Acrylonitrile Butadiene Styrene Market Projected to be Worth $39.9 billion by 2028
The Acrylonitrile Butadiene Styrene Market size is projected to reach USD 39.9 billion by 2028, at a CAGR of 6.9% from USD 28.6 billion in 2023. ABS is a widely used engineering plastic with diverse applications across various industries. Its excellent combination of properties, including high impact resistance, durability, dimensional stability, and ease of molding, makes it suitable for a range of applications. ABS is extensively utilized in automotive components like dashboards and bumpers, electrical and electronics housings, plumbing systems, toys, medical equipment, sports gear, luggage, and various consumer goods. Its versatility and reliability have made ABS a preferred choice in industries that require materials with robust performance, providing solutions for both functional and aesthetic needs. Growing demand from the end-use industries, advancements in manufacturing technologies, and surging consumer awareness & preference for high-performance plastics act as key drivers for the ABS market.
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The key players in the ABS market include LG Chem Ltd. (South Korea), Chi Mei Corporation (Taiwan), INEOS Styrolution (Germany), PetroChina Co Ltd. (China), Formosa Chemicals & Fibre Corporation (Taiwan), Sabic (Saudi Arabia), Toray Industries Inc. (Japan), Lotte Chemical (South Korea), Versalis (Italy), Kumho Petrochemical (South Korea), BASF SE (Germany), and Covestro AG (Germany), Trinseo (US), Techno UMG Ltd(Japan), Tianjin Dagu Chemical (China), The Iran Petrochemical Commercial Company (Iran) , Shanghai Gaoqiao Petrochemical Company (China), IRPC (Thailand), RTP Company (USA) and Ravago Manufacturing (USA), among others. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through expansions, investments, new product launches, and acquisitions.
Chi Mei Corporation
Chi Mei Corporation is one of the leading Taiwanese conglomerates, specializing in petrochemicals, plastics, and electronic materials. The company offers ABS through its plastics and chemicals segment under 2 brand names. This segment focuses on the production, manufacturing, and distribution of various plastic products, including ABS, along with other types of engineering plastics. The company has a global geographical presence, with operations and market reach extending to all the regions including North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In May 2023, After the launch of a 450,000 tons/year ABS manufacturing line in September 2021. Chi Mei Corporation is planning to expand its ABS production capacity at Zhangzhou plant to 600,000 tons/year by 2025.
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LG Chem LTD
LG Chem Ltd. is another global chemical company known for its diverse range of products and innovative solutions. The company is primarily involved in the petrochemicals business, manufacturing and marketing a wide range of petrochemical products. LG Chem’s petrochemicals segment includes the offering of ABS in seven distinct grades. Along with the production of ABS the petrochemicals segment is involved in the production of PC, PE, PP, Synthetic Rubber, and Others. The company operates worldwide and has a global network for production, sales, and R&D, not only in Korea but also in the Americas, Europe, and Asia. LG Chem has 52 office locations across the world.
In October 2021, LG Chem Ltd. plans to invest approximately USD 54.6 million in the establishment of an ABS plant at its Ohio Tech Center location in the US. The plant is expected to be operational by the end of 2023, boasting an annual production capacity of 30,000 tons.
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