Acrylonitrile Butadiene Styrene (ABS) is the most favored engineering plastics in the industries of automotives and appliances. The Acrylonitrile Butadiene Styrene (ABS) market would undergo significant growth in the upcoming years. This is due to rising demand for ABS in these applications.
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According to a recent study by Grand View Research, Inc., the market would stand over USD 30 billion by 2020. Of late, there has been amplified focus on the weight reduction of automobiles. This has improved the fuel economy, which will substitute metals with plastics.
Plastics are known for their weight reduction properties. Weight reduction also controls Co2 emissions. Accessibility to functional alternatives acts as a restraint for the acrylonitrile butadiene styrene (ABS) market. Accentuating demand for consumer goods in the developing economies of China, and India is also predicted to steer the market forward.
Grand View Research Inc., states the key market driver (for the forecast period) as the rising demand for light weight automobiles. These automobiles can utilize fuel way better than heavy ones. In 2013, the leading application of the Acrylonitrile Butadiene Styrene (ABS) market was appliances. They contributed over 2, 500 kilo tons (across the globe) that year.
Accelerating demand for appliances in China and Brazil would also positively impact market growth. Moreover, ABS is widely used in electrical applications due to its favorable physical and chemicals features. Electrical applications contributed over 2, 000 kilo tons in the Acrylonitrile Butadiene Styrene (ABS) market in 2013.
The easy processing and fabrication of ABS makes it highly demanding in electrical applications. The other verticals across which ABS finds use are consumer goods, and construction materials. Surging demand for ABS across these verticals will steer the revenues of the Acrylonitrile Butadiene Styrene (ABS) market.
In 2013, Asia Pacific was the biggest market. China contributed over 55% of the overall demand. This is primarily due to its large end-user industries along with low labor and operating costs. The demand for ABS applications is also growing in Korea, Taiwan, India, and Japan. This is fuelling the Asian Pacific Acrylonitrile Butadiene Styrene (ABS) market. Regional players are busy developing strategies to ensure profits and gain market grip.
Information Source: Grand View Research