The global acrylonitrile butadiene styrene market size is projected to reach USD 42,809.5 million by 2027, exhibiting a CAGR of 6.9% during the forecast period.
According to a study by Oxford Economics and Global Construction Perspectives, the volume of construction output is slated to grow by 85%, hitting a value of USD 15.5 trillion by 2030.The report states that the global market value in 2019 was at USD 25,135.0 million.
Restraining FactorFluctuating Demand for Plastics from the Auto Industry amid COVID-19 to Inhibit GrowthThe arrival of COVID-19 led to massive upheavals in several industries, with the plastics industry is facing a moderate impact of the pandemic, which in turn in expected to have spillover effects on the acrylonitrile butadiene styrene market growth.
Polymer manufacturers catering specifically to the automotive industry have been severely hit by the pandemic as many large automakers worldwide have had to shut down their operations in response to lockdowns and plummeting demand.
For example, Fiat Chrysler announced that it will be ending its production activities at its plants in Serbia, Italy, and Poland, while Volkswagen declared closure of its plant in Spain.
According to a survey conducted by the US-based Manufacturers Association for Plastics Processors (MAPP) in August 2020, plastic businesses linked almost exclusively to the automotive sector are on track to meet only 75% of the expected revenues in 2020.
The worldwide market for nitrogen has been seeing perceptible development for the most part because of the advancement of the fertilizer sector.
Also, long-haul leases of ammonia vessels at settled costs have empowered huge scale companies to oversee transportation expenses in this manner giving economical delivery to the customers in emerged and emerging regions.
These organizations possess production facilities and also foremost supply contracts with definite rising economies, for example, China in this way picking up adaptability and logistics quality for the imports.Nitrogen is broadly utilized as manures where artificially produced ammonia and nitrates are a few of the indispensable industrial fertilizers utilized in the agrochemical sector.
Rising need for fertilizers because of expanding food grain generation will support the need for nitrogen over the years to follow.
Growing center towards creating bio-based agrochemicals, for example, nitrogen fixation biofertilizers are foreseen to give new prospects to the development of the market.
On the other hand, Asia Pacific is relied upon to gain market lucrativeness in the overall market in the coming years because of expanding utilization of agrochemicals and increasing industrial exercises in rising economies, for example, India and China.
The global acrylonitrile butadiene styrene market size is projected to reach USD 42,809.5 million by 2027, exhibiting a CAGR of 6.9% during the forecast period.
According to a study by Oxford Economics and Global Construction Perspectives, the volume of construction output is slated to grow by 85%, hitting a value of USD 15.5 trillion by 2030.The report states that the global market value in 2019 was at USD 25,135.0 million.
Restraining FactorFluctuating Demand for Plastics from the Auto Industry amid COVID-19 to Inhibit GrowthThe arrival of COVID-19 led to massive upheavals in several industries, with the plastics industry is facing a moderate impact of the pandemic, which in turn in expected to have spillover effects on the acrylonitrile butadiene styrene market growth.
Polymer manufacturers catering specifically to the automotive industry have been severely hit by the pandemic as many large automakers worldwide have had to shut down their operations in response to lockdowns and plummeting demand.
For example, Fiat Chrysler announced that it will be ending its production activities at its plants in Serbia, Italy, and Poland, while Volkswagen declared closure of its plant in Spain.
According to a survey conducted by the US-based Manufacturers Association for Plastics Processors (MAPP) in August 2020, plastic businesses linked almost exclusively to the automotive sector are on track to meet only 75% of the expected revenues in 2020.
The worldwide market for nitrogen has been seeing perceptible development for the most part because of the advancement of the fertilizer sector.
Also, long-haul leases of ammonia vessels at settled costs have empowered huge scale companies to oversee transportation expenses in this manner giving economical delivery to the customers in emerged and emerging regions.
These organizations possess production facilities and also foremost supply contracts with definite rising economies, for example, China in this way picking up adaptability and logistics quality for the imports.Nitrogen is broadly utilized as manures where artificially produced ammonia and nitrates are a few of the indispensable industrial fertilizers utilized in the agrochemical sector.
Rising need for fertilizers because of expanding food grain generation will support the need for nitrogen over the years to follow.
Growing center towards creating bio-based agrochemicals, for example, nitrogen fixation biofertilizers are foreseen to give new prospects to the development of the market.
On the other hand, Asia Pacific is relied upon to gain market lucrativeness in the overall market in the coming years because of expanding utilization of agrochemicals and increasing industrial exercises in rising economies, for example, India and China.