ABS Market Size

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.

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.