Acrylonitrile Butadiene Styrene (ABS) Resin Market Size
| Study Period | 2024 - 2029 |
| Market Volume (2024) | 9.65 Million tons |
| Market Volume (2029) | 12.23 Million tons |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
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*Disclaimer: Major Players sorted in no particular order |
Acrylonitrile Butadiene Styrene (ABS) Resin Market Analysis
The Acrylonitrile Butadiene Styrene Resin Market size is estimated at 9.65 Million tons in 2024, and is expected to reach 12.23 Million tons by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The ABS resin market has been significantly impacted due to COVID-19. The market 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 surging as global manufacturing and export-import activities are rapidly increasing.
- Major factors driving the market are the growing focus on lightweight automobiles and the increasing usage of electronics and consumer goods.
- However, the availability of substitutes for ABS is a key factor anticipated to restrain the growth of the target industry during the forecast period.
- However, the growing usage of PC-ABS resin in industrial applications will likely create lucrative growth opportunities in the global market.
- Asia-Pacific dominated the global market, with the largest consumption from countries like China and India.
Acrylonitrile Butadiene Styrene (ABS) Resin Market Trends
Increasing Demand in 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 global electronics industry has witnessed massive growth. Asia-Pacific accounts for more than 70% of global electronics production, with countries 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.
- China’s consumer electronics market is set to bounce back with positive growth in 2024, driven by growing market demand and innovation while increasing retail spending. China’s total retail sales of consumer electronics are expected to reach CNY 2.2 trillion (USD 305 billion), and the growth rate is expected to increase further to 5% in 2024.
- The German electrical and electronics industry in Europe accounts for the largest share due to high end-consumer demand. 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 sales of consumer electronics primarily drive the electronics industry in the United States. Moreover, industrial electronics have gained momentum in the past decade owing to the rise in industrial operations across the United States. 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 Asia-Pacific, owing to the increased replacement of traditional plastics by ABS in the growing automotive industry.
- China manufactures about 34% of approximately 69 million cars worldwide each year. Japan and South Korea account for 14.7% of that volume, and South Asia accounts for around 10.8% of that volume, according to the European Automobile Manufacturers Association (ACEA).
- Moreover, the Chinese automotive manufacturing industry is the largest in the world. In 2022, the automotive production in the country reached 27 million, which increased by 3%, compared to 26.08 million vehicles produced in 2021, according to the International Organization of Motor Vehicle Manufacturers (OICA)
- 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 country's consumption of ABS.
- As per Invest India, the electronics market in India is worth USD 155 billion, with 65% of the total market being domestic. The display market is growing and is expected to grow to USD 15 billion by 2025. In FY23, electronic goods imported into India increased 8% to USD 87.85 billion. Moreover, India's domestic production registered a 13% compound annual growth rate from FY17's total of USD 49 billion to FY23's total of USD 101 billion.
- 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 the World Bank, household expenditure per capita in South Korea grew 4.6% in 2022 over the previous year. Such growth trends in expenditure will increase the sales of numerous products, including automotive, consumer electronics, and others that utilize acrylonitrile butadiene styrene (ABS) in the coming years.
- Therefore, all these factors are expected to affect the demand in the Asia-Pacific acrylonitrile butadiene styrene resin market during the forecast period.
Acrylonitrile Butadiene Styrene (ABS) Resin Industry Overview
The acrylonitrile butadiene styrene (ABS) resin market is consolidated in nature. Some 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
- November 2023: INEOS Styrolution Group GmbH and Sinopec inaugurate a new ABS facility in Ningbo, China, with an annual nameplate capacity of 600,000 tons. The facility will produce high-end ABS materials for industry sectors, including automotive, electronics, household, healthcare, and toys/sports/leisure.
- May 2023: Trinseo launched its flagship MAGNUM ABS resin with 95% bio-attributed content, offering a 92% product carbon footprint (PCF) reduction by replacing fossil-based monomers with bio alternatives.
- August 2022: LG Chem invested USD 400 million to expand Acrylonitrile Butadiene Styrene (ABS) plastic facilities at its Yeosu plant, aiming for an ABS production line with 220,000-ton capacity while phasing out of older 140,000-ton capacity lines.
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
4.1 Drivers
4.1.1 Growing Focus on Lightweight Automobiles
4.1.2 Increasing Usage in Electronics and Consumer Goods
4.2 Restraints
4.2.1 Availability of Substitutes for ABS
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
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)
5.1 Process Type
5.1.1 Injection Blow Molding
5.1.2 Extrusion Blow Molding
5.1.3 Injection Stretch Blow Molding
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
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 Thailand
5.3.1.6 Vietnam
5.3.1.7 Malaysia
5.3.1.8 Indonesia
5.3.1.9 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 Russia
5.3.3.6 Turkey
5.3.3.7 NORDIC
5.3.3.8 Spain
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 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 Qatar
5.3.5.4 Nigeria
5.3.5.5 United Arab Emirates
5.3.5.6 Egypt
5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
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 PetroChina Company Limited
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.
6.4.1.11 Springboard (Stack Plastics)
6.4.1.12 DONGGUAN SINCERE TECH CO. LTD
6.4.1.13 Jaco Products
6.4.1.14 ReblingPower Connectors
6.4.1.15 AcoMold Co Limited
6.4.1.16 Rutland Plastics
6.4.1.17 HTI Plastics
6.4.1.18 EX MOULD Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing usage of PC-ABS Resin in Industrial Applications
Acrylonitrile 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 (medical tools). The report also covers the market size and forecasts for the acrylonitrile butadiene styrene (ABS) resin market in 27 countries across major regions. For each segment, the market sizing and forecasts are done based on volume (tons).
| 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 | |||||||||||
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Acrylonitrile Butadiene Styrene (ABS) Resin Market Research FAQs
How big is the Acrylonitrile Butadiene Styrene Resin Market?
The Acrylonitrile Butadiene Styrene Resin Market size is expected to reach 9.65 million tons in 2024 and grow at a CAGR of greater than 4% to reach 12.23 million tons by 2029.
What is the current Acrylonitrile Butadiene Styrene Resin Market size?
In 2024, the Acrylonitrile Butadiene Styrene Resin Market size is expected to reach 9.65 million tons.
Who are the key players in Acrylonitrile Butadiene Styrene Resin Market?
CHIMEI, LG Chem, INEOS, Formosa Plastics Corporation and PetroChina Company Limited are the major companies operating in the Acrylonitrile Butadiene Styrene Resin Market.
Which is the fastest growing region in Acrylonitrile Butadiene Styrene 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 Resin Market?
In 2024, the Asia Pacific accounts for the largest market share in Acrylonitrile Butadiene Styrene Resin Market.
What years does this Acrylonitrile Butadiene Styrene Resin Market cover, and what was the market size in 2023?
In 2023, the Acrylonitrile Butadiene Styrene Resin Market size was estimated at 9.26 million tons. The report covers the Acrylonitrile Butadiene Styrene Resin Market historical market size for years: . The report also forecasts the Acrylonitrile Butadiene Styrene 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.
