High Heat ABS Resin Market REPORT OVERVIEW
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The global High Heat ABS Resin market size was USD 2035.3 million in 2022 and the market is projected to touch USD 3742.8 million by 2032 at a CAGR of 6.3% during the forecast period.
High Heat ABS resin is a thermoplastic material specifically designed for superior heat resistance when compared to standard ABS resin. It is a composite polymer formed by combining three core monomers: acrylonitrile, butadiene, and styrene. The primary objective in developing High Heat ABS is to enable it to endure higher temperatures while preserving the beneficial attributes of ABS, including its strength, toughness, and ease of processing.
COVID-19 Impact: Increased Demand for Medical Equipment among Population to Fuel Market Growth
The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Amid the pandemic, there was a notable increase in the need for medical equipment and devices like ventilators, face shields, and diagnostic tools. High Heat ABS resin found its application in the manufacturing of certain components of these medical devices because of its capacity to withstand high temperatures and its robustness. Consequently, this contributed to a rise in sales within the medical sector.
Similar to numerous other sectors, the High Heat ABS resin industry encountered difficulties associated with disruptions in the supply chain. The closures in different regions, delays in transportation, and restrictions on movement all had an impact on the accessibility of raw materials and the distribution of finalized products.
LATEST TRENDS
"Growing Demand for Sustainable Materials, and Increasing Use in Automotive Applications to Fuel Market Growth "
The rising demand for sustainable materials in the High Heat ABS Resin market aligns with the broader global trend of environmental responsibility and the growing need for eco-friendly products across diverse sectors. Heightened awareness regarding the environmental impact of plastic materials is prompting consumers, businesses, and governments to actively seek materials with a smaller carbon footprint and reduced environmental harm. This increased consciousness has led to the adoption of sustainable alternatives like bio-based and recyclable plastics. The automotive industry was increasingly adopting High Heat ABS resin for applications in under-the-hood components and lightweight structural parts. This shift was primarily motivated by the demand for materials capable of enduring elevated temperatures and meeting rigorous safety standards.
High Heat ABS Resin Market SEGMENTATION
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- By Type
Based on Type High Heat ABS Resin Market is classified as VST 100℃~109℃, and VST 110℃~119℃.
- By Application
Based on Application High Heat ABS Resin Market is classified as Automotive, Household Appliances, High-end Consumer Electronics, Industrial, and Others.
DRIVING FACTORS
"Automotive Industry Demand to Fuel Market Growth"
The High Heat ABS Resin Market growth has been substantially propelled by the automotive industry's demand. The utilization of High Heat ABS resins in various under-the-hood components and interior parts, owing to their exceptional heat resistance and durability, has contributed significantly to this expansion.
"Growing Need for Lightweight Materials to Stimulate Market Progress"
Across various industries, ranging from automotive to aerospace, there has been a collective pursuit of lightweight materials to enhance fuel efficiency and minimize emissions. High Heat ABS resins present themselves as viable lightweight options for specific applications in this context.
RESTRAINING FACTORS
"Environmental Concerns to Harm Market Growth "
The non-biodegradable nature of High Heat ABS Resins, in line with many other plastics, can present environmental concerns. The market might face hindrances due to the rising influence of environmental regulations and consumer preferences favoring eco-friendly materials.
High Heat ABS Resin Market REGIONAL INSIGHTS
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"North America witnessed extensive utilization of resins to Drive Market Share"
In North America, the High Heat ABS Resin Market share, primarily propelled by the automotive sector, which witnessed extensive utilization of these resins in under-the-hood components and interior parts. Key players in the market included the United States and Canada, where manufacturers concentrated on capturing market share through the development of custom formulations and stringent compliance with environmental regulations.
KEY INDUSTRY PLAYERS
"Multitude of companies that played a pivotal role in expansion of High Heat ABS Resin"
In the High Heat ABS Resin market, a number of significant industry leaders stood out for their notable contributions to the advancement and provision of High Heat ABS Resin products. Among them, LG Chem, a South Korean chemical company renowned for its extensive polymer product portfolio, including High Heat ABS Resins, played a crucial role in serving diverse sectors such as automotive and electronics.
List of Market Players Profiled
- Chi Mei (Taiwan)
- INEOS Styrolution (Germany)
- LG Chem (South Korea)
- SABIC (Arabia)
- Toray (Japan)
REPORT COVERAGE
The future demand for the High Heat ABS Resin Market is covered in this study. The Research report includes the Increased Demand for Medical Equipment due to the Covid-19 Impact. The report covers the latest trends in Growing Demand for Sustainable Materials. The paper includes a segmentation of the High Heat ABS Resin Market. The research paper includes the driving factors that are Automotive Industry Demand to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for High Heat ABS Resin Market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2035.3 Million in 2022 |
Market Size Value By |
US$ 3742.8 Million by 2032 |
Growth Rate |
CAGR of 6.3% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
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By Type
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By Application
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Frequently Asked Questions
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What value is the High Heat ABS Resin Market expected to touch by 2032?
The global High Heat ABS Resin Market size is expected to reach USD 3742.8 million by 2032.
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What CAGR is the global High Heat ABS Resin Market expected to exhibit by 2032?
The global High Heat ABS Resin Market is expected to exhibit a CAGR of 6.3% by 2032.
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Which are the driving factors of the High Heat ABS Resin market?
The driving factors of the High Heat ABS Resin market are Automotive Industry Demand, and Growing Need for Lightweight Materials.
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Which are the key players or most dominating companies functioning in the High Heat ABS Resin market?
Chi Mei, INEOS Styrolution, LG Chem, SABIC, and Toray are the key players or most dominating companies functioning in the High Heat ABS Resin market.
