Acrylonitrile Butadiene Styrene Market to achieve 6% Growth up to 2024
Date: 2018-12-07   Author: Rahul Varpe  Category: #market

Acrylonitrile Butadiene Styrene Market to achieve 6% Growth up to 2024

Global Market Insights, Inc. adds a new Acrylonitrile Butadiene Styrene Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Acrylonitrile Butadiene Styrene (ABS) Market will be worth over USD 38 billion by 2024; according to a new research report by Global Market Insights, Inc. Increase in demand for lightweight automobiles to attain better fuel efficiency is the key driver for acrylonitrile butadiene styrene market share. Superior strength along with weight reduction are the characteristics which enhances scope of the product in automotive industry.

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Rising application scope in appliances, electrical & electronics and construction industry will fuel the industry growth. Appliances contributed over 31% of the industry share in 2015. Inclination towards product with superior surface appearance and fire retardant properties has enhanced business development in this segment.

Expansion in the home appliances industry globally owing to its rising demand will create lucrative avenues for the acrylonitrile butadiene styrene market growth. High design flexibility, low material wastage, high strength, enhanced visual look and relatively lesser material costs are the significant properties enhancing product penetration.

Rise in construction spending coupled with increasing government initiatives on infrastructure development will drive the industry growth. Shifting focus towards lightweight, superior strength and fire retardant materials by the construction professionals will surge acrylonitrile butadiene styrene market growth in this segment.

Product innovation accompanied by technological advancement in manufacturing techniques will encourage product penetration. Trade expansion in terms of exports, imports, capital investment, industrial output due to increased consumer consumption will open more opportunities the coming years.

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Europe acrylonitrile butadiene styrene market will witness significant growth owing to increasing disposable income. Europe is anticipated to witness a CAGR of 3.5% over the period of 2016-2024. The existence of many automotive manufacturing companies will also be the attributing factor in the industrial growth of the region.     

Asia Pacific ABS market, with China being the largest industry worth USD 9 billion in 2015, and will continue to lead the regional landscape over the coming timeframe.  Increasing construction spending and advanced new projects in china will offer a positive push to the regional growth. Moreover, growing automobile manufacturing base in the APAC region, owing to supportive government regulations in the form of tax & FDI facilities will fuel the ABS industry growth in the region. China, Taiwan, India, Thailand, and Indonesia are the major countries witnessing the expansion of automobile production capacity.    

North America ABS industry worth USD 700 million in 2015 is primarily driven by electrical & electronics industry growth. Rising demand for electric goods/ electronics and appliances will thrive the U.S. market in the coming seven years.

Latin America acrylonitrile butadiene styrene market is also poised to witness significant growth in the coming years. This growth is subject to healthy growth of automotive industry in countries such as Argentina, Brazil, and Mexico.

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Key ABS market players include LG Chemical, Formosa Plastic Company, Kumho Petrochemical Company, Chei Mei Corporation and Styrolution. The coming years will witness several merges & acquisitions and strategic partnerships among the market participants to sustain their position.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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