According to Global Market Insights, Inc., “ABS Market size generated over USD 22.3 billion for 2015 and will witness over 6.0% CAGR.” Key business growth strategies such as mergers & acquisitions, joint ventures, and product innovations are expected to strongly leverage ABS market development. For instance, INEOS Styrolution, a world leader in the styrenics sector, completed the purchase of K-Resin ® SBC business from Daelim and Chevron Phillips Chemical earlier this year after receiving all the necessary approvals from the regulatory authorities.
This acquisition deal will help the firm focus on raising the production of specialty styrenics products across the globe as per the consumer requirements and thus enhance its global presence. Business players make strategic collaborations or partnerships for developing high quality products with the help of technical knowhow, positively impacting the market trends. According to Global Market Insights, Inc., “Acrylonitrile Butadiene Styrene (ABS) industry value, which was estimated at USD 22.3 billion in 2015, is forecast to hit USD 38 billion by 2024.”
Favorable product features such as high durability, lightweight, heat resistance, design flexibility, and corrosion & chemical resistance will create a profitable roadmap for Acrylonitrile Butadiene Styrene (ABS) market. High product preference can be attributed to its fabrication ease and cost-effective nature as compared to other products. Low steel utilization across the manufacturing business, subject to the rising need for improving the visual appearance as well as aesthetic value of the manufactured items will benefit Acrylonitrile Butadiene Styrene (ABS) industry.
To access a sample copy or view the ABS Market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/734
Europe ABS industry is set to record a CAGR of 6% over the coming seven years, driven by high product usage in air conditioners, car exteriors & interiors, fax machines, vacuum cleaners, kitchen appliances, and refrigerator door liners. Germany is expected to be the key regional growth driver.
Consumer goods, electrical & electronics, construction, automotive, and appliances are the key sectors across which Acrylonitrile Butadiene Styrene is widely used. ABS industry size in electrical & electronics sector is expected to grow at a CAGR of more than 3.5% over 2016-2024, driven by wide product use in televisions, computers, printers, computer accessories, and business machines as a result of its electrical insulating and corrosion & heat resisting properties.
Automotive applications are projected to register notable gains of 4% over the coming seven years. The ability of the product to reduce the vehicle weight and lower fuel emissions is expected to spur its demand. Strict legislations to reduce environmental pollution and enhance fuel efficiency in automobiles will further soar ABS market revenue. For instance, stringent rules in Europe and North America have forced the manufacturers to reduce the vehicle weight up to 440 kg, resulting in lowered carbon emissions along with an increase in fuel efficiency.
Appliances sector, which accounted for 31% of the ABS market revenue in 2015, is expected to grow considerably over the years to come. Rising end-user expenditure on household appliances along with the product’s ability to retain the appliance structure at both high and low temperatures will favorably influence the growth. The household appliances sector is projected to hit USD 11.9 billion by 2020 and will support ABS industry expansion.
Global ABS market share is highly consolidated, with top four participants sharing more than 60% of the overall business space in 2015. Chi Mei Corporation, Formosa Plastic Corporation, INEOS Styrolution, SABIC, LG Chemicals Limited, Kumho Petrochemical Company Limited, Asahi Kasei Corporation, Sinopec Limited, Styron, Elix Polymers, Entec Polymers LLC, Mitsui Chemicals, and Ravago Manufacturing Americas are few of the key players of ABS industry.
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