Global acrylonitrile butadiene styrene market is expected to reach USD 34.88 billion by 2022, according to a new report by Grand View Research, Inc. Rising government funding for large-scale infrastructure projects in Asian countries of China, India, and Indonesia is expected to propel construction industry growth which in turn is expected to have a positive impact on product demand over the next seven years.
Increasing need for light weight automobiles on account of need for better fuel efficiency particularly in developed regions including Europe and North America is expected to be a major market driver.
Rising investments for innovative product developments and high-quality manufacturing processes, is expected to augment industry growth over the forecast period. Furthermore, strong economic growth coupled with removal of barriers for foreign investments in India is expected to spur construction sector which in turn will propel product demand over the forecast period.
Countries including India, China and Japan are expected to witness considerable growth in light of expanding product manufacturing base. However, raw material price volatility and availability of numerous biodegradable substitutes is expected to challenge the industry over the next seven years.
U.S. acrylonitrile butadiene styrene market volume, by application, 2012 – 2022, (Kilo Tons)
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Further key findings from the report suggest:
- Automotive is expected to grow at a CAGR of above 6.0% in terms of volume from 2015 to 2022. Increasing use of the product in various automotive applications including manufacturing of external parts like bumpers, panels and handles due to its rigidity and toughness is expected to have a positive impact on the market over the next seven years.
- Electrical & electronics was one of the largest application segments and was estimated at over 2,100.0 kilo tons in 2014. Growth and development of electronics & electrical segment in China is expected to be the primary driver of this market over the forecast period. In addition, ease of processing and fabrication is expected to augment product demand in this sector over the next seven years.
- China was the largest market, estimated over USD 11.00 billion in 2014. Growing automobile industry, coupled with high infrastructural investment to meet the housing needs of the country is expected to have a positive impact on the products demand over the next seven years.
- The global market for ABS was fairly consolidated with the top four companies accounting for close to 60% of the market in 2014. Key companies in the market include LG Chemical, Chi Mei Corporation, Styrolution, Formosa Plastic Company, Kumho Petrochemical Company, Styron and SABIC.
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