What Should You Know About ABS Market Research?
Acrylonitrile Butadiene Styrene, also known as ABS, is obtained from a combination of three compounds. ABS is a glossy and durable form of plastic with various industrial applications. The styrene gives it some essential characteristics like better stability, good chemical resistance, toughness, and greater hardness.
If your company uses ABS in any of its products, ABS market research can help you know about the demand, availability, prices of ABS and help you procure it from the best sources.
According to the latest industry reports, the world Acrylonitrile Butadiene Styrene market may grow by a compound annual growth rate of 6% for the period between 2019 to 2023. If you look at the market size in the form of tons, the growth is expected by 2567.20 thousand tons. The rising demand will force most end-user industries to turn to recycled ABS plastics to lower costs.
The reason for the change is the recycled ABS is cheaper than its virgin counterparts. Strict government regulations to protect the environment from the harmful effects of plastic are also one of the reasons that have boosted the use of recycled ABS. The recycled plastics can be used in 3D printing, electrical and electronics, automotive, appliances, constructions, etc.
The automotive industry is experiencing rapid growth across the globe. The rise in disposable incomes worldwide, increasing demand for electric cars, rapid urbanization, and consistent technology improvements will fuel demand for ABS in the future.
Rising automotive production in countries like Taiwan, Japan, Malaysia, South Korea, Germany, the US, China, Mexico, and Indonesia will be major drivers for ABS market growth.
Rapid urbanization in Asia and an increase in construction spending will create a huge demand for ABS. The Chinese and Indian markets are expected to see substantial growth in the construction sector due to a rise in disposable income and increased buying capacity. Governments increased spending on infrastructure developments is expected to propel the demand for ABS.
Growing Demand in the Automotive Industry
Its increased use in automotive industries fuels the global demand for ABS. The lightweight properties of the Acrylonitrile Butadiene Styrene help in improving fuel efficiency and reducing carbon emissions.
The automotive industry has undergone several changes in recent years, and many of them can be attributed to switching to newer materials to increase the green factor.
There has been an increasing trend in the automotive industry to reduce automobile weight. According to automobile experts, a 10% reduction in automobile’s weight can help achieve a 5-7% reduction in fuel consumption.
ABS finds wide use in the automotive industry. It is used to manufacture automotive components like interior trim, bumper, lighting, center consoles, headliners, dashboard, and seating. Rising awareness about carbon emissions in the general public has forced automobile industries to embrace greener technology.
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ABS has applications in the construction industry for pipes and fittings as it exhibits superior mechanical strength compared to other materials and lightweight. ABS is also used in vacuum construction.
One of the reasons for ABS gaining popularity in the construction industry is its durability. It is corrosion-resistant that makes it an ideal material to make waste collector products. In comparison to PVC, ABS is more durable.
ABC Market Insights
A few companies dominate the ABS market. Some of them are LG chemicals, Formosa Plastics, DuPont, KKPC, Asahi Kasei, Styrolution, Chi Mei Corporation, SABIC, BASF SE, and Styron.
These are some of the key players that have wide distribution spread across the world. Manufacturing companies worldwide are investing heavily to develop new products and partner with other conglomerates to increase their production capabilities.
Acrylonitrile Butadiene Styrene is the 350th most traded product in the world. The total trade estimate of ABS is around $8.94 billion. The ABS trade represents 0.049% of total world trade. In the year 2018, the top exporter of ABS was South Korea. It exported ABS worth $2.84 billion. China was the top importer of ABS in 2018, and it imported ABS worth $2.78 billion.
The main exporters of ABS are South Korea(31.9%), Chinese Taipei(25.9%), Thailand(3.15%), Malaysia(5.43%), Japan(2.76%), Saudi Arabia(1.76%), Belgium Luxembourg(6.33%), Netherlands(4.91%), United States(2.91%), and Spain(2.51%). The main importers of ABS are China (31.1%), Hong Kong (11.3%), Vietnam (3.98%), Turkey (2.58%), Germany (5.89%), India (2.43%), Italy (2.95%), US (4.33%), and Mexico (3.7%).
The ABS market report research provides you with vital information on the copolymer and helps you plan procurement based on your business requirements.