Acrylonitrile Butadiene Styrene Market: Growing Trend and Demand

The global acrylonitrile butadiene styrene (ABS) market size was estimated at USD 23.09 billion in 2016 and it is projected to witness a CAGR of 7.1% over the forecast period.

The global Acrylonitrile Butadiene Styrene (ABS) Market size is projected to reach USD 34.88 billion by 2022, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 7.1% over the forecast period. Increasing demand for lightweight automotive parts is likely to be a major factor driving market growth over the forecast period. Increasing use of the product in consumer goods, appliances, automotive ancillaries, and construction owing to light weight and high strength is also likely to contribute to market growth.

One of the major reasons behind increasing demand for lightweight automotive materials is need to reduce CO₂ emissions. According to the International Energy Agency (IEA), greenhouse gas emissions are expected to reach 3.1 metric gigatons by 2020. This is likely to propel demand for lightweight parts in the automotive industry, which in turn, is estimated to drive demand for the product over the forecast period.

Growing product demand in the automotive sector in various countries including South Korea, India, Malaysia, and Indonesia is likely to fuel market growth over the forecast period. High sales of commercial cars, passenger cars, and motorcycles are expected to promote industry expansion in the near future.

Acrylonitrile butadiene styrene (ABS) is widely used in automotive interior components such as trims, center console, interior grills, headliners, and exterior and interior mirrors. The growing automotive industry is likely to have a positive impact on market growth over the forecast period.

Browse Details of Report @ 
https://www.grandviewresearch.com/industry-analysis/acrylonitrile-butadiene-styrene-market

Further key findings from the report suggest:

• China accounted for a major revenue share in the global market owing to increase in vehicle production in the country. It is projected to witness a CAGR of 7.6% in terms of revenue over the forecast period
• Rest of Asia is likely to expand at a CAGR of 7.5% in terms of revenue from 2015 to 2022 owing to increasing construction activities in emerging economies in the region
• Demand for the product is likely to witness a CAGR of 5.7% in terms of volume in the electrical and electronics application. The product is widely used in this sector due to its insulation property
• The construction segment is likely to witness a CAGR of 7.9% in terms of volume over the forecast period owing to increasing construction activities across the globe
• LG Chemical, Styrolution, and Chi Mei Corporation were the major players in the market in 2014.