CHICAGO, Aug. 8, 2023 /PRNewswire/ -- The report "Acrylonitrile Butadiene Styrene Market by Type (Opaque, Transparent, Coloured), Grade (High Impact, Heat Resistant, Electroplatable, Flame Retardant, Blended), Manufacturing Process, Technology, Applications, and Region - Global Forecast to 2028", is projected to reach USD 39.9 billion by 2028, at a CAGR of 6.9% from USD 28.6 billion in 2023.
The major drivers in the ABS market are advancements in manufacturing technologies, surging consumer awareness, and preference for high-performance plastics, coupled with growing demand from the end-use industries. The competition from alternative materials and the lack of testing facilities are considered restraining factors in this market. Whereas advancements in 3D printing paired with the increasing demand for sustainable packaging solutions offer opportunities in the ABS market.
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"Colored ABS segment is projected to grow at fastest CAGR, in terms of value, during the forecast period."
The colored ABS segment is projected to grow at the fastest rate in the ABS market due to increased consumer demand for aesthetically appealing products in various industries. Colored ABS allows manufacturers to create products with vibrant and attractive colors, catering to consumer preferences for personalized and visually appealing designs. The versatility of colored ABS, combined with its excellent properties, makes it a preferred choice in applications where aesthetics plays a significant role, such as toys, consumer electronics, and decorative components.
"Emulsion polymerization manufacturing process has the highest market share in the ABS market, in terms of value."
Emulsion polymerization holds the highest market share in ABS due to its ability to produce ABS with excellent dispersion and fine particle size. This method allows for controlled polymerization, resulting in ABS with desirable properties, including high-impact strength and good processability. Its cost-effectiveness and quality output have made it a dominant technology in the ABS market.
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"Europe accounts for the second-largest market share in the ABS Market, in 2022."
Europe is the second largest market for ABS due to the presence of a robust automotive industry, high demand for consumer goods, strict regulations promoting sustainable and eco-friendly materials, and a strong focus on research and development in the plastics sector is propelling its position in the market.
Expansions, investments, new product launches, and acquisitions are the major growth strategies adopted by the key players in the market. The key players in the ABS market include LG Chem Ltd. (South Korea), ChiMei Corporation (Taiwan), INEOS Styrolution (Germany), Petrochina Co Ltd. (China), Formosa Chemicals & Fibre Corporation (Taiwan), Sabic (Saudi Arabia).
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