Acrylonitrile Butadiene Styrene (ABS) Resin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Acrylonitrile Butadiene Styrene (ABS) Resin Market is segmented by Process type (Injection blow molding, Extrusion blow molding, and Injection stretch blow molding), by End-user Industry (Automotive and Transportation, Construction, Electronics, Consumer Goods and Appliances, and Other End-user Industries) and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Acrylonitrile Butadiene Styrene (ABS) Resin Market in volume (kilo tons) for all the above segments.

Market Snapshot

Acrylonitrile Butadiene Styrene Abs Resin Market Overview
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %

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Market Overview

The Acrylonitrile Butadiene Styrene (ABS) Resin market was valued at 8,269.26 kilotons in 2021 and is expected to register a CAGR of ~4.58% during the forecast period (2022-2027).

ABS is a thermoplastic resin that is commonly used in injection molding. ABS has the rigidity and strength of styrene and acrylonitrile polymers combined with the stiffness of polybutadiene rubber. 

  • Major factors driving the market studied are the growing focus on lightweight automobiles and increasing usage in electronics and consumer goods.
  • The global electric vehicle market achieved significant growth in the previous decade. The market is likely to grow further in the coming decade due to the increasing concerns related to emissions and the environmental policies by major governments around the world.​
  • ABS is largely used in appliances such as microwave ovens, dryers, toasters, vacuum cleaners, washing machines, and refrigerators, among other devices. The segment is mainly driven by the growing assembling plants for appliances, particularly in the Asia Pacific.
  • The increasing use of biopolymers due to rising environmental and health concerns, stringent government regulations on the usage of plastics, etc., are instrumental in hindering market growth.
  • Innovative applications and products are likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption from countries like China and India.

Scope of the Report

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 on the basis of 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
Application
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
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from the Electronics and Appliances Industry

  • Electronics applications for ABS resin mostly include plastics components for electricity transfer parts. These majorly include boxes, casings, wiring channels, plastic enclosures, and others.
  • ABS plastics are impact resistant, durable, lightweight and flame retardant, thus are widely used in electronics. Moreover, the growing miniaturization of electronic components coupled with increased safety measures across the industries is expected to increase the demand for ABS resin in electronics applications.
  • The global electronics industry witnessed fluctuations in 2020-2021 as the demand chain was interrupted to curb the spread of COVID-19. Asia-Pacific accounts for more than 70% of the global electronics production, with counties like South Korea, Japan, and China involved in manufacturing various electrical components and supplying to various industries globally. Additionally, India is expected to become the fifth-largest consumer electronics and appliances industry in the world 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 with a strong presence of multinational electronics manufacturers catering the wide demand in the country. The electrical industry accounted for 11% of the total industrial production in Germany. ​​
  • According to Statista the sales for the consumer electronics in Saudi Arabia segment is projected to reach USD 3.93 billion in 2022 with an annual growth rate of 17%, in the coming 5 years The average revenue per user is estimated to be around to US D 280.43. This is expected to drive the demand for ABS resins in the electronic industry in the country.
  • The electronics industry in the U.S. is primarily driven by the sales of consumer electronics. Moreover, industrial electronics have gained momentum in the past decade owing to the rise in industrial operations across the U.S. High demand for consumer electronics including television, mobile phones, laptops, smart gadgets are expected to increase the utilization of plastic products, thereby is likely to have a positive impact on 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.
Acrylonitrile Butadiene Styrene (ABS) Resin Market - Segmentation Trends

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.
  • Asia-Pacific accounts for more than 70% of the global electronics production, with counties like South Korea, Japan, and China involved in manufacturing various electrical components and supplying to various industries globally. Additionally, India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025.
  • China is estimated to be one of the largest bases for electronics production in the world. 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.
  • According to the China Association of Automobile Manufacturers (CAAM), China's domestic passenger car sales growth rate is estimated to reach 10% in 2021 with the sales of new-energy vehicles reaching more than 2 million, a record high or a year-on-year increase of 46% in the country. This trend is expected to drive the demand for ABS resin in the country which is extensively used in auto parts manufacturing.
  • 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 market for ABS in the country which is used in auto part manufacturing.
  • Singapore’s economy grew by 6% in 2021 and is anticipated to reach 3.2% by 2022. Some of the major construction projects in Singapore include the construction of terminal 5 at Changi airport in order to increase the airport capacity by 50 million passengers in a year, which is expected to complete by 2030. Thus these construction projects are estimated to boost the demand for effective and efficient plumbing which will drive the consumption of ABS resins.
  • Therefore, all these aforementioned factors are expected to affect the demand for acrylonitrile butadiene styrene resin market in Asia- Pacific region, over the forecast period.
Acrylonitrile Butadiene Styrene (ABS) Resin - Regional Trends

Competitive Landscape

The acrylonitrile butadiene styrene (ABS) resin market is consolidated in nature. Some of these key players (not in any particular order) include LG Chem, CHIMEI, INEOS, Formosa Plastics, and CNPC (PetroChina Company Limited).

Recent Developments

  • 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 has signed the agreement to acquire Corvallis, United States-based Inspria Corporation which is a leading innovator in metal oxide photoresistor design, development, and manufacturing of extreme ultraviolet (EUV) lithography. The deal was done in the amount of USD 514 million.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Focus on Lightweight Automobiles

      2. 4.1.2 Increasing Usage in Electronics and Consumer Goods

    2. 4.2 Restraints

      1. 4.2.1 Availability of Substitutes for ABS

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Price Trends

    6. 4.6 Regulatory Policies

  5. 5. MARKET SEGMENTATION

    1. 5.1 Process Type

      1. 5.1.1 Injection Blow Molding

      2. 5.1.2 Extrusion Blow Molding

      3. 5.1.3 Injection Stretch Blow Molding

    2. 5.2 Application

      1. 5.2.1 Automotive and Transportation

      2. 5.2.2 Construction

      3. 5.2.3 Electronics

      4. 5.2.4 Consumer Goods and Appliances

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 CHIMEI

      2. 6.4.2 Formosa Plastics Corporation

      3. 6.4.3 LOTTE Chemical Corporation

      4. 6.4.4 China National Petroleum Corporation

      5. 6.4.5 JSR Corporation

      6. 6.4.6 Trinseo

      7. 6.4.7 INEOS Styrolution Group GmbH

      8. 6.4.8 LG Chem

      9. 6.4.9 SABIC

      10. 6.4.10 TORAY INDUSTRIES INC.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing usage of PC-ABS Resin in Industrial Applications

**Subject to Availability

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Frequently Asked Questions

The Acrylonitrile Butadiene Styrene (ABS) Resin Market market is studied from 2017 - 2027.

The Acrylonitrile Butadiene Styrene (ABS) Resin Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

CHIMEI, LG Chem, INEOS, Formosa Plastics Corporation, PetroChina Company Limited are the major companies operating in Acrylonitrile Butadiene Styrene (ABS) Resin Market.

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