Vantage Market Research
Jan 31, 2023
In terms of revenue, the Global Acrylic Elastomers Market is expected to reach USD 1.8 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 8.8% from 2022 to 2028.
Acrylic Elastomers have stronger chemical resistance and higher thermal stability, which boosts demand for the product in various industries like paints and coatings, automotive, and industrial. Additionally, the expansion of the automobile industry in developing nations and the rising use of Acrylic Elastomers in turbocharged engines supports market expansion. Additionally, Acrylic Elastomers has outstanding heat and grease resistance benefits. These benefits make them the top option for automotive uses inside the engine. As a result, the growing use of Acrylic Elastomers in various end-user industries, including the industrial and automotive sectors, has positively impacted market growth.
Key Highlights from Report
- Among Types, the ACM market segment is anticipated to dominate the Acrylic Elastomers market with the largest market share in the forecast period. This results from rising demand from end-user industries like the automobile, construction, and healthcare sectors.
- By End-Use Industry, the Automotive sector segment accounted for the maximum CAGR during the forecast period. The leading causes are the growing usage of hybrid and electric vehicles and the rising desire for lightweight, durable automobiles.
- In terms of region, Asia Pacific held the significant market share and is expected to be the most gainful market during the forecast period due to the expanded use of final products in the expanding automotive sector, with China and India considerably boosting the regional market growth.
There are numerous uses for Acrylic Elastomers in the automotive industry. Significant automotive applications such as automobile hoses, gear shafts, gaskets, and connectors have been developed with the support and assistance of Acrylic Elastomers. According to WTO data, the automotive industry dominates the global market for Acrylic Elastomers (World Trade Organisation). The demand for Acrylic Elastomers on the international market is also increasing due to technological advancements and automotive industry industrial uses. The need for Acrylic Elastomers in the automotive area is also rising due to new vehicle technologies, including high-pressure turbocharging systems and exhaust gas circulation technology. Acrylic Elastomers are widely used and applied in the automobile industry due to their oil-resistant, water-resistant, and fire-resistant characteristics. Because they exhibit resilience to corrosion and wear and tear, Acrylic Elastomers are also used to paint and cover the body and some internal metal sections of automobiles. Since they are used to paint and cover metallic parts and connectors in automobiles, the advancements in electric cars also stimulate the demand for Acrylic Elastomers. The global market for Acrylic Elastomers is expanding as a result of the expansion of the automobile industry.
Furthermore, the increased investments from growing and stable economies are also helping the Acrylic Elastomers market grow. Acrylic Elastomers have the potential to expand in popularity worldwide due to the rapid expansion of the automotive and manufacturing industries in economically sound nations. The development and growth of industrial sectors in countries around the world are also being fueled by the global strategies of UNIDO (United Nations Industrial Development Organization). The features of Acrylic Elastomers, such as their resistance to fire, oil, and water, make them a viable substitute for traditional types of glue and components made of other materials, which is driving up demand for Acrylic Elastomers on the global market.
Geographically, Asia Pacific Acrylic Elastomers market is expected to witness a noteworthy development with a significant growth rate over the analysis period. In terms of value and volume, the Acrylic Elastomers market is expanding quickly in the Asia Pacific region, driven by rising auto manufacturing in nations like India, China, and Indonesia. In addition, the Acrylic Elastomers market in Asia Pacific is anticipated to be caused by an increase in the use of these materials to create internal vehicle components during the forecasted period.
The Global Acrylic Elastomers Market is Segmented as follows
- End-Use Industry
- Others (Wires, Cables, Paints & Coatings)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Acrylic Elastomers Market is
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)
The Global Acrylic Elastomers Market Scope can be Tabulated as below
|Market Size Provided for Years||2016-2028|
|Regions & Counties 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|