Global Acrylonitrile Butadiene Styrene Market to Grow at a CAGR of 6.98% by 2030 | ChemAnalyst

According to ChemAnalyst report, “Global Acrylonitrile Butadiene Styrene Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Acrylonitrile Butadiene Styrene (ABS) market has shown tremendous growth in the past five years and is anticipated to achieve a CAGR of 6.98% during the forecast period. Increasing population and growing demand for automobiles, electrical and electronic equipment, development of new technologies and introduction of potential new devices would drive the demand for Acrylonitrile butadiene styrene in the forecast period. In addition, UNICEF’s push for the economies to reach Sustainable Development Goal (SDG), aimed at Industry, innovation, and Infrastructure for all by 2030 would further support the market growth in the forecast period.

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About 80% of ABS being produced in the world today is used in automobiles, electrical & electronic equipment and housing & construction which is the key ingredient in manufacturing of pipes. The remaining 20% of the demand for ABS comes from other applications, such as appliances, sports & leisure, consumer goods and many more. Propane ammoxidation technology is currently the most used technology in ABS production technology using selective ammoxidation of propane. About 70% of the world’s ABS is produced using Propane ammoxidation technology. This revolutionary technology is known to be the most economical one, with remarkable benefits such as reduced capital investments, maintenance costs, and waste treatment.

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Among various applications of ABS, automotive dominate the Global Acrylonitrile Butadiene Styrene market. As of FY19, the automotive dominate ABS end user market are expected to propel the market growth backed by drivers like increased transport sector, rapid urbanization, and growing rate of per capita income globally. In the past few years, there has been a remarkable shift in the consumer preference from the motorcycles to passengers cars. These factors are likely to propel the demand for Global Acrylonitrile Butadiene (ABS) in the forecast period.  Moreover, rising media awareness about owning superior quality automobiles are further driving the ABS demand in the forecast period.

Acrylonitrile Butadiene Styrene is the derivative of acrylonitrile, Butadiene, styrene and hence its price is directly linked to the fluctuations of the crude oil and natural gas. Over the past few years, global ABS prices have become highly susceptible to the cost of natural gas. In the first half of FY20 sudden outbreak of novel coronavirus followed by unprecedented fall in natural gas rendered a sharp downfall in the global Acrylonitrile Butadiene Styrene prices. Various industrial operations shutdown in the first half of the FY20 which impacted various industries linked with ABS market.

Regionally, Asia Pacific dominates the Global Acrylonitrile Butadiene Styrene market and holds the largest market share in FY19. Asia’s ABS market is anticipated to grow in emerging economies like India, China and Japan due to continuously rising population and high demand from the industrial and Automobile sector. South Asia, particularly India, seems to be the key market for ABS as the country is seen as a generally under-supplied market with limited domestic manufacturing. Moreover, increasing focus of the Indian government towards spreading awareness for production in India through campaigns such as MAKE IN INDIA, Atmanirbhar, etc initiatives  would stimulate the growth of the global ABS market in the forecast period.

According to ChemAnalyst report, Global Acrylonitrile Butadiene Styrene Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global Acrylonitrile Butadiene Styrene market are Chimei, Zhengjhiang Chimei, LG Chem, LG Yong Xin, Petrochina Jilin, Formosa chemical, Techno Polymer, Toray Plastics Malaysia, INEOS Styrolution, Lotte Advanced Materials, Samsung SDI etc. In FY19, the leading ABS producer Chimei is using Propane ammoxidation technology as propane is available in abundant due to increased production of natural gas.  The technology improves the efficiency of the manufacturing process and cuts CO2 emissions and water and electricity use.

“Being directly linked to the Automotive industry, the global ABS industry has shown a robust growth alongside growing population and changing consumer preference. India is forecasted to become the world’s third largest polymer consumer market by 2025. In addition, growing per capita income globally poised a stronger outlook to the country’s ABS demand. The nationwide lockdown affected the demand and increased the price due to minimum demand.  Global ABS pricing curve shows strong movement in line with the natural gas which left major economics indulged into ABS production. With new competitors emerging across the Asian ABS market, players anticipate that supply will soon outpace demand soon. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

Source : ChemAnalyst