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Acrylonitrile Butadiene Styrene Market Size to Hit $42.809.5 Mn by 2027; Rising Demand for Robust Polymers from Diverse End-use Industries to Boost the Market, Says Fortune Business Insights™

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Pune, India, Jan. 13, 2021 (GLOBE NEWSWIRE) — The global acrylonitrile butadiene styrene market size is projected to reach USD 42,809.5 million by 2027, exhibiting a CAGR of 6.9% during the forecast period. The phenomenal growth in the global construction industry will be a prime growth driver for this market, states Fortune Business Insights™ in its report, titled “Acrylonitrile Butadiene Styrene Market Size, Share & COVID-19 Impact Analysis, By Application (Appliances, Automotive, Consumer Goods, Construction, Electronics, and Others), and Regional Forecast, 2020-2027”.The construction industry has entered a phase of prolific expansion due to the rapid growth in world population and the proliferation of residential and commercial spaces in urban areas. According to a study by Oxford Economics and Global Construction Perspectives, the volume of construction output is slated to grow by 85%, hitting a value of USD 15.5 trillion by 2030. Led by construction activities in China, India, and the US, Oxford Economics, in a recent report predicted that even amid the COVID-19 pandemic, the construction industry will rise by 35% and reach USD 5.8 trillion by 2030. Acrylonitrile butadiene styrene (ABS), a versatile thermoplastic, is known for its structural sturdiness, superior impact strength, resistance to corrosive chemicals, and excellent mechanical and insulating properties, making it an essential component in the construction of buildings. Thus, as construction activities surge around the world, the demand for ABS is likely to remain steady over the forecast period.
The report states that the global market value in 2019 was at USD 25,135.0 million. The main highlights of the report include:Surgical analysis of the major market drivers, trends, and restraints;In-depth diagnosis of each market segment;Unmatched research into the regional developments and prospects of the market; andValuable insights into the profiles and strategies of the key market players.
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Competitive LandscapeFocused Investments in Innovation by Key Players to Heat up CompetitionThe competitive milieu of this market is getting intensified by the heightening investments by key players to boost their innovation capacities. These investments are aimed at empowering companies to develop and introduce novel ABS solutions and capture a larger market share as well as strengthen their global market presence.
Key Industry Development:September 2020: Covestro AG announced its futuristic automotive headlight concept that involves the usage of only one material, the polycarbonate Makrolon, which meets the functional and aesthetical demands of vehicles. The headlight will also utilize a blend of acrylonitrile butadiene styrene along with a scratch-resistant coating to cover the outer lens.
List of Top Companies Profiled in this Acrylonitrile Butadiene Styrene Market Report are:Formosa Chemicals & Fibre Corp (Tainan City, Taiwan)Asahi Kasei Corp. (Tokyo, Japan)LG Chemicals (Seoul, South Korea)INEOS (London, UK)3M (Minnesota, United States)KUMHO PETROCHEMICAL (Seoul, South Korea)Chi Mei Corporation (Tainan City, Taiwan)SABIC (Riyadh, Saudi Arabia)Covestro AG (Leverkusen, Germany)BASF (Ludwigshafen, Germany)
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Restraining FactorFluctuating Demand for Plastics from the Auto Industry amid COVID-19 to Inhibit GrowthThe arrival of COVID-19 led to massive upheavals in several industries, with the plastics industry is facing a moderate impact of the pandemic, which in turn in expected to have spillover effects on the acrylonitrile butadiene styrene market growth. Polymer manufacturers catering specifically to the automotive industry have been severely hit by the pandemic as many large automakers worldwide have had to shut down their operations in response to lockdowns and plummeting demand. For example, Fiat Chrysler announced that it will be ending its production activities at its plants in Serbia, Italy, and Poland, while Volkswagen declared closure of its plant in Spain. According to a survey conducted by the US-based Manufacturers Association for Plastics Processors (MAPP) in August 2020, plastic businesses linked almost exclusively to the automotive sector are on track to meet only 75% of the expected revenues in 2020. Since ABS materials are widely adopted for making various auto components, a slump in the auto industry will inevitably hinder the growth of this market.
Regional InsightsNorth America to Command Revenue Share; the Asia Pacific to Dominate the Overall MarketIn terms of revenue, North America is envisioned to lead the global ABS market owing to the rising demand for lightweight automobiles in the region, supported by the spreading awareness about fuel efficiency and the economy of vehicles among consumers across the US and Canada. The other factor responsible for the high revenue generation in the North American market is the extensive adoption of ABS and other polymer-based materials in the healthcare industry to combat the coronavirus.Asia Pacific, where the market size stood at USD 14,244.2 million in 2019, is expected to dominate the overall acrylonitrile butadiene styrene market share during the forecast period on account of the exponential growth of the construction industry in India and China. Increasing disposable incomes of car buyers in these two countries will also allow the regional market to register robust growth in the coming years. 
Browse Detailed Summary of Research Report with TOC:https://www.fortunebusinessinsights.com/acrylonitrile-butadiene-styrene-abs-market-104538
Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesKey Developments: Mergers, Acquisition, Partnership, etc.Latest Technological AdvancementInsights on Regulatory ScenarioPorters Five Forces AnalysisQualitative Insights – Impact of COVID-19 on Global Acrylonitrile Butadiene Styrene MarketSupply Chain ChallengesSteps taken by Government/Companies to overcome this impactPotential opportunities due to COVID-19 outbreakGlobal Acrylonitrile Butadiene Styrene Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Size Estimates and ForecastBy Application (Volume/Value)AppliancesAutomotiveConsumer GoodsConstructionElectronicsOthers TOC Continued…!
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Have a Look at Related Research Insights:Polyethylene Market Size, Share & COVID-19 Impact Analysis, By Type (HDPE, LDPE, LLDPE), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2020-2027Thermoplastic Polyurethane (TPU) Market Size, Share & Industry Analysis, By Type (Polyester-based, Polyether-based, Other), By Application (Footwear, Consumer goods and electronics, Automotive, Construction, Medical, Others) Others and Regional Forecast, 2019-2026Styrene-Butadiene Rubber (SBR) Based Adhesive market size, share & industry analysis, By Product Type (Solution Types, Emulsion Types), By Application (Tapes, Flooring Adhesives, Others), By End-Use (Industrial, Commercial) and regional forecast 2020-2027
About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:Fortune Business Insights™ Pvt. Ltd.308, Supreme Headquarters,Survey No. 36, Baner,Pune-Bangalore Highway,Pune – 411045, Maharashtra, India.Phone:US: +1 424 253 0390UK: +44 2071 939123APAC: +91 744 740 1245Email: sales@fortunebusinessinsights.comFortune Business Insights™LinkedIn | Twitter | Blogs
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