Global Acrylonitrile Butadiene Styrene Market to Grow at a CAGR of 6.98% by 2030 | ChemAnalyst
According to ChemAnalyst report,rn“Global Acrylonitrile Butadiene Styrene Market: Plant Capacity, Production,rnOperating Efficiency, Demand & Supply, Technology, End Use, DistributionrnChannel, Region, Competition, Trade, Customer & Price Intelligence MarketrnAnalysis, 2015-2030”, globalrnAcrylonitrile Butadiene Styrene (ABS) market has shown tremendous growth in thernpast five years and is anticipated to achieve a CAGR of 6.98% during thernforecast period. Increasing population and growing demand for automobiles,rnelectrical and electronic equipment, development of new technologies andrnintroduction of potential new devices would drive the demand for Acrylonitrilernbutadiene styrene in the forecast period. In addition, UNICEF’s push for therneconomies to reach Sustainable Development Goal (SDG), aimed at Industry, innovation,rnand Infrastructure for all by 2030 would further support the market growth inrnthe forecast period.
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About 80% of ABS being produced inrnthe world today is used in automobiles, electrical & electronic equipmentrnand housing & construction which is the key ingredient in manufacturing ofrnpipes. The remaining 20% of the demand for ABS comes from other applications,rnsuch as appliances, sports & leisure, consumer goods and many more. Propanernammoxidation technology is currently the most used technology in ABS productionrntechnology using selective ammoxidation of propane. About 70% of the world’srnABS is produced using Propane ammoxidation technology. This revolutionaryrntechnology is known to be the most economical one, with remarkable benefitsrnsuch as reduced capital investments, maintenance costs, and waste treatment.
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Among various applications of ABS,rnautomotive dominate the Global Acrylonitrile Butadiene Styrene market. As ofrnFY19, the automotive dominate ABS end user market are expected to propel thernmarket growth backed by drivers like increased transport sector, rapid urbanization,rnand growing rate of per capita income globally. In the past few years, therernhas been a remarkable shift in the consumer preference from the motorcycles to passengersrncars. These factors are likely to propel the demand for Global AcrylonitrilernButadiene (ABS) in the forecast period. Moreover,rnrising media awareness about owning superior quality automobiles are further drivingrnthe ABS demand in the forecast period.
Acrylonitrile Butadiene Styrenernis the derivative of acrylonitrile, Butadiene, styrene and hence its price isrndirectly linked to the fluctuations of the crude oil and natural gas. Over the pastrnfew years, global ABS prices have become highly susceptible to the cost of naturalrngas. In the first half of FY20 sudden outbreak of novel coronavirus followed byrnunprecedented fall in natural gas rendered a sharp downfall in the globalrnAcrylonitrile Butadiene Styrene prices. Various industrial operations shutdownrnin the first half of the FY20 which impacted various industries linked with ABSrnmarket.
Regionally, Asia Pacific dominatesrnthe Global Acrylonitrile Butadiene Styrene market and holds the largest marketrnshare in FY19. Asia’s ABS market is anticipated to grow in emerging economiesrnlike India, China and Japan due to continuously rising population and highrndemand from the industrial and Automobile sector. South Asia, particularlyrnIndia, seems to be the key market for ABS as the country is seen as a generallyrnunder-supplied market with limited domestic manufacturing. Moreover, increasingrnfocus of the Indian government towards spreading awareness for production inrnIndia through campaigns such as MAKE IN INDIA, Atmanirbhar, etc initiatives would stimulate the growth of the global ABSrnmarket in the forecast period.
According to ChemAnalyst report, Global AcrylonitrilernButadiene Styrene Market: Plant Capacity, Production, Operating Efficiency,rnDemand & Supply, Technology, End Use, Distribution Channel, Region,rnCompetition, Trade, Customer & Price Intelligence Market Analysis,rn2015-2030”, some of thernmajor players operating global Acrylonitrile Butadiene Styrene market are Chimei,rnZhengjhiang Chimei, LG Chem, LG Yong Xin, Petrochina Jilin, Formosa chemical,rnTechno Polymer, Toray Plastics Malaysia, INEOS Styrolution, Lotte AdvancedrnMaterials, Samsung SDI etc. In FY19, the leading ABS producer Chimei is usingrnPropane ammoxidation technology as propane is available in abundant due tornincreased production of natural gas. Therntechnology improves the efficiency of the manufacturing process and cuts CO2rnemissions and water and electricity use.
“Being directly linked to the Automotive industry, thernglobal ABS industry has shown a robust growth alongside growing population andrnchanging consumer preference. India is forecasted to become the world's thirdrnlargest polymer consumer market by 2025. In addition, growing per capita incomernglobally poised a stronger outlook to the country’s ABS demand. The nationwidernlockdown affected the demand and increased the price due to minimumrndemand. Global ABS pricing curve showsrnstrong movement in line with the natural gas which left major economicsrnindulged into ABS production. With new competitors emerging across the AsianrnABS market, players anticipate that supply will soon outpace demand soon. Atrnthis, it is extremely important to keep an eye which region will grab thernbiggest market share in the upcoming years.” said Mr. Karan Chechi, ResearchrnDirector with TechSci Research, a research based global management consultingrnfirm promoting ChemAnalyst.
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