Press release
Rising Demand in Automotive and Medical Sectors Drives Growth of Acrylonitrile Styrene (ABS) Resin Market
ABS Resin Market
One of the primary drivers of ABS resin demand is its expanding application in the automotive industry, where its lightweight, cost-effective, and design-flexible qualities support fuel efficiency and overall vehicle performance. ABS components are commonly used in various vehicle parts, including interiors, exteriors, and engine compartments. The rise in electric vehicles (EVs) has further fueled this demand. According to the International Energy Agency (IEA), there may be as many as 300 million EVs on the roads by 2050, creating a substantial need for materials like ABS that enable lighter, more energy-efficient vehicles.
ABS's applications extend beyond automotive, with notable use in the aviation industry. ABS is commonly used in aircraft interiors for components like luggage compartments and panels, offering shape flexibility and durability. The recent establishment of a new production facility by German thermoplastics manufacturer herone GmbH in March 2022 highlights the increased focus on ultra-lightweight thermoplastic components for the aviation sector.
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Another driving factor is the shift toward sustainable manufacturing practices. Many major companies are incorporating eco-friendly materials to reduce carbon emissions. For example, LG Chem and Veolia announced in August 2021 a collaboration to produce ABS using recycled materials, signaling the market's move toward a lower carbon footprint.
The ABS resin market also faces challenges. Its primary raw materials, acrylonitrile, butadiene, and styrene, are petrochemical-based and sensitive to price fluctuations in the oil industry. This reliance on petrochemical pricing can impact production costs and market prices. Additionally, manufacturers are exploring alternative materials such as Syndiotactic Polystyrene (SPS) and Polysulfide (PSU) to address cost concerns and sustainability issues.
In terms of ABS resin market segmentation, opaque ABS resins held the largest market share in 2022, mainly due to their extensive use in automotive and aviation applications. Opaque ABS is valued for its high rigidity, glossy finish, and UV resistance, making it ideal for diverse applications in vehicles and electronics.
Among the manufacturing technologies, extrusion is expected to lead the market growth rate due to advancements in ABS production, especially in automotive markets in regions like China and India. The increasing demand for 3D printing technology also signals growth, as it allows for customized production of complex ABS parts. For instance, Nexeo Plastics and Covestro recently launched a new polycarbonate/ABS 3D printing filament that supports rapid prototyping.
The end-use applications of ABS resin are broad. The automotive segment, responsible for over 40% of ABS usage, is growing as demand for lighter vehicles continues. Meanwhile, the electrical and electronics segment is projected to dominate the market, driven by the miniaturization of electronics and ABS's durability, impact resistance, and flame-retardant properties. Over 70% of global electronics production occurs in Asia-Pacific, and countries like China, Japan, and South Korea lead in ABS resin use in electronics.
The global ABS resin market's expansion across diverse industries highlights its adaptability and value. With continuous innovations and a focus on sustainability, the market is expected to continue its growth trajectory in the coming years, balancing demand for lightweight materials with the push toward more sustainable production.
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ABS Resin Top Companies and Competitive Landscape
The global Acrylonitrile Butadiene Styrene (ABS) resin market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective ABS resin products in the market.
Some major players included in the global ABS resin market report are:
INEOS Styrolution Group GmbH
Trinseo
Kumho Petrochemical
Formosa Chemicals & Fibre Corp.
LG Chem
SABIC
BASF SE
Toray Industries, Inc.
Mitsui Chemicals, Inc.
Ravago
Emco Industrial Plastics
ELIX POLYMERS, S.L.U.
CHIMEI
China Petrochemical Corporation
Dow
Acrylonitrile Butadiene Styrene Resin Latest Industry Updates
In August 2022, LG Chem announced its investment of USD 400 million to extend the Acrylonitrile Butadiene Styrene (ABS) plastic facilities at its Yeosu factory. The goal was to build a 220,000-ton ABS production line while gradually retiring the previous 140,000-ton lines.
In July 2020, BigRep released ABS and ASA, two new BigRep approved, engineering-grade materials for usage in the automotive industry along with consumer products such as outdoor as well as sports applications. The new ABS is impact-resistant and adaptable, making it suitable for a range of end-use consumer appliances and mobility applications.
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ABS Resin Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global Acrylonitrile Butadiene Styrene (ABS) resin market on the basis type, raw material, grade, manufacturing process, technology, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Opaque
Transparent
Colored
Raw Material Size Outlook (Revenue, USD Billion; 2019-2032)
Acrylonitrile
Polybutadiene
Styrene
Grade Outlook (Revenue, USD Billion; 2019-2032)
High Impact
Heat Resistant
Flame Retardant Grade
Gloss
High Flow
Electroplatable
Composite Grade
Blended ABS
Others
Manufacturing Process Outlook (Revenue, USD Billion; 2019-2032)
Emulsion Polymerization
Mass Polymerization
Continuous Mass Polymerization
Others
Technology Outlook (Revenue, USD Billion; 2019-2032)
Extrusion
Injection Molding
Blow Molding
Thermoforming
3D printing
Application Outlook (Revenue, USD Billion; 2019-2032)
Dashboard Components
Door Liners and Handles
Seatbacks
Seat Belt Components
Electronic Enclosures
Computer Keyboards
Plumbing Fittings
Water Filter Casings
Kitchen Appliances
Sanitary Products
Others
End-use Outlook (Revenue, USD Billion; 2019-2032)
Appliances
Washing Machine
Refrigeration
Others
Electrical and Electronics
Electronic Enclosures
Computer and Printer Housing
Others
Automotive
Instrument Panel
Dashboard Console
Others
Consumer Goods
Small Domestic Appliances
Protective Cases
Others
Construction
Pipes and Fitting
Roofing and Membrane
Others
Sports Equipment
Musical Instruments
Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
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Your Gateway to Industry Insights: Browsing Related Reports
Acrylonitrile Butadiene Styrene (ABS) Resin Market Size @ https://www.emergenresearch.com/industry-report/acrylonitrile-butadiene-styrene-resin-market/market-size
Acrylonitrile Butadiene Styrene (ABS) Resin Market Share @ https://www.emergenresearch.com/industry-report/acrylonitrile-butadiene-styrene-resin-market/market-share
Acrylonitrile Butadiene Styrene (ABS) Resin Market Trends @ https://www.emergenresearch.com/industry-report/acrylonitrile-butadiene-styrene-resin-market/market-trends
Acrylonitrile Butadiene Styrene (ABS) Resin Regional Market Demand @ https://www.emergenresearch.com/industry-report/acrylonitrile-butadiene-styrene-resin-market/regional-market-demand
Acrylonitrile Butadiene Styrene (ABS) Resin Market Analysis @ https://www.emergenresearch.com/industry-report/acrylonitrile-butadiene-styrene-resin-market/market-analysis
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