Acrylonitrile Butadiene Styrene (ABS) is a rigid thermoplastic polymer providing properties such as resilience to temperature, good appearance, and flexibility. It is mainly used in the electronic appliances and automotive sectors to manufacture vehicles and auto parts. Other applications include the usage of ABS in the manufacturing of household appliances, the electronics industry, the construction industry, and consumer goods. According to Fortune Business Insights™, the acrylonitrile butadiene styrene market size is anticipated to reach USD 42,809.5 million by 2027 at a CAGR of 6.9% over the forecast period.
COVID-19 Pandemic to Brutally Affect the Market Growth
The widespread coronavirus pandemic has severely affected the plastics industry, due to which the leading market players noted a temporary halt of production and other operational activities. The halt in production amid the pandemic caused a decline in economies, owing to the weakened demand from various end-use industries and consumers, leading to exceptional disruptions in the plastics supply chain. On the other hand, the plastics industry is expected to alleviate due to the surge in demand for plastic in the medical and healthcare industries. Therefore, the rising demand for acrylonitrile butadiene styrene in these industries is expected to increase the product utilization.
Fortune Business Insights™ Presents the Top Players in the Industry:
Formosa Chemicals & Fibre Corp
Formosa Chemicals & Fibre Corp is headquartered in Taiwan and is known as one of the leading companies in the industry. The company specializes in producing plastic, petrochemical, and textile raw material. It focuses on manufacturing and selling chemical products globally. The company was established in 1965 and has expanded its business by producing ABS, PS, PP, PC, ASA, and compounding plastics.
Asahi Kasei Corp.
Asahi Kasei Corp is a Japanese company headquartered in Tokyo and was established in May 1931. The company contributed to a sustainable society by developing and providing solutions by implementing business development and innovation techniques. It produces chemicals, fiber products, and electronic materials by implementing its chemistry technologies.
LG Chemicals
LG Chemicals is a subsidiary of LG Corp headquartered in South Korea and was established in 1947. It is the largest Korean chemical company that serves its products globally. The company produces chemicals and raw materials based on scientific developments.
INEOS
INEOS Group Ltd is a British multinational chemicals company established in 1998 headquartered in London, U.K. INEOS is a global chemical company that operates in 36 business verticals with 194 sites developed in 29 countries. The company produces polymers, polyethylene, polypropylene, and chemicals.
3M
The company has headquarters in Minnesota, U.S. It operates in several verticals such as healthcare, worker safety, and consumer goods. 3M was established in June 1902 and is now present globally.
KUMHO PETROCHEMICAL
KUMHO PETROCHEMICAL is a multinational chemical company located in South Korea founded in December 1970. The company delivers various products required by different end-user industries. Synthetic rubber is a major product delivered by the company, where manufacturing high-quality synthetic rubber is the company’s main aim.
ChiMei Corporation
ChiMei Corporation is a Taiwan-based performance materials company. The company is known as one of the leading vendors of acrylonitrile butadiene styrene resins, which produces advanced polymer materials, synthetic rubbers, and specialty chemicals. ChiMei Corporation was established in 1960 in Tainan City, Taiwan.
SABIC
SABIC is known as Saudi Basic Industries Corporation and is a chemical manufacturing company. The company is headquartered in Saudi Arabia and was established in 1976. SABIC is active in chemicals, fertilizers, metals, industrial polymers, and petrochemicals. It focuses on making planes and cars with higher fuel efficiency.
Read More About Research Topics:
Automotive Engine Oil Market
Automotive Interior Materials Market
Flooring Market
Carbon Fiber Tapes Market
Optical Coatings Market
How Will Acrylonitrile Butadiene Styrene Gain Traction from Various End-Use Industries?
The increasing adoption of lightweight vehicles due to the surging demand for fuel efficiency to control CO2 emissions is expected to propel the growth of the acrylonitrile butadiene styrene industry. These materials produce numerous auto parts such as interiors, seating, center consoles, bumpers, and others. The wide utilization of these materials in the automotive sector is majorly noted due to their excellent properties such as high strength, chemical resistance, and lightweight density. Further, acrylonitrile butadiene styrene is also used for compartments, interiors, and airplane panels.
