The global market for ABS is expected to reach USD 30.35 billion by 2020, according to a new study by Grand View Research, Inc. ABS is one of the most preferred engineering plastics for automotive and appliances and is expected to witness growth over the forecast period owing to increased demand from these applications. There is increased focus on weight reduction in automobiles in order to have better fuel economy, which is expected to result in substitution of metals with plastics such as ABS. In addition, the augmented demand for consumer goods in emerging economies is expected boost the demand for engineering thermoplastics such as ABS.
Appliances were the largest application segment accounting for nearly 2,500 kilo tons of overall ABS demand in 2013. The increasing demand for appliances in emerging economies of Brazil and China is expected to be a key factor having a positive impact on the market over the forecast period. ABS is also extensively used in electronics and electrical applications owing to its favorable physical and chemical properties and accounted for over 2,000 kilo tons of ABS demand in 2013.
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Further key findings from the study suggest:
- China was the largest regional market for ABS with revenue exceeding USD 10.6 billion in 2013. The presence of large manufacturing companies for automotives and appliances is a key reason for the high share. In addition, the region is also expected to witness fastest growth at an estimated CAGR of 7.5% from 2014 to 2020.
- Rest of Asia also had a significant share of the market in 2013 owing to industrial and economic development of countries such as India and South Korea. The region is expected to witness demand growth at an estimated CAGR of 5% from 2014 to 2020.
- Automotive applications are expected to witness fastest growth, at an estimated CAGR of 7.3% from 2014 to 2020. Increasing automotive sales in countries such as India, China, Japan, Germany and the U.S. coupled with increasing need for weight reduction is expected to drive ABS demand for this application.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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