The report on “Global acrylonitrile butadiene styrene market” is segmented by Application (Appliances, Automotive, Electrical & Electronics, Consumer Goods), and by Region (North America, Europe, Asia Pacific, Middle East & Africa and South America). Global acrylonitrile butadiene styrene was value US$ 25.3 Bn in 2017, and is anticipated to reach US$ 38.34 Bn by 2026 at a CAGR of about 5.3 % during a forecast.
Acrylonitrile butadiene styrene market to propel growth based on increasing need in automotive sector for light weight automobile parts.
The automotive industry has been experiencing a significant change over the years and there is an increasing trend towards reduction of automobile weight in order to improve fuel efficiency. An estimated 10.0% reduction in weight results in about 5.0% to 7.0% fuel saving in an automobile. The automobile segment is expected to grow at a higher rate during the forecast period. The construction sector is also expected to witness a stable growth rate. The increase in the purchasing power of the middle-class population leads to an increase in the demand for its application in electrical and electronics sector, which is further driving the acrylonitrile butadiene styrene market.
Asia-Pacific has the highest share in the market.
Asia Pacific is the leading the global acrylonitrile butadiene styrene market on account of owing to the increasing government spending on development of physical infrastructure, steady growth of automotive and consumer goods industry. The Chinese automobile industry is the largest in the world in terms of unit vehicle volume produced. The country witnessed increased production even during the recession. The growing per capita income of the country has resulted in increased demand for automobiles in the domestic market.
The report covers a study of marketing and development strategies, along with the product portfolios of leading companies are LG Chem., INEOS Styrolution, Trinseo, KUMHO PETROCHEMICA, Formosa Chemicals & Fibre Corp., SABIC, BASF SE, TORAY INDUSTRIES INC, Mitsui Chemicals Inc., Ravago Americas, and others.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global acrylonitrile butadiene styrene market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the acrylonitrile butadiene styrene market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global acrylonitrile butadiene styrene market positioning of competitors.
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