Global Acrylonitrile Butadiene Styrene (ABS) Market is expected to reach $26.1 billion by 2018: Transparency Market Research
ALBANY, New York, August 29, 2014 /PRNewswire/ --
Transparency Market Research, in its latest research report states, the global acrylonitrile butadiene styrene (ABS) market will grow at a CAGR of 7% from 2012 to 2018. This market was valued at $16.2 billion in 2011, and is expected to reach $26.1 billion by 2018. The report titled, "Acrylonitrile Butadiene Styrene (ABS) Market - Applications (Appliances, Electronics, Automotive, Consumer Goods & Construction), Global Industry Analysis, Size, Share, Growth And Forecast 2012 - 2018", is available for sale on the company's website.
Browse the full Acrylonitrile Butadiene Styrene (ABS) Market Report: http://www.transparencymarketresearch.com/acrylonitrile-butadiene-styrene.html
Acrylonitrile butadiene styrene is a tough and an extremely durable engineering plastic that is widely used in several industries. Its properties such as colorfastness, durability, superlative tensile strength, impact strength, and resistance to chemicals make it a preferred material for many engineering applications. The growth in the acrylonitrile butadiene styrene is mainly driven by rising demand from the end user industries such as consumer goods, appliances, and automobiles. Its demand is growing at a fast pace as most of the automobile companies are looking out for light weight, but high performance material to increase vehicles' fuel efficiency. Using this material for making trims, panels, and coatings, reduces the vehicle's weight, thus enabling better fuel utilization.
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Despite the steady market drivers, ABS faces a herculean challenge from thermoplastics, especially polystyrene and polypropylene. Both these plastic variants are used as substitutes for ABS in the automobile and consumer goods industry. The other major market restraint ABS is facing is strict regulatory framework, as exposure of ABS to humans and the environment is extremely hazardous.
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China is the biggest consumer for ABS and is expected to remain so in the coming five years. The country is expected to account for 61% of global demand by 2018. The reasons supporting this growth are increasing number of multinationals outsourcing their manufacturing to China due to low labor costs. As the country takes the baton to be the leading automobile manufacturer across the globe, its demand of plastics such as ABS is also adding to the market's growth. Asian countries such as India, Japan, Korea, and Taiwan are the next market share holders after China. This region, put together, accounted for 15% of global market demand in 2011. However, as manufacturing units shift to India and China, the demand in North America is likely to stagnate in the forecasted period.
The report studies some of the key players in the industry such as LG Chem, Formosa Plastic Company, Chi Mei Corporation, SABIC, and Styrolution among others.
Browse all Chemical and Materials Market Research Reports: http://www.transparencymarketresearch.com/chemical-market-reports-2.html
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