturers (OEMs). Its heat and impact resistance, and rigidity makes it ideal for engineering plastic to become proper substitute for metals in structural parts. Common uses of ABS in medical industry are non-absorbable sutures, drug-delivery systems, tendon prostheses and tracheal tubes. In March 2020, Clariant announced a new family of ABS polymer compound which provides manufacturers of pharmaceutical packaging and medical device with improved functionality without compromising on compliance with regulatory requirements.
- The automotive industry segment accounted for largest revenue share of global acrylonitrile butadiene styrene resin market in 2020. Growing production of vehicles in major automotive manufacturing countries such as Germany, France, China, Japan, South Korea, India, Italy, and the US is driving growth of the automotive segment. ABS materials are commonly used to manufacture automotive shrouds, covers, and housings.
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Driver: High demand from construction industry.
Increasing demand for ABS resin from the construction industry is driving the market revenue growth. High demand for this plastic in the construction sector is attributed to its durable and lightweight property, which makes it easy for transportation in construction sites. It also offers resistance from corrosion in harsh weather conditions due to its tight sealing features. Cost is a crucial aspect of construction projects, which is a significant reason for persuading companies to prefer plastics material. Resin is economical and less expensive than its alternates such as metals.
Restraint: Growing concern for the environment.
Development of alternatives will hinder market growth. Rising concerns for protection of environment, growing health awareness and volatile prices of raw materials will hamper market revenue growth. Furthermore, stringent regulations regarding usage of plastic products, and increasing demand for green products will challenge the growth of the market.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented global ABS Resin Market on the basis of Type, Material, End Users, Application and region:
Grade Outlook (Revenue, USD Billion; 2018–2028)
- Flame Retardant
- Composite Grades
Application Outlook (Revenue, USD Billion; 2018–2028)
- Musical Instruments
- Automotive Bumper Bars
- Medical Devices
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Consumer Goods
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North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of EU)
Asia-Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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