According to the new market research report by IndustryARC titled “Acrylonitrile Butadiene Styrene (ABS) Resin Market (2018-2023)”, the market is driven by the growing automotive industry and household packaging.
Browse 62 Market Tables, 177 Figures spread through 180 slides and an in-depth TOC on “Acrylonitrile Butadiene Styrene (ABS) Resin Market (2018-2023)”
Asia Pacific to have a major share in the Acrylonitrile Butadiene Styrene (ABS) Resin Market
Asia Pacific is expected to dominate the Acrylonitrile Butadiene Styrene (ABS) Resin Market during the forecast period. This is due to the growing demand for automobiles and consumer goods. Asia Pacific is expected to reach $25.84 billion by 2023 at a CAGR of 3.6%.
US dominates the American Market due to high scale of production and construction activities, followed by Canada. In Latin America, the expansion of the automobile sector drives the growth of ABS textured plastic sheet in the region.
Selected Analysis done in the full Report:
The electrical/electronics segment will possess the maximum share in the Acrylonitrile Butadiene Styrene (ABS) Resin Market. It is expected to reach a revenue of $8,413 million by 2023 at a CAGR of 4.3%. ABS polymer has heat resistance, high impact strength, and chemical resistance which makes it suitable for the electrical and electronic components. It is used in phone cases, microwave ovens, keyboards, small household appliances, flat screens, etc.
ABS can also be used for dismantling and recovery in electrical and electronic components. With advancements in the smartphone industry, the market is expected to experience an upsurge during the forecast period.
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Excerpts on Market Growth Factors
ABN resins provide cost effective processing and increased end user performance for applications in many segments such as automotive, information technology equipment, building and construction, small and large appliances, medical and office furniture.
Value engineering and the use of self-coloring processes impact the use of Acrylonitrile Butadiene Styrene. These properties enable the molders and manufacturers to enhance productivity and cost efficiency of their processes.
The automotive industry is the best example of how the application of value engineering applied to ABS resins, not only improves productivity, but also improve performance as well.
Self-coloring processes facilitate manufacturers with a less expensive, faster, and more efficient coloring option. This gives them the flexibility to produce colored parts for products such as mobile phones, vacuum cleaners, and electrical switches.
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Key players of the Acrylonitrile Butadiene Styrene (ABS) Resin Market
Chi Mei Corporation is the leading company in the Acrylonitrile Butadiene Styrene (ABS) Resin Market. It accounts to 23% of the market share and produces 1.85 million tons of resin. LG Chemical, a player from Korea, is the second largest company producing ABS resins. Ineos Styrolutions produces 1.19 million tons of resins and is the major supplier of ABS in Europe. The concentration of players in Asia Pacific, especially in Taiwan, is due to the growing electronics industry. The companies in this region have high profits, which reduces the cost of the raw materials.
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