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ABS Market Size
ABS Market for Automotive Plating on Plastics (POP) Application size was over USD 1 billion in 2017 and industry expects demand of above 650 kilo tons by 2024.
Rising provisions of car financing globally has increased demand for passenger cars which should have a positive impact on ABS market for automotive POP applications market size as an essential substitute for metal components. Global passenger car market may surpass USD 1.5 trillion by 2024 at CAGR of 3%. Increasing utilisation of ABS for bumpers, grills, wheels, car door handles, emblems, trims, mirror covers, and fuel covers manufacturing should support ABS market from automotive POP applications market size growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2017 |
| Market Size in 2017: | 1 Billion (USD) |
| Forecast Period: | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR: | 10% |
| 2024 Value Projection: | 2 Billion (USD) |
| Historical Data for: | 2013 to 2017 |
| No. of Pages: | 190 |
| Tables, Charts & Figures: | 173 |
| Segments covered: | Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Growing environmental concerns due to rising global average temperature excessive emission of greenhouse gases Implementation of stringent regulations including EURO emission standard series have given a push for automotive manufacturers to produce low emission vehicles. ABS plastics offers reductions in vehicle weight which would result in increasing fuel efficiency and reduction of CO2 emissions should propel product demand.
Fluctuating oil prices have made consumers shift preferences towards higher fuel efficient automotive. ABS offering beneficial attributes including light weight which would result in decreasing consumption of fuel during combustion should support ABS market from automotive POP application market growth.
Preferences shift in automotive manufacturers towards, lower energy consumption and low-cost production have increased utilisation of POP technology which should propel ABS market for automotive POP applications product demand. Persuading attributes including high heat resistivity and impact resistance offered by ABS makes it suitable for automotive manufacturing which should accelerate industry growth.
Global automotive plastics market may surpass USD 45 Billion by 2024. Growing demand for luxury automobiles owing to superior performance and aesthetic values should support automotive plastics market which may propel ABS product demand growth. Increasing focus on aesthetics improvement, noise & vibration control and cabin insulation for manufacturing automotive products should accelerate ABS market for automotive POP application market size growth.
Growing population globally resulting in rising demand for automotive has led manufacturers to expand production facilities which should rise product of automotive that should support ABS market for automotive POP application market growth. Shifting of manufacturing facilities by automotive giants including BMW, Jaguar and Audi to China and India due to cheap labour and lower production cost should increase automotive production growth which should support ABS product demand growth.
Global electric vehicle market may surpass USD 560 billion by 2024. Increasing demand for fuel efficiency, superior performance and lower emissions should boost electric vehicle demand. Growing demand for ABS in manufacturing electric vehicles owing to light weight characteristics which result in increasing vehicle performance efficiency should accelerate ABS market for automotive POP application market size growth.
Increasing use of biopolymers due to increasing plastic contamination, health issues and strict regulatory norms against plastics use may hamper industry profitability, thus, affecting ABS market for automotive POP application market price trends. However, growing application range in production of under bonnet components in automotive industry, as substitute for conventional metal components offering high insulating properties will propel industry growth.
ABS Market Analysis
ABS market size for automotive plating on plastics (POP) application from bumper is poised to surpass 25 kilo tons by 2024.. ABS plating on bumper helps in improving material quality similar to that of metal which used to protect vehicle from major accidental impact along with reducing production cost, thereby stimulating product demand.
ABS market for automotive plating on plastics (POP) application size from car door handles application is likely to witness gains of 6.5% by 2024 owing to features including consistent and smooth finish to car handles. Growing demand for scratch proof materials for automotive manufacturers due to consumer inclination towards better aesthetic values and low vehicular body maintenance are factors likely to contribute towards industry growth in projected timeline.
Asia Pacific led by, Australia, Japan, South Korea, India and China ABS market for automotive plating on plastics (POP) application size is projected to surpass USD 800 million by 2024 owing to presence of contract manufacturers of automotive components for major automotive manufacturers including BMW, Mercedes Benz, Hyundai, Toyota, Honda, Jaguar, Mitsubishi, Nissan and Renault mainly in India and China. Increasing number of contract manufacturers accompanied by favorable government FDI norms have increased automotive components production, thereby driving regional product demand.
Europe driven by Italy, France, UK, and Germany ABS market for automotive plating on plastics (POP) application may observe significant gains over 6.5% by 2024 owing to strong demand for light aerodynamic cars. Stringent emission regulations put forth by European union forcing automotive manufacturers to utilize lighter components in order to increase fuel efficiency and lower CO2 emissions, thereby driving product demand.
Brazil ABS market for automotive plating on plastics (POP) application size may witness strong gains on account of growing automotive industry. Rising urbanization and per capita income will lead to increase in purchasing power of consumers in Brazil. This will enhance ABS market for automotive plating on plastics (POP) application size.
ABS Market Share
ABS market for automotive plating on plastics (POP) application share is moderately consolidated with major industry players includes:
- Retlaw Industries
- ELIX Polymers
- Trinseo
- OJSC Plastic
- Preferred Plastics, Inc
- INEOS Styrolution Group GmbH
- Otto Klumpp GmbH
- OTIS TARDA
- SABIC
- Omni Plastics
Companies are focused on expanding their production capacity in order to retain increase their consumer base and enhance their market share. ABS market for automotive plating on plastics (POP) application manufacturer are investing extensively on R&D to sustain in changing market dynamics.
ABS Market for Automotive Plating on Plastics (POP) Application Industry Background
ABS Market for Automotive Plating on Plastics (POP) Application is a process in which metal is induced into plastic subtracts using electroplating process on ABS. The ABS material utilised in this process is amalgamation of acrylonitrile, butadiene and styrene. ABS plating on plastics applications finds utilisation majorly in automotive manufacturing of parts including Bumpers, Grills, Wheels, Car Door Handles, Emblems, Trims, Mirror Covers, Fuel Covers.
Increasing demand for ABS for POP applications by automotive manufacturers owing to key properties including high strength to weight ratio, low weight, low cost and ability to mould aesthetically should boost ABS market for Automotive Plating on Plastics (POP) Application Industry growth.
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