Albany, New York (PRWEB) March 08, 2013
The major factor driving ABS consumption is the increasing demand from end user applications such as automobiles, appliances and consumer goods. ABS is one of the leading engineering plastics and is increasingly finding usage across a host of industries. There has been a shift in preference towards consumers demanding higher fuel economy in automobiles. Reduction in automobile weight is a primary facet in this regard and the increased use of plastic is inevitable. ABS is used in a variety of automotive applications like trims, panels and coatings among others which is expected to increase its demand over the next six years.
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China is expected to remain the largest regional market for ABS and is estimated to account for roughly 61% of the global demand by 2018. Low labor and operating costs in China, have forced a considerable number of multinational manufacturing companies to shift their manufacturing units to China. The country is also the world's largest automobile manufacturing nation and consumes huge volumes of plastics, of which ABS is an essential part.
However, ABS faces the threat of being substituted by other thermoplastics, particularly polypropylene and polystyrene. Both these plastics have excellent properties and are increasingly being used as substitutes to ABS in automobile and consumer goods applications. In addition, ABS comprises of monomers that are hazardous and have serious exposure impact on humans and the environment. These factors could act as major inhibitors for the market and could hamper the demand for ABS over the coming years.
ABS demand is dominated by appliance applications, which accounted for over 32% of overall ABS volumes in 2011. However, automotive and consumer goods are fast growing applications of ABS and are expected to gain a substantial market share over the next six years.
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The rest of Asia region comprising of countries like India, Japan, Taiwan and Korea is the second largest consumer of ABS after China. The region accounted for over 15% of the global demand in 2011 and is expected to gain market share over the forecast period. With manufacturing capacities being shifted towards China and India and mature domestic demand, North America and Europe are expected to be somewhat stagnant markets for ABS in the near future.
Key participants operating in the ABS market include LG Chem, Chi Mei Corporation, Styrolution, Formosa Plastic Company and SABIC among others. The report profiles the above mentioned companies along with their detailed market share analysis.
The report includes a detailed analysis of the ABS market in terms of volume and revenue. In addition, the study includes the demand forecast for each application across various regions including North America, Europe, China, Rest of Asia and Rest of the World. This granular market data has also been provided for key countries including the U.S., Germany, Japan, South Korea and so on. The global ABS market has been segmented by various applications described below;
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