Publishing: August 2021 | Report Code: CM12149 | Available Format: PDF
With the increasing demand for lightweight vehicles and rising awareness for keeping safety as the first priority, the demand for acrylonitrile butadiene styrene material from the automotive industry is surging. The material is a thermoplastic polymer that is widely accepted in various industries, such as electrical & electronics, automotive, aerospace, and construction. This is due to its advantageous properties, such as high impact and chemical resistance, good electrical insulation, high ductility, lightweight, and various operating temperatures. Therefore, with the increasing demand from aforementioned industries, the growth of the global acrylonitrile butadiene styrene market is increasing.
The acrylonitrile butadiene styrene market is categorized into household appliances, automotive, consumer goods, construction, electrical & electronics, and others, on the basis of application. Among these, the household appliances category holds a considerable market share. This is majorly attributed to the usage of acrylonitrile butadiene styrene in the manufacturing of various white goods, such as washing machines, dryers, televisions, refrigerators, and air conditioners. Further, rising consumer disposable income is increasing the demand for household appliances, as consumers purchase these white goods to improve their standard of living. Thus, such factors result in high demand for acrylonitrile butadiene styrene in this application.
Geographically, the Asia-Pacific (APAC) region accounts for a prominent share in the acrylonitrile butadiene styrene market, owing to the large manufacturing base in the region. APAC is considered as a manufacturing hub, on accounts of its large and well-established automotive, electrical & electronics, general manufacturing, and construction industries. Also, the region is the largest manufacturer of motor vehicles across the world. Further, China, Japan, South Korea, Vietnam, and Taiwan are the homes to several electrical and electronics companies. In addition, vast demographic of the region supports these industries growth, resulting in higher demand for acrylonitrile butadiene styrene.
Rapid growth of the manufacturing industry and urbanization in the APAC region, and increasing demand for acrylonitrile butadiene styrene from the electrical & electronics industry due to its good insulation property, are driving the acrylonitrile butadiene styrene market. APAC contributes the largest volume and value share to the global manufacturing, owing to the presence of numerous manufacturing companies, due to easily accessibility to raw materials, less-stringent regulations, and low-labor cost. Further, rapid growing population in the region is creating opportunity for international players to enter into the regional market, which, in turn, increases the demand for raw materials, such as acrylonitrile butadiene styrene.
Stringent government and environmental authorities’ regulations, such as the Paris Climate Agreement and the European Union’s Circular Economy Action Plan on the usage of plastics, along with increasing usage of biopolymers due to rising environmental and health concerns, serve as a hindrance to the acrylonitrile butadiene styrene market. Further, combustion of acrylonitrile butadiene styrene at higher temperature results in the production of toxic substances, such as carbon monoxide and hydrogen cyanide, which are consider hazardous to human health. Therefore, such factors are likely to restrain the market growth to a certain extent during the forecast period.
Some of the major companies operating in the global acrylonitrile butadiene styrene market include CHIMEI Corporation, LG Chem Ltd., Trinseo S.A., Kumho Petrochemical Co. Ltd., INEOS Styrolution Group GmbH, and SABIC.
The study provides the historical as well the forecast size of the acrylonitrile butadiene styrene market.
The acrylonitrile butadiene styrene market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
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