Based on recent reports, the global Acrylonitrile Butadiene Styrene (ABS) market could reach $39.27 million by 2027, at a CAGR of 6.3% from 2021-2027. In 2020, the market touched $25.95 billion.
ABS is a popular plastic that is widely used access various industries. Some of the applications of ABS are as follows:
This polymer is known for its strength and toughness. The butadiene in ABS improves its durability and the acrylonitrile ensures chemical and thermal stability. What’s more, styrene provides a glossy finish to the polymer. ABS has a low melting point, making it suitable for 3D printing and injection molding.
Why is the ABS Market Growing Rapidly?
The rising applications of ABS in 3D printing along with the demand for 3D printers will support the overall ABS industry.
The global ABS market is also growing due to rising demand from the automobile industry. The demand for fuel-efficient and lightweight vehicles, which help to mitigate fuel consumption, is the primary factor for driving the market ahead. Also, reducing the weight of the vehicles can also aid in reducing carbon dioxide emissions.
Moreover, increased construction activity, growing demand for electronic applications, and expanding industrialization will contribute towards the growth of the market. The increased popularity of fuel economy and upcoming government regulatory frameworks could also boost the market.
The Asia Pacific regions are predicted to dominate the global ABS market. It could account for 75% of the volume share by 2027. It could also have a CAGR of 5.1% due to the growing product adoption in the automotive industry, appliances, and consumer goods. Moreover, the rising construction activities in countries like India and China will propel the ABS market sale to all-time highs. ABS is used for manufacturing corrugated plastic structures and plastic tubing in the construction industry.
The North American regions will be second to lead the ABS global market owing to the rising ABS applications. Furthermore, the growing demand for consumer goods along with the rising population could drive the consumption of ABS in the production of consumer goods,
We hope you have gained valuable insights from this article. In conclusion, the market is projected for an upward trend in the coming years and various industries will find new ways to utilize ABS plastic.