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Automotive parts and electrical insulation products use ABS acrylonitrile butadiene styrene resin. ABS resins are made of adaptable thermoplastic components that provide great durability and electrical insulating qualities together with high levels of surface quality.
Electrical insulation items such as polymer insulators, disc insulators, medium voltage line covers, high voltage busbar insulation tape, single pole switches, and double pole switches are all made using ABS resin.
Electrical transmission networks are growing on a global scale as urbanisation and industry pick up speed. The International Energy Agency IEA estimates the demand for electricity would rise.
As a result, the market for ABS resins anticipates a sizable demand for the production of electrical insulation goods.
The Global EV acrylonitrile butadiene styrene market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
COVID-19 has had a substantial negative influence on the ABS resin market. Due to the economic downturn, the business has had to deal with a number of issues, including a labour shortage, transportation problems, and a shortage of raw materials.
Global shipping is a crucial factor in the import and export of petrochemical goods, and during COVID-19, many major ports and terminals announced temporary closures, which had an impact on the supply chains of the petrochemical sectors.
For instance, China briefly suspended operations at its terminal in the third-busiest port in the world, Ningbo-Zhoushan. Due to the closure of key ports, manufacturers have experienced delays in product delivery; as a result, the cost of raw materials has increased due to a shortage.
Additionally, several end-user businesses had macroeconomic difficulties like issues with liquidity, credit recovery, and interest rates.
Many organisations filed for bankruptcy as a result of the liquidity issue and the absence of sufficient funding to run enterprises, which posed a threat to the future viability of the industry after COVID, particularly in developing nations.
However, as global manufacturing and export-import operations are ramping up quickly, demand for ABS resins is currently increasing after the lockdown process was relaxed in the majority of the countries.
