Acrylonitrile Butadiene Styrene (ABS) Resin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players_Resin_Market_-Major_Players.webp "Acrylonitrile Butadiene Styrene (ABS) Resin Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
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Acrylonitrile Butadiene Styrene (ABS) Resin Market Analysis
The Acrylonitrile Butadiene Styrene (ABS) Resin market is expected to reach 8527.86 kilotons by the end of this year and is expected to register a CAGR of over 4.5% during the forecast period.
The ABS resin market has been significantly impacted due to COVID-19. The industry has faced several challenges such as labor shortages, transportation, and raw material shortages due to the economic slowdown. However, after the relaxation of the lockdown process in most countries, demand for ABS resins is currently surging as global manufacturing and export-import activities are picking up at a rapid rate.
- Major factors driving the market studied are the growing focus on lightweight automobiles and the increasing usage in electronics and consumer goods.
- However, the availability of substitutes for ABS is a key factor anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the growing usage of PC-ABS resin in industrial applications is likely to create lucrative growth opportunities for the global market soon.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries like China and India.
Acrylonitrile Butadiene Styrene (ABS) Resin Market Trends
This section covers the major market trends shaping the Acrylonitrile Butadiene Styrene Resin Market according to our research experts:
Increasing Demand from the Electronics and Appliances Industry
- The electronics applications for ABS resin mainly include plastic components for electricity transfer. These include boxes, casings, wiring channels, and plastic enclosures.
- ABS plastics are impact-resistant, durable, lightweight, and flame-retardant. Thus, they are widely used in electronics. Moreover, the growing miniaturization of electronic components and increased safety measures across industries are expected to increase the demand for ABS resin in electronics applications.
- The revenue of the global consumer electronics industry reached USD 1,201.72 billion in 2021 and had increased when compared to USD 1,164.20 in 2020.
- The global electronics industry witnessed massive growth. Asia-Pacific accounts for more than 70% of global electronics production, with counties like South Korea, Japan, and China involved in manufacturing various electrical components and supplying them to various industries globally. Additionally, India is expected to become the world's fifth-largest consumer electronics and appliances industry by 2025.
- In Europe, the German electrical & electronics industry accounts for the largest share owing to high demand from the end-consumer group. Moreover, the industry is supported by a strong presence of multinational electronics manufacturers catering to the wide demand in the country. The electrical industry accounted for 11% of the total industrial production in Germany.
- The volume of consumer electronics in Saudi Arabia reached 58.7 million in 2021 and is expected to reach an annual growth rate of 4% in the coming five years.
- The sales of consumer electronics primarily drive the electronics industry in the U.S. Moreover, industrial electronics have gained momentum in the past decade owing to the rise in industrial operations across the U.S. The high demand for consumer electronics, including television, mobile phones, laptops, and smart gadgets, is expected to increase the utilization of plastic products, thereby positively impacting the market.
- During the forecast period, the market for ABS resin is likely to be driven by continued expansion in the global electronics and appliances industry.
Asia-Pacific to Dominate the Market
- The market for ABS witnessed rapid growth in the Asia-Pacific region, owing to the increased replacement of traditional plastics by ABS in the growing automotive sector.
- According to OICA, the Asia-Pacific region holds the highest production share in the global automotive market with 46,732,785 units in 2021, and witnessed a growth rate of 6% compared to 2020.
- According to the International Trade Administration, China is the world's biggest automobile market in terms of both production and sales. In 2021, according to the OICA, the automotive production in the country reached 26.08 million, which increased by 3%, compared to 25.23 million vehicles produced in 2020.
- China is estimated to be one of the world's largest electronics production bases. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices, recorded the highest growth in the electronics segment. This is expected to drive the consumption of ABS in the country.
- The government of Japan has raised subsidies for Evs and aims to increase the number of EV charging stations to 150,000 by 2030. Thus, reviving the automotive industry is likely to boost the ABS market in the country.
- According to Fitch solutions, real household spending in South Korea is estimated to grow by 3.2% in 2022, up from 2.8% in 2021. Retail sales and consumer confidence in the country are rising as Covid-19-related restrictions are eased and the economy is coming back on track.
- Therefore, all these factors are expected to affect the demand for the acrylonitrile butadiene styrene resin market in the Asia-Pacific region over the forecast period.
Acrylonitrile Butadiene Styrene (ABS) Resin Industry Overview
The acrylonitrile butadiene styrene (ABS) resin market is consolidated in nature. Some of the major key players (not in any particular order) include LG Chem, CHIMEI, INEOS, Formosa Plastics, and PetroChina Company Limited.
Acrylonitrile Butadiene Styrene (ABS) Resin Market Leaders
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CHIMEI
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LG Chem
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INEOS
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Formosa Plastics Corporation
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PetroChina Company Limited
*Disclaimer: Major Players sorted in no particular order
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Acrylonitrile Butadiene Styrene (ABS) Resin Market News
- In August 2022, LG Chem invested USD 400 million to expand Acrylonitrile Butadiene Styrene (ABS) plastic facilities at its Yeosu plant aiming an ABS production line with 220,000-ton capacity while phasing out of older 140,000-ton capacity lines.
- In January 2022, INEOS Styrolution announced the start of ABS production in Wingles, France, having completed the conversion of an existing polystyrene line to the production of ABS. This move makes Wingles the company's third ABS production site in Europe, together with Antwerp, Belgium, and Cologne, Germany.
- In September 2021, JSR Corporation signed the agreement to acquire Corvallis, United States-based Inspria Corporation, a leading innovator in metal oxide photoresistor design, development, and manufacturing of extreme ultraviolet (EUV) lithography. The deal was done for USD 514 million.
Acrylonitrile Butadiene Styrene (ABS) Resin Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Focus on Lightweight Automobiles
- 4.1.2 Increasing Usage in Electronics and Consumer Goods
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4.2 Restraints
- 4.2.1 Availability of Substitutes for ABS
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Price Trends
- 4.6 Regulatory Policies
5. MARKET SEGMENTATION(Market Size in Volume)
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5.1 Process Type
- 5.1.1 Injection Blow Molding
- 5.1.2 Extrusion Blow Molding
- 5.1.3 Injection Stretch Blow Molding
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5.2 End-user Industry
- 5.2.1 Automotive and Transportation
- 5.2.2 Construction
- 5.2.3 Electronics
- 5.2.4 Consumer Goods and Appliances
- 5.2.5 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Manufacturers of ABS Resins
- 6.4.1.1 CHIMEI
- 6.4.1.2 Formosa Plastics Corporation
- 6.4.1.3 LOTTE Chemical Corporation
- 6.4.1.4 China National Petroleum Corporation
- 6.4.1.5 JSR Corporation
- 6.4.1.6 Trinseo
- 6.4.1.7 INEOS Styrolution Group GmbH
- 6.4.1.8 LG Chem
- 6.4.1.9 SABIC
- 6.4.1.10 TORAY INDUSTRIES INC.
- 6.4.2 ABS Converters (focus on Injection Molding)
- 6.4.2.1 Springboard (Stack Plastics)
- 6.4.2.2 DONGGUAN SINCERE TECH CO.LTD
- 6.4.2.3 Jaco Products
- 6.4.2.4 ReblingPower Connectors
- 6.4.2.5 AcoMold Co Limited
- 6.4.2.6 INEOS StyrolutionGroup GmbH
- 6.4.2.7 Rutland Plastics
- 6.4.2.8 HTI Plastics
- 6.4.2.9 EX MOULD Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing usage of PC-ABS Resin in Industrial Applications
8. BIO-ABS MARKET OVERVIEW
** Subject To AvailablityAcrylonitrile Butadiene Styrene (ABS) Resin Industry Segmentation
Acrylonitrile butadiene styrene (ABS) resin is a thermoplastic polymer, and products manufactured from ABS resin offer properties such as colorability, dimensional stability, toughness, and resistance to high-temperature and scratch. The market is segmented based on process type, end-user industry, and geography. By process type, the market is segmented into injection blow molding, extrusion blow molding, and injection stretch blow molding. By end-user industry, the market is segmented into automotive and transportation, construction, electronics, consumer goods and appliances, and other end-user industries. The report also covers the market size and forecasts for the acrylonitrile butadiene styrene (ABS) resin market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilotons).
| Process Type | Injection Blow Molding | |
| Extrusion Blow Molding | ||
| Injection Stretch Blow Molding | ||
| End-user Industry | Automotive and Transportation | |
| Construction | ||
| Electronics | ||
| Consumer Goods and Appliances | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Acrylonitrile Butadiene Styrene (ABS) Resin Market Research FAQs
What is the current Acrylonitrile Butadiene Styrene (ABS) Resin Market size?
The Acrylonitrile Butadiene Styrene (ABS) Resin Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Acrylonitrile Butadiene Styrene (ABS) Resin Market?
CHIMEI, LG Chem, INEOS, Formosa Plastics Corporation and PetroChina Company Limited are the major companies operating in the Acrylonitrile Butadiene Styrene (ABS) Resin Market.
Which is the fastest growing region in Acrylonitrile Butadiene Styrene (ABS) Resin Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Acrylonitrile Butadiene Styrene (ABS) Resin Market?
In 2024, the Asia Pacific accounts for the largest market share in Acrylonitrile Butadiene Styrene (ABS) Resin Market.
What years does this Acrylonitrile Butadiene Styrene (ABS) Resin Market cover?
The report covers the Acrylonitrile Butadiene Styrene (ABS) Resin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Acrylonitrile Butadiene Styrene (ABS) Resin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Acrylonitrile Butadiene Styrene (ABS) Industry Report
Statistics for the 2024 Acrylonitrile Butadiene Styrene (ABS) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Acrylonitrile Butadiene Styrene (ABS) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
