Acrylic Elastomers Market
Acrylic Elastomers Market - Global Industry Assessment & Forecast
- By Type ACM, AEM
- By End-Use Industry Automotive, Construction, Industrial, Others (Wires, Cables, Paints & Coatings)
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 1.1 Billion|
|Revenue 2028:||USD 1.8 Billion|
|Revenue CAGR (2021 - 2028):||8.8%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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The Global Acrylic Elastomers Market is valued at USD 1.1 Billion in 2021 and is projected to reach a value of USD 1.8 Billion by 2028 at a CAGR of 8.8% over the forecast period.
The market will grow because of factors like the growing use of Acrylic Elastomers in turbocharged engines and the widespread use of Acrylic Elastomers in other industries. Increased investment in the automotive industry and the qualities of Acrylic Elastomers, such as high thermal stability and improved chemical resistance, are anticipated to support the market expansion. The automotive industry is anticipated to grow at a CAGR of over 7% from 2021 to 2025. But other concerns, such as rigorous regulatory rules, the high price of raw materials, and rising production costs, are expected to slow the market's expansion. The increasing demand for eco-friendly materials and replacing traditional plastics with Acrylic Elastomers are some factors driving the market growth. In 2021, there was a 2.5% increase in eco-friendly product sales, reaching more than $545 billion globally. This figure is expected to grow by 6% each year. It is anticipated that the market will be presented with multiple opportunities due to the increasing investment in the automotive industry and the technical progress of introducing new products. A major hurdle to the expansion of the Acrylic Elastomers market is anticipated to come from the low level of consumer knowledge about its advantages and the prevalence of less expensive thermoplastic replacements. Dow Corning will be the leading player in the global acrylic elastomer market by 2023. The company has been developing new types of Acrylic Elastomers for various applications, such as the automotive and aerospace industries. In addition, Dow Corning has also been expanding its product lineup into other areas, such as construction and life sciences. This strategy will likely help the company maintain its leadership position in the global acrylic elastomer market over the forecast period. The primary drivers of the Acrylic Elastomers market are increasing demand for eco-friendly materials and growing awareness about the potential health benefits associated with using these materials. The increasing popularity of advanced manufacturing processes, such as 3D printing, is also contributing to the growth of the Acrylic Elastomers market.
The impact of technology on growth is evident in the acrylic elastomer market. Advances in digital printing and polymer technologies have led to a rise in demand for Acrylic Elastomers, which are used in a wide range of applications such as automotive parts, medical devices, and construction materials. Innovative polymer technologies like microencapsulation and nanocomposites are also benefiting the acrylic elastomer market. Some key innovations include the development of reinforced polymers, improved performance in various weather conditions, and the development of new end-use applications such as automotive parts, coating films, and insulation materials. These advancements are helping to improve the performance and durability of these products. Some growth drivers for the Acrylic Elastomers market include increasing awareness about environmental concerns and health benefits associated with using natural materials such as Acrylic Elastomers, increasing demand for sustainable products, and increasing adoption of eco-friendly technologies. Over the forecast period, the automotive industry is expected to be one of the major drivers of the Acrylic Elastomers market. Some of the restraints hampering the growth of the Acrylic Elastomers market include stringent emission regulations in key regions such as Europe and North America, high cost of raw materials, and an increase in counterfeit products. Some of the major players in the acrylic elastomer market are Dow Chemical Company (U.S.), BASF SE (Germany), Evonik Industries AG (Germany), and Huntsman Corporation (U.S.). These companies are investing in R&D to develop new products and applications of Acrylic Elastomers.
Acrylic Elastomers Market Size, 2021 To 2028 (USD Billion)
Impact Of AI On the Market
Artificial intelligence (AI) is expected to impact the Acrylic Elastomers market significantly. AI can help manufacturers improve their production processes and reduce manufacturing costs. In addition, AI can help manufacturers identify defects earlier in the production cycle, thereby reducing the number of defective products. Furthermore, AI can provide insights into customer preferences that can be used to develop new products or enhance existing ones. These impacts are expected to drive growth in the Acrylic Elastomers market. However, some potential risks are associated with relying too much on AI in the manufacturing process, which need to be carefully considered. As technology advances and more people adopt new forms of communication, the acrylic elastomer market is expected to multiply. This is especially true for the automotive and medical devices industries, where high-quality and durable materials are key. In addition, innovations in printing and packaging will continue to drive demand for Acrylic Elastomers.
Top Market Trends
- The increasing popularity of Acrylic Elastomers is being driven by replacing polyacrylates with these materials in various applications, such as automotive and consumer goods. Increasing awareness about the environmental benefits of using eco-friendly materials is also a key factor propelling the adoption of Acrylic Elastomers.
- The growth of the artificial intelligence (AI) sector is expected to drive the demand for Acrylic Elastomers, especially in the automotive segment.
- Increasing demand for high-quality Acrylic Elastomers from the automotive industry: Automotive companies increasingly prefer high-quality Acrylic Elastomers due to their favorable properties, such as low friction and good wear resistance. This is primarily due to the increase in electric vehicles and other greener transportation options that require increased levels of safety and durability.
- Development of new applications for Acrylic Elastomers: Several new applications for Acrylic Elastomers have been developed over the past few years, including water-repellency coatings for clothing, sports equipment, and surfaces; flexible electronics; and lightweight composites. These applications are expected to drive growth in the market over the next few years.
- Growing preference for biodegradable materials: Several barriers hindering the growth of Acrylic Elastomers have been addressed by manufacturers with biodegradable materials such as polybutadiene-acrylic acid (PBA). This is expected to increase demand for these types of materials over time.
- Other key market trends include rising demand from end users for high-quality products and increased focus on safety and durability concerns.
The global Acrylic Elastomers Market is segmented based on Type, End-Use Industry, and Region. Based on the Type, the global Acrylic Elastomers market is segmented into ACM and AEM. Furthermore, based on End-Use Industry, the market is segmented into Automotive, Construction, Industrial, and Others (Wires, Cables, Paints & Coatings). Moreover, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Type
The ACM segment is projected to grow at a higher rate during the forecast period, owing to increasing demand from end-user industries such as automotive, construction, and healthcare. On the other hand, the AEM segment is expected to witness slower growth owing to lower demand from end-user industries. The growth prospects for the AEM segment are largely dependent on the adoption of innovative technologies by key players in this market. Factors that could promote the growth of this segment include expansions by major players in this market into new geographies; increased investment in research & development (R&D) activities by these firms; and an increase in demand from end-user industries such as aerospace and defense.
Based on End-Use Industry
The automotive sector expects to account for the largest share of this market by 2028. The major reasons are the increasing demand for lightweight and resilient vehicles and the increasing adoption of hybrid and electric vehicles. The growth of this market is also owing to the increasing number of hybrid and electric vehicles being launched in the global market. The construction segment is another prominent end-use industry for Acrylic Elastomers. This sector is witnessing significant growth owing to the increased demand for high-quality construction materials resistant to corrosion and weather conditions.
Moreover, consumers' growing awareness of climate change contributes to this market’s growth. However, the industrial segment is anticipated to grow faster than the others over the forecast period. This sector is witnessing rapid growth owing to increasing automation in various manufacturing processes and technological advances. Moreover, the increase in production costs associated with conventional materials has shifted towards more cost-effective and environment-friendly alternatives such as Acrylic Elastomers. The industrial sector is expected to witness high growth owing to rising applications such as insulation, sealants, adhesives, and coatings. Other prominent end-use industries for Acrylic Elastomers include consumer goods, healthcare, and electronics.
Based on Region
In terms of region, the acrylic elastomer market is projected to grow fastest in North America (11.1%), followed by Europe (7.7%) and the Asia Pacific (7.4%). The demand for Acrylic Elastomers in Latin America will grow at a CAGR of 6.2% between 2021 and 2028. Latin America is expected to be the laggard region in revenue during 2021-2028. This growth can be attributed to various factors, such as stringent regulations and limited awareness about Acrylic Elastomers among consumers in this region. The Middle East & Africa region is expected to witness modest growth at a CAGR of 5.5% owing to increasing investments in infrastructure in this region.
The key players in the Global Acrylic Elastomers market include- Kuraray Co. Ltd. (Japan), Zeon Corporation (Japan), BASF SE (Germany), NOK Corporation (Japan), Dow (US), DuPont (US), DER-GOM SRL (Italy), Changzou Haiba Ltd. (China), Exxon Mobil Corporation (US), Eastman Chemical Company (US), ARKEMA (France), H.B. Fuller Company (US), Seal & Design Inc. (US), Paromak (Turkey), Air Products and Chemicals Inc. (US), Nippon Shokubai Co. Ltd. (Japan), Momentive (US), Mitsubishi Chemical Holdings Corporation (Japan), Celanese Corporation (US), LG Chem (South Korea), Denka Company Limited (Japan), Trelleborg AG (Sweden) and others.
- Government initiatives are expected to drive market growth over the next few years. For instance, the introduction of new eco-friendly technologies such as biodegradable and compostable polymers is expected to fuel the growth of this market. In addition, government initiatives such as 'Make in India' and 'Skill Development Programme for Women' are expected to bolster the demand for Acrylic Elastomers from small businesses across geographies.
- While conventional rubber and plastics are being replaced with new materials owing to their growing environmental concerns, Acrylic Elastomers continue to be favored for their excellent performance in both thermal and mechanical properties. Moreover, these elastomers are also preferred due to their low price and resistance against various solvents. Thus, Acrylic Elastomers will likely register robust growth over the forecast period.
- BASF AG's launch of its new PEG-based acrylic elastomer, Polydimethylsiloxane (PDMS), is anticipated to benefit the market.
- Reckitt Benckiser Group plc's launch of an improved surfactant, called POLYQUATERNITY HEAVEN, enhances the performance of Acrylic Elastomers.
- Mitsubishi Chemical Corporation's launch of a new UV absorber, DIALIGHT FADE FREE UV ABSORBER/ACTIVE FILTER for Acrylic Elastomers products.
- Dow Corning's (Dow) acquisition of Novelis AG in September 2021, BASF SE's ( BASF ) launch of its Aquacoat acrylic elastomer in December 2021, and Braskem SA's (BRASKEm) launch of its Aquaplast acrylic elastomer in January 2022.
Segmentation of the Global Acrylic Elastomers Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Acrylic Elastomers in terms of revenue?
The global Acrylic Elastomers valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 8.8%.
Which are the prominent players in the market?
The prominent players in the market are Kuraray Co. Ltd. (Japan), Zeon Corporation (Japan), BASF SE (Germany), NOK Corporation (Japan), Dow (US), DuPont (US), DER-GOM SRL (Italy), Changzou Haiba Ltd. (China), Exxon Mobil Corporation (US), Eastman Chemical Company (US), ARKEMA (France), H.B. Fuller Company (US), Seal & Design Inc. (US), Paromak (Turkey), Air Products and Chemicals Inc. (US), Nippon Shokubai Co. Ltd. (Japan), Momentive (US), Mitsubishi Chemical Holdings Corporation (Japan), Celanese Corporation (US), LG Chem (South Korea), Denka Company Limited (Japan), Trelleborg AG (Sweden).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 8.8% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Acrylic Elastomers include
- Advanced Properties of Acrylic Elastomers Compared to Conventional Elastomers
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Acrylic Elastomers in 2020.