REPORT OVERVIEW
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The global heat resistant ABS market size is expected to be USD 1550.7 million in 2022. As per our research, the market is projected to touch USD 2178.6 million by 2028, exhibiting a CAGR of 5.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the heat resistant ABS market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Heat resistant ABS is a form of Acrylonitrile Butadiene Styrene (ABS) strengthened with heat-resistant fillers like glass. It has higher impact strength and stiffness than ordinary ABS and is resistant to heat and chemical deterioration, making it appropriate for demanding applications such as automotive use as well as industrial or domestic appliances. Because the filler particles constitute an insulating barrier against conductive materials in contact with one other at high temperatures, heat resistant ABS has good electrical insulation properties.
It is mostly used in injection moulding, but it is also found in blow moulding manufacturing procedures that utilise equipment developed specifically to create huge volumes quickly. The manufacturing process employs heated metal tools known as dies, which are typically constructed of steel. The market is expanding primarily as a result of the rising demand for heat-resistant polymers in automotive applications.
COVID-19 Impact: Supply and Demand Chain were Interrupted Due to Restrictions Imposed
Due to mandatory lockdown and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of multiple industries have either been temporarily shut down or are running with a small personnel.The restrictions put in place globally to stop the spread of the coronavirus caused the construction of new buildings to stop, numerous companies to shut down, that has impacted the heat resistant ABS market share. However, the market size has indirectly grown due to the lift of the lockdown and the demand is increasing due to a number of factors, including businesses restarting operations and adjusting to the new normal as they recover from the effects of COVID-19.
LATEST TRENDS
"The Intensive Utilization in Manufacturing of Household Appliances to Manifold the Market Share"
Heat resistant ABS's primary applications are in household and consumer goods. ABS is beneficial in the manufacture of household appliances due to its light weight and ability to be injection moulded and extruded. It is in high demand in domestic appliances, as the appliance sector is always discovering new methods to make life easier. This plastic material, for example, can be used to make a refrigerator door handle that defrosts bread without the need to open the fridge and turn off the motor.
SEGMENTATION
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- By Type
Based on type; the market is divided into high heat resistant, super high heat resistant and others.
The high heat resistant part is the leading of the type segment.
- By Application
Based on the application; the market is divided into automotive, household appliances, high-end consumer electronics, industrial and others.
The household appliances is the leading part of the application segment.
DRIVING FACTORS
"The Growing Industrial Usage Across the Globe to Uplift the Market Demand"
The ability to endure high temperatures accounts for the considerable demand for heat resistant ABS in industrial applications. Injection moulding of heat resistant ABS plastics is used to create motor covers, gearbox housing, and injection-molded electronics enclosures.ABS is manufactured in a number of grades, but Machine Grade ABS is suggested for precision machining of ABS structural elements. Machine Grade ABS is easily manufactured using common machining techniques such as turning, drilling, milling, and sawing. ABS can be chemically bonded to itself and other similar plastics.
"The Intensive Use in Automotive Industry to Drive the Market Growth"
Automotive usage is the most popular application for heat resistant ABS in which has been extensively used. It was introduced in cars and later on boats, buses, trains, and military vehicles to withstand high operating temperatures. Some of the major car brands that use this material are Volkswagen AG (Germany), Mercedes-Benz Cars (Germany), Mitsubishi Motors Company Ltd., Nissan Motor Co., Inc.(Japan) among others. Other applications (because of its good shock absorbance), includes automotive trim components and automotive bumper bars.
RESTRAINING FACTORS
"The ABS Being Carcinogenic to Humans to Restrain the Market Growth"
Under normal use and polymer production settings, ABS is resilient to breakdown with carcinogen exposure substantially below workplace exposure guidelines. ABS, however, can disintegrate at temperatures exceeding 400 °C (750 °F) into its constituents: butadiene (carcinogenic to humans), acrylonitrile (potentially carcinogenic to humans), and styrene (reasonably expected to be a human carcinogen).
At lower temperatures (as in 3D printing), ultrafine particles (UFPs) can be created.Concerns have been raised about airborne UFP concentrations generated during ABS 3D printing, as UFPs have been related to a variety of negative health effects, some of which may occur from tissue obstruction in the kidneys, lungs, and intestines caused by a buildup of UFPs.
REGIONAL INSIGHTS
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"Asia-Pacific Region to Lead the Market with Wide Utilization and Major Players"
The heat resistant ABS market growth in automotive applications will be considerable as a result of legislation requiring manufacturers to cut CO emissions from automobiles by 2020. This could lead to an increase in demand for more fuel-efficient plastics, such as those made with heat-resistant polymers like this one. China and South Korea dominated the heat resistant ABS demand in the Asia Pacific region as a result of its strong economic expansion, which led in increased infrastructure spending on housing projects and commercial structures, driving rising consumption levels of these polymers. Furthermore, coupled with rising demand from the automotive sector, this will contribute to an increase in demand for heat resistant ABS market share.
KEY INDUSTRY PLAYERS
"Key Industry Players to Promote the Market Expansion"
The strategies used by market participants in recent years, such as extensions, have had a substantial impact on the market's expansion. The report contains information and specifics on the firms and their interactions with the market. Data is collected and published as a result of proper study, technological advances, expansions, and expanding machinery and equipment. Other factors considered for this market are businesses that develop and deliver new products, the geographic locations in which they operate, mechanisation, innovation strategies, maximising income, and leveraging their products to make a major difference.
List of Market Players Profiled
- LG Chem (South Korea)
- INEOS Styrolution (Germany)
- Toray (Japan)
- SABIC (Saudi Arabia)
- Chi Mei (China)
- Techno-UMG (JSR) (U.S.A)
- Formosa Chemicals (China)
- ELIX Polymers (Sinochem) (Spain)
- Lotte Advanced Materials (South Korea)
- Trinseo (U.S.A)
- Versalis (Italy)
- KUMHO-SUNNY (South Korea)
- SAX Polymers Industries (Austria)
- KKPC (South Korea).
REPORT COVERAGE
This research includes a thorough examination of the market's historical context, a review of the parent market, and a thorough investigation of the market's dynamics. Size of the market in terms of value and volume in the past, currently, and in the future. In-depth analysis of market shares and strategies of main competitors, recent industry developments, emerging niche markets, and recent market trends in specific regions are all addressed in the research.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1550.7 Million in 2022 |
Market Size Value By |
US$ 2178.6 Million by 2028 |
Growth Rate |
CAGR of 5.8% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the heat resistant ABS market expected to touch by 2028?
Based on our research, the global heat resistant ABS market is projected to touch USD 2178.6 million by 2028.
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What CAGR is the heat resistant ABS market expected to exhibit by 2028?
The heat resistant ABS market is expected to exhibit a CAGR of 5.8% by the forecasted year 2028.
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What are the driving factors of the heat resistant ABS market?
The growing industrial usage across the globe and the intensive utilization in the automotive industries are the driving factors of the heat resistant ABS market growth.
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Which are the top companies operating in the heat resistant ABS market?
INEOS Styrolution, LG Chem, Chi Mei, ELIX Polymers (Sinochem), SABIC, Toray, Lotte Advanced Materials, Trinseo, CNPC, Formosa Chemicals, Techno-UMG (JSR), SAX Polymers Industries, Versalis, KUMHO-SUNNY, KKPC and others are the top companies operating in the heat resistant ABS market.
