The global acrylic elastomer market is evaluated at US$682.666 million for the year 2020 and is expected to grow at a CAGR of 7.14% to reach the market size of US$1,106.537 million by the year 2027.
Acrylic elastomers are a specific type of synthetic rubbers used in shaft seals, adhesives, and automobile parts. Acrylic elastomers are mainly used for sealing molded flexible parts and as adhesives in automobiles and other industries. An acrylic elastomer is otherwise an acrylic acid-based polymer. The heat, oil, and ozone resistance characteristics showcased by acrylic elastomers increase the wide applications of acrylic elastomers in several industries. Depending on the type of elastomer substance, the acrylic elastomer is mainly of two types: Ethylene-acrylate elastomer (AEM) and alkyl acrylate copolymer (ACM). Acrylic elastomers are mainly developed by suspension or emulsion polymerization. The heat, oil, and water resistance properties give wide applications to acrylic elastomer in the industrial field. The advancements and developments in the automotive field are hiking the demand for acrylic elastomers in the market. The high-pressure turbocharging and exhaust gas circulation technology implemented in the automotive field is giving potential to the market growth of acrylic elastomers. The market value of acrylic elastomers is increasing hand-to-hand with the development in the automobile field, as acrylic elastomers are widely used in gear shafts, turbo engines, and automotive hoses in the automobile sector. The higher investments made by developing and economically stable countries in the industrial sector are also driving the market growth of acrylic elastomers in the global market.
The recent outbreak of the COVID-19 pandemic has adversely affected the market growth of acrylic elastomers. The lockdowns and isolations imposed by the government had a negative impact on the market of acrylic elastomers. The developments and growth in the industrial field are some of the major driving factors of the acrylic elastomer market. The shutdown of industries and production plants due to the spread of the COVID-19 pandemic resulted in the declination of the acrylic elastomers market. The shutdown of production and industrial units resulted in less demand and need for acrylic elastomers. The blocks and problems in the supply chain sector of acrylic elastomer products due to the COVID pandemic also adversely affected the global market of acrylic elastomers.
Demand for acrylic Elastomers in the automotive industry
Acrylic elastomers have a wide range of applications in the automotive field. Important automotive applications such as automotive hoses, gear shafts, gaskets, and connectors are developed with the support and help of acrylic elastomers. The automotive industry accounts for the major share of acrylic elastomers in the global market, according to the data of WTO (World Trade Organisation). The developments in technology and industrial applications of the automotive industry are also boosting the demand for acrylic elastomers in the global market. The new technology in the automotive industry, like high-pressure turbocharging systems and exhaust gas circulation technology, is also increasing the need for acrylic elastomers in the automotive field. The oil-resistant, water-resistant, and fire-resistant properties showcased by acrylic elastomers result in the wide use and application of acrylic elastomers in the automotive field. The body and certain interior metal parts of automobiles are also painted and coated with acrylic elastomers, as they show resistance to corrosion and wear and tear. The developments in the case of electric cars are also boosting the market of acrylic elastomers as they are employed in painting and coating metallic parts and connectors in automobiles. The growth of the automotive field is fuelling the market growth of acrylic elastomers in the global market.
Investments of developing countries in the industrial sector
The higher investments of developing and economically stable countries are also contributing to the market of growth acrylic elastomers. The wide expansion of automobile and production industries in economically stable countries is giving potential to the market growth of acrylic elastomers in the global market. The international policies of UNIDO (United Nations Industrial Development Organisation) are also fuelling the development and growth of industrial sectors in world countries. The properties of acrylic elastomers like fire, oil, and water resistance are making acrylic elastomers an alternative to conventional types of adhesive and components developed by other materials boosting the demand for acrylic elastomers in the global market.
Asia Pacific region leading in Acrylic Elastomer Market
Geographically, Asia Pacific is the region showing tremendous growth signs in the market of acrylic elastomers. The enormous developments showcased by the automobile and industrial sectors of Asia Pacific countries are contributing to the market growth of acrylic elastomers in the Asia Pacific region. The North American region is also showcasing market growth in the acrylic elastomers market due to the developments in the automotive and industrial sectors of the North American region.
|Market size value in 2020||US$682.666 million|
|Market size value in 2027||US$1,106.537 million|
|Growth Rate||CAGR of 7.14% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Dow chemical company, Zeon corporation, NOK Corporation, Denka Company Limited, H.B. Fuller, ARKEMA, Trelleborg, Eastman Chemical Company, LG Chem, BASF SE|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the acrylic elastomer market size by 2027?
A1. The global acrylic elastomer market is expected to reach a market size of US$1,106.537 million by 2027.
Q2. What is the size of the global acrylic elastomer market?
A2. Acrylic Elastomer Market was valued at US$682.666 million in 2020.
Q3. What are the growth prospects for the acrylic elastomer market?
A3. The acrylic elastomer market is expected to grow at a CAGR of 7.14% during the forecast period.
Q4. What factors are anticipated to drive the acrylic elastomer market growth?
A4. The advancements and developments in the automotive field are hiking the demand for acrylic elastomers in the market.
Q5. Which region holds the largest market share in the acrylic elastomer market?
A5. Geographically, Asia Pacific is the region showing tremendous growth signs in the market of acrylic elastomers.
Dow chemical company
Denka Company Limited
Eastman Chemical Company
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