Americas Polystyrene and Acrylonitrile Butadiene Styrene for Home Appliances Market Size, Share & COVID-19 Impact Analysis, By Grade (General Purpose, High-Impact, and Others), By Application (Air Conditioner, Kitchen Appliances, Refrigerators, Washing Machines, and Others), and Country Forecast, 2023-2030

The Americas polystyrene and acrylonitrile butadiene styrene for home appliances market size was USD 2.19 billion in 2022 and is projected to grow from USD 2.28 billion in 2023 to USD 3.14 billion by 2030, exhibiting a CAGR of 4.7% during the forecast period.

Polystyrene is a polymer manufactured by polymerization of the styrene monomer. It is also called Poly (phenylethene). It is a thermoplastic polymer which can be in the solid or foamed form.  It has good electrical insulation properties and resistance to chemicals. Acrylonitrile butadiene styrene is a thermoplastic polymer manufactured by polymerization of the styrene monomer with acrylonitrile and polybutadiene. It has a glass transition temperature of around 105°C.

The product has high impact resistance, heat resistance, rigidity, and toughness. Polystyrene and acrylonitrile butadiene styrene products are manufactured in different grades such as general purpose, high impact, and others. The products are witnessing a rising demand for different home appliances including air conditioners, kitchen appliances, refrigerators, washing machines, and others.

COVID-19 IMPACT

Slow-down of Economic Activities during COVID-19 Impacted Market Growth

The spread of the COVID-19 pandemic since the last quarter of late 2019 had resulted in several countries including the U.S., Canada, and Brazil announcing lockdowns, limiting the resources and product flow. Since both, the supply of raw materials and distribution of finished goods were affected, COVID-19 rigorously distressed the revenue generation of polystyrene and acrylonitrile butadiene styrene manufacturers. However, after the crisis was under control, the government loosened the rules to aid nations in their efforts to upscale the economic value chain by giving support to small-scale and domestic businesses to resume production operations. Companies in the home appliances industry ramped up production to meet the growing demand for polystyrene and acrylonitrile butadiene styrene. The manufacturers resumed their activities by first implementing the indicated preventative measures.

LATEST TRENDS

Development of Eco-friendly Products is a Key Trend in the Market

Polystyrene & acrylonitrile butadiene styrene for home appliances are witnessing very high demand with continuously rising disposable income. Both the products are directly or indirectly affecting human health and their manufacturing emits considerable carbon emissions. Therefore, in order to avoid harmful impacts on the environment and human health and comply with stringent regulations, manufacturers are focusing on the development of eco-friendly products. For instance, in December 2022, LG Chem company launched its first plant material-based ABS product. The product received ISCC PLUS eco-friendly certification. Life Cycle Assessment (LCA) results of the product showed a huge reduction in carbon emissions compared to the production of ABS from conventional raw materials. Eco-friendly product has enabled LG-Chem to be a majority shareholder in the global market.

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DRIVING FACTORS

Ease of Living Provided by Home Appliances Coupled with the Consistently Rising Disposable Income to Drive Market Growth

Polystyrene and acrylonitrile butadiene styrene are used in the manufacturing of different parts of several home appliances, including refrigerators, freezers, air conditioners, washing machines, dishwashers, coffee machines, bodies of electric appliances, vacuum cleaners, sweepers, small kitchen appliances, and many other home appliances. These appliances significantly help to reduce the time required to get household work done and provide users with ease of life and witness heavy demand owing to continuously rising disposable income.

The recent past has witnessed a tremendous rise in disposable income in the Americas which is anticipated to further rise during the forecast period and drive the demand for Americas polystyrene & acrylonitrile butadiene styrene for home appliances. For instance, according to the U.S. Bureau of Economic Analysis, in December 1960, the U.S. had an average Real Disposable Personal Income of 2,282.4 Billion Chained 2012 Dollars, reaching 15,250.6 Billion of Chained 2012 Dollars in December 2022. Over the decades, this huge rise in disposable income has led to significant expenditures for home appliances. Continuously growing industrialization in the region, especially in the emerging economies including Brazil, Mexico, and Argentina, is anticipated to raise the momentum of the growth of disposable income, driving the demand for home appliances.

RESTRAINING FACTORS

Stringent Environmental Regulations Coupled with Rising Prices of Raw Materials May Limit the Market Growth

Implementation of stringent environmental regulations by governments and private associations will have a negative impact on the market. The increasing environmental issues and rising expectations from the public toward reducing pollution levels have forced several countries to introduce a new set of rules and regulations.

Chemical manufacturing plants have been asked to meet new emission standards, which have increased the cost of products. Furthermore, prolonged exposure to polystyrene and acrylonitrile butadiene styrene and disposal of their waste into the environment are known to have detrimental effects on human health and the environment. For instance, high-impact polystyrene can leach into food and beverages, especially when exposed to heat and fatty substances. According to a study published in Food and Chemical Toxicology, styrene from polystyrene containers can leach into the food and pose potential health risks. In addition, styrene, a principal component of polystyrene & acrylonitrile butadiene styrene, has been classified as a possible carcinogen by the International Agency for Research on Cancer (IARC).

SEGMENTATION

By Grade Analysis

High-Impact Segment Dominated Owing to its Higher Adoption in Home Appliances

Based on grade, this market is segmented into general purpose, high-impact, and others.

The high-impact products (HIPS) segment held the largest part in Americas polystyrene and acrylonitrile butadiene styrene for home appliances market share in 2022. HIPS is witnessing a higher demand for manufacturing of refrigerator liners and shells of other household electrical appliances and daily necessities including plastic cutlery, containers, and others. This can be attributed to its higher impact resistance, better electrical insulating properties, corrosion resistance, rigidity, and dyeability.

The general purpose polystyrene (GPPS) segment held a significant share of the market which is anticipated to further rise in the near future. This comes as the product which is widely used for manufacturing daily use home appliances including electrical appliances, lamps, instrument housings, toys, stationery, indoor and outdoor decorations, and others.

By Application Analysis

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Refrigerators Segment to Exhibit the Fastest CAGR Due to Increasing Consumer Preference

Based on application, the Americas polystyrene & acrylonitrile butadiene styrene for home appliances market is segmented into air conditioners, kitchen appliances, refrigerators, washing machines, and others.

The refrigerators segment is expected to grow at the fastest CAGR during the forecast period. polystyrene and acrylonitrile butadiene styrene are versatile materials used in various components of refrigerators, from interior liners and shelves to handles and exterior panels. Their combination of durability, resistance to temperature fluctuations, ease of molding, and design flexibility make them a valuable choice for manufacturers in the refrigerator market.

Polystyrene and acrylonitrile butadiene styrene products are often used for the outer panels of washing machines and various components of air conditioning units, ranging from the exterior housing and control panels to critical parts such as fan blades, grilles, and drainage components. They provide a durable and impact-resistant surface that can withstand the rigors of daily use.

COUNTRY INSIGHTS

Based on country, the Americas polystyrene and acrylonitrile butadiene styrene for home appliances market is fragmented into U.S., Canada, Brazil, Mexico, and the rest of Americas.

The U.S. held the largest share of the market in 2022, which can be associated with rapid technological advancements, innovations, and the high spending power of consumers in the country. Moreover, increasing spending capacity of consumers is resulting into increasing demand for household appliances, thereby supporting Americas polystyrene & acrylonitrile butadiene styrene for home appliances market growth.

Canada is witnessing increasing demand for home appliances driven by factors such as population growth, urbanization, and increasing disposable incomes. These factors are expected to drive the market growth in the country. Moreover, environmental regulations promoting the use of recyclable and eco-friendly materials are likely to influence the product demand, as polystyrene and acrylonitrile butadiene styrene both are recyclable and can be made with recycled content.

Brazil has a significant local manufacturing presence for home appliances, including both domestic brands and international manufacturers with local production facilities. This is expected to drive the demand for products used in home appliances in Brazil. Government programs and incentives, such as tax breaks for energy-efficient appliances, influence consumers’ choices, and encourage the adoption of greener technologies, driving the demand for products in the country.

The appliance manufacturing industry in Mexico is known for quality products. Logistic proximity to export markets, robust supply chain, and sound production expertise are the factors driving the demand for home appliances in the country resulting into increasing demand for polystyrene and acrylonitrile butadiene styrene.

KEY INDUSTRY PLAYERS

Key Market Players to Strengthen Position by Offering Sustainable Products

The major PS and ABS producers are aiming to increase their presence in various countries in the Americas and other parts of the world to strengthen their position in the market and drive the business growth of their respective organizations. Companies are also focusing on developing eco-friendly products to gain a competitive edge in the market. Over the years, leading companies such as LG Chem and others have considerably invested in developing sustainable products to comply with stringent regulations and meet the continuously growing demand for sustainable products.

LIST OF KEY COMPANIES PROFILED:

• Amco Polymers (U.S.)


• Aaron Industries (U.S.)


• Arkema (France)


• BASF SE (Germany)


• DOW (U.S.)


• Elix Polymers (Spain)


• Formosa Plastics Corporation (Taiwan)


• INEOS (U.K.)


• LG Chem (South Korea)


• RTP Company (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• December 2022: LG Chem announced that it is going to launch Asia’s first eco-friendly Acrylonitrile Butadiene Styrene (ABS) product. The newly developed product acquired ISCC PLUS (global eco-friendly material certification) by using renewable biomaterials. The eco-friendly product would be manufactured using vegetable raw materials and used for different applications including household appliances, toys, construction materials, automobiles, and others.


• November 2022: Arkema became a member of the World Business Council for Sustainable Development. With this membership, the company planned to accelerate its transition toward a leading sustainable solutions provider that contributes to the Sustainable Development Goals defined by the UN. This indicated the company's commitment to sustainable development which may help the company to enhance its image in the market considering the rise in demand for sustainable products.


• August 2022: INEOS announced that it has launched a new extrusion Acrylonitrile Butadiene Styrene (ABS) product called Novodur E3TZ. The newly launched product would expand the company’s high-performance Novodur line of specialty ABS products. The product would be suitable for several applications including fridge liners, food trays, sanitary applications, and suitcases. The product would offer the benefit of cost reductions by enabling the production of thinner walls.

REPORT COVERAGE

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The Americas polystyrene & acrylonitrile butadiene styrene for home appliances market report provides qualitative and quantitative insights into the market and a detailed analysis of the market size & growth rate for all possible segments that exist in the market. The market is segmented by grade, application, and geography. Furthermore, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the regional market over recent years.

Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments in this market, the regulatory scenario in crucial countries, macro and microeconomic factors, SWOT analysis, supply chain analysis and key industry trends, competitive landscape, and company profiles.

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