ABS Market Size
India ABS market for automotive POP application to procure massive returns by 2024, increasing product deployment in wheels & emblems to characterize the industry outlook
The ABS market for automotive plating on plastics application has, of late, been experiencing appreciable growth on account of the product utilization in manufacturing automotive grills. Essentially used in automotive systems including front grills, radiator and air conditioning, these grills form a pivotal component of the deployment spectrum of the ABS industry for automotive POP application, owing to the product’s durability and high corrosion resistance.
U.S. ABS Market Size for Automotive Plating on Plastics (POP) Application, By Application, 2017 & 2024, (Kilo Tons)
An influx in the implementation of quality standards in automobile manufacturing has been observed lately, in order to increase passenger safety. Owing to the beneficial attributes of ABS, which includes element rigors withstanding and chemical resistance, the demand for this product has only been increasing in automobile component manufacturing, which will gradually propel the growth of the ABS market for automotive plating on plastics application.
Moreover, supportive initiatives from the governments worldwide, pertaining to the utilization of ABS will further steer the growth of this industry in the years to come. Say for example, the FDI policies implemented by the Government of India have been helping several foreign automotive industry players in establishing manufacturing units in India, thereby boosting domestic production. Given the low labor and production costs, the manufacturing of automobiles in the region would gradually help boost the India automotive industry, the impact of which would be marginally felt across the regional ABS market for automotive plating on plastics application. As a matter of fact, the India ABS industry size for automotive plating on plastics application has been touted to register a CAGR of 7% over 2018-2024.
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The global ABS market trends for automotive plating on plastics application have been touted to thrive successfully in the years ahead, on account of the broad application spectrum of the product in automotive component manufacturing. The paragraphs below offer a precise gist of the application landscape of this industry, that would help justify the remuneration that the global ABS market for automotive plating on plastics application is estimated to garner by 2024.
Unveiling ABS market trends for automotive plating on plastics application from wheels:
The deployment of ABS in wheel production is expected to majorly propel this industry in the years to come – indeed, wheels are anticipated to emerge as one of the most lucrative application avenues for the ABS market for automotive plating on plastics application. Citing a regional instance, driven by heavy investments, the tire industry in India contributed to around 3% of the manufacturing GDP, while the whole automotive sector accounted for 7.1% of the GDP and about 49% of the country’s manufacturing GDP in FY 2015-16. This inherently proves that tire manufacturers in India are on the verge of modernizing their production methods, powered by the demand and supply graph, which has been found to have a direct impact on automobile sales. The trend has indeed been found to have a global presence, indicating that the demand for ABS to be used in wheels will only serve to increase in the years ahead, majorly driving the overall ABS industry for automotive POP application from wheels.
The latest trends in the automotive space also include an extended focus on better traction and low rolling resistance to increase on road performance and fuel efficiency, and inclusion of more radials that consume less fuel. This has necessitated the incorporation of several advancements in tire manufacturing, driving the ABS market size for automotive plating on plastics application from wheels.
Unveiling ABS market trends for automotive plating on plastics application from emblems:
As per reliable reports, the demand for ABS in emblem manufacturing is forecast to consistently increase in the years ahead. Quite overtly, this growth could be accredited to the massive expansion of the automotive industry that has been demanding enhanced emblems of late, pertaining to changing consumer demands. Given that these components are basically deployed by automobile manufacturers to showcase the brand logo and attract a wider consumer base, it has become vital to ensure high-grade aesthetics and advancements in product design and development.
Several global emblem manufacturers like Elektroplate, Billet Badges, and more, are found to have been engaged in designing and manufacturing custom badges and emblems. This has consequently surged the demand for ABS for POP application given the attributes of ABS such as a glossy finesse, light weight, and easy adherence to metal. As per estimates, the global ABS industry share for automotive POP application is anticipated to register a CAGR of 6% over 2018-2024.
Endorsed by a broad application terrain, the ABS market for automotive plating on plastics application is estimated to showcase a highly profitable remuneration graph in the upcoming years. As per estimates, the valuation of ABS market for automotive plating on plastics application would cross US$2 billion by the end of 2024.
Author Name : Saurav Kumar
Acrylonitrile Butadiene Styrene (ABS) Market to accrue massive revenue via appliance sector over 2016-2024, APAC to majorly drive the regional share
Key business growth strategies such as mergers & acquisitions, joint ventures, and product innovations are expected to strongly leverage ABS market development. For instance, INEOS Styrolution, a world leader in the styrenics sector, completed the purchase of K-Resin ® SBC business from Daelim and Chevron Phillips Chemical earlier this year after receiving all the necessary approvals from the regulatory authorities. This acquisition deal will help the firm focus on raising the production of specialty styrenics products across the globe as per the consumer requirements and thus enhance its global presence. Business players make strategic collaborations or partnerships for developing high quality products with the help of technical knowhow, positively impacting the market trends. According to Global Market Insights, Inc., “Acrylonitrile Butadiene Styrene (ABS) industry value, which was estimated at USD 22.3 billion in 2015, is forecast to hit USD 38 billion by 2024.”
China Acrylonitrile Butadiene Styrene (ABS) Market Share, By Application, 2015
Favorable product features such as high durability, lightweight, heat resistance, design flexibility, and corrosion & chemical resistance will create a profitable roadmap for Acrylonitrile Butadiene Styrene (ABS) market. High product preference can be attributed to its fabrication ease and cost-effective nature as compared to other products. Low steel utilization across the manufacturing business, subject to the rising need for improving the visual appearance as well as aesthetic value of the manufactured items will benefit Acrylonitrile Butadiene Styrene (ABS) industry.
Considering the topographical trends, U.S. ABS market is anticipated to surpass a targeted revenue margin of USD 3 billion by 2024, owing to escalated product popularity across automotive and consumer goods sectors. Asia Pacific industry, which accounted for more than 68% of the global ABS industry share in 2015, is projected to observe a huge surge over the next few years. High product demand for household appliances and construction sectors will boost the profit. The construction sector in APAC, worth USD 1550 billion in 2015, is slated to grow at a rate of 5% over 2016-2024. India and China are likely to be major regional revenue contributors.
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Europe ABS industry is set to record a CAGR of 6% over the coming seven years, driven by high product usage in air conditioners, car exteriors & interiors, fax machines, vacuum cleaners, kitchen appliances, and refrigerator door liners. Germany is expected to be the key regional growth driver.
Consumer goods, electrical & electronics, construction, automotive, and appliances are the key sectors across which Acrylonitrile Butadiene Styrene is widely used. ABS industry size in electrical & electronics sector is expected to grow at a CAGR of more than 3.5% over 2016-2024, driven by wide product use in televisions, computers, printers, computer accessories, and business machines as a result of its electrical insulating and corrosion & heat resisting properties.
Automotive applications are projected to register notable gains of 4% over the coming seven years. The ability of the product to reduce the vehicle weight and lower fuel emissions is expected to spur its demand. Strict legislations to reduce environmental pollution and enhance fuel efficiency in automobiles will further soar ABS market revenue. For instance, stringent rules in Europe and North America have forced the manufacturers to reduce the vehicle weight up to 440 kg, resulting in lowered carbon emissions along with an increase in fuel efficiency.
Appliances sector, which accounted for 31% of the ABS market revenue in 2015, is expected to grow considerably over the years to come. Rising end-user expenditure on household appliances along with the product’s ability to retain the appliance structure at both high and low temperatures will favorably influence the growth. The household appliances sector is projected to hit USD 11.9 billion by 2020 and will support ABS industry expansion.
ABS market share in the construction sector is projected to experience a lucrative growth over the coming years, driven by high product utilization in fittings, plastic sheets, and pipes. High spending on the construction activities due to rise in the disposable income of the consumers along with government support for improving the infrastructure facility will further steer the income.
Global ABS market share is highly consolidated, with top four participants sharing more than 60% of the overall business space in 2015. Chi Mei Corporation, Formosa Plastic Corporation, INEOS Styrolution, SABIC, LG Chemicals Limited, Kumho Petrochemical Company Limited, Asahi Kasei Corporation, Sinopec Limited, Styron, Elix Polymers, Entec Polymers LLC, Mitsui Chemicals, and Ravago Manufacturing Americas are few of the key players of ABS industry.
Author Name : Dhananjay Punekar