Acrylonitrile Butadiene Styrene (ABS) Market Size By Application (Appliances, Electrical and Electronics, Automotive, Consumer Goods, Construction), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Foreca

Acrylonitrile Butadiene Styrene (ABS) Market Size By Application (Appliances, Electrical and Electronics, Automotive, Consumer Goods, Construction), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032

Global Acrylonitrile Butadiene Styrene (ABS) Market is set to witness massive growth through 2032, primarily owing to the rising demand for ABS in China. Besides, there is a noticeable shift in consumer preference for automobiles, leading to a surge in the demand for lightweight and aesthetically appealing cars, which will also fuel the market dynamics during the next decade.

In addition, the key operators in the industry are seeking to strengthen their presence in the marketplace by expanding their product range and entering meaningful mergers and acquisitions. For instance, in April 2020, CHIMEI launched POLYLAC ABS, a new kind of polymer, laced with antimicrobial properties. With this new variant, the firm will be able to cater to the demands of the users who are more concerned about their health and environment.

Overall, the global Acrylonitrile Butadiene Styrene (ABS) market has been bifurcated in terms of application and region.

On the basis of the application, the global ABS market is likely to be characterized by the automotive segment, which is set to grow at a 6% CAGR during 2023-2032. The rapid segmental expansion can be attributed to the increasing demand for automobiles, mainly supported by the rising income levels and overall economic growth in developing countries. As per a 2022 report by the government of India, the per capita income in the country has effectively risen by more than 33% since 2013.

In addition, the demand for ABS polymer will further increase through 2032, since major automobile manufacturers are increasingly using the product to produce car body parts such as steering covers, bumpers, tires, and body panels, with the aim of reducing the overall weight of the car, which in turn increases fuel efficiency.

In the regional context, the North America Acrylonitrile Butadiene Styrene (ABS) Market is anticipated to be valued at more than USD 4.6 billion by 2032. The regional market growth can be accredited to the increasing number of end-use industries in this region, such as appliance, electrical and electronics, and automotive industries.

Furthermore, the population of North America is also increasing, which has pushed the demand for consumer goods, resulting in an increased usage of ABS polymer. For the record, during the last six decades, the population of Mexico increased from 37.7 million in 1960 to 126.7 million in 2021, marking an increase of 235.4%.