SAN FRANCISCO, May 17, 2018 /PRNewswire/ --
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 CO2emissions. 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 full research report with TOC on "Acrylonitrile Butadiene Styrene (ABS) Market Size, Share & Trends Analysis Report By Application (Appliances, Automotive, Electrical & Electronics, Consumer Goods), By Region, And Segment Forecasts, 2012 - 2022" at: 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.
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Grand View Research has segmented the global acrylonitrile butadiene styrene market on the basis of application and region:
- Acrylonitrile Butadiene Styrene Application Outlook (Volume Kilotons, Revenue, USD Million, 2012 - 2022)
- Consumer Goods
- Electrical And Electronics
- Acrylonitrile Butadiene Styrene Regional Outlook (Volume Kilotons, Revenue, USD Million, 2012 - 2022)
- North America
- Rest of Asia Pacific
- South Korea
- Rest of The World
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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