(EnergyIndustry.Net, April 21, 2020 ) Market Overview Global Acrylic Elastomers market is growing at a CAGR of 7.6 % during the forecast period (2019-2026). Acrylicelastomers are a type of synthetic rubber with acrylic acid alkyl ester as the main component. The material has excellent heat and oil resistance properties, coupled with good weatherability and ozone resistance. The increasing application of acrylic elastomers to manufacture automotive components such as O-rings, seals, and gaskets is expected to boost the demand for end-products.
Market Dynamics The increased application of acrylic elastomers in various end-user industries such as automobile and industrial sectors have positively influenced the growth of the market. The end-products offer enhanced properties as compared to conventional elastomers regarding high chemical resistance, tensile strength, and thermal stability, which further assist in boosting product demand. The automotive industry would mainly garner huge demand for acrylic elastomers, owing to high spending power and need for lightweight, high-powered automobile turbocharged engines. For instance, in July 2018, DowDuPont Inc. announced the launch of Vamac Ethylene Acrylic Elastomers used for automotive components, helping to provide longevity in powertrain applications and air management systems. The technological innovation regarding commercialization of bio-based acrylic acid would also propel the market demand. The fluctuating raw material prices might negatively influence market growth, along with the implementation of stringent environmental laws. The emerging demand for alternative fuel resources, such as the surge in demand for electric-powered vehicles, might result in the decline in consumer interest towards the purchase of end-products. The availability of cheaper thermoplastic substitutes has also pushed the manufacturers to opt-out of acrylic elastomers products, acting as deterrents to the growth of the market. The rise in investments and increasing product demand from developing countries is expected to present new opportunities for business expansion to key market players.
Segmentation Analysis The global acrylic elastomers market is segmented by type into acrylic co-monomer elastomer (ACM) and ethylene acrylic elastomers (AEM). The acrylic co-monomer elastomer segment is leading by market share as it acts as a better substitute to expensive heat resistant elastomers used in the automotive industry. The acrylic co-monomer elastomer is used in automotive transmission component systems such as seals and hoses and is also used in vibration damping due to its excellent resilience. The market is categorized by end-user into automotive, construction, industrial, and others including wire & cable and paints & coatings industries. The automotive sector is expected to remain the dominant segment during the forecast period owing to the rise in demand for end-products to develop under-the-hood automotive components which possess high chemical and heat resistance. For instance, in October 2018, Trinseo S.A. announced the launch of four new series of acrylic elastomers, which include 16 new overmolding grades developed explicitly for automotive applications, offering improved adhesion to Trinseos MAGNUMTM ABS and PULSETM PC/ABS product range.
Geographical Analysis The global acrylic elastomers market is segmented geographically by region into North America, South America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific acrylic elastomers market is expected to witness robust market growth during the forecast period owing to the increased application of end-products in the growing automotive industry, with China and India contributing significantly to the regional market growth. The demand for a lightweight yet high-performing engine components have compelled the manufacturers to shift focus towards acrylic end-products, further boosting the demand for end-products. The companies are also focused on the expansion of production facilities to capture significant market share in the region. For instance, in August 2018, Japan-based Zeon Corporation announced that the company would establish a new subsidiary in Thailand for acrylic elastomers manufacture and sale, with the demand for end-products expected to expand steadily in the Asian region, led by production growth of internal combustion and turbocharged engine powered automobiles.
Competitive Landscapes The market is highly fragmented, with the presence of a high number of global and local market players vying to capture dominant market share by launching cost-effective commercial end-products. The key market players include BASF SE, DowDuPont Inc., Arkema S.A., Mitsubishi Chemical Holdings Corporation, and Hitachi Chemical Co., Ltd. The companies focus on the expansion of product portfolio and production facilities through mergers & acquisitions. For instance, in February 2018, Italy-based API, which was acquired by Trinseo S.A. in July 2017, announced the launch of its newest lightweight footwear solutions, APONTE 52 EXP and APILONTM 52 LIGHT, offering an outstanding combination of soft touch, aesthetics and especially lightness. Market Report Summary The acrylic co-monomer elastomer segment is leading by market share owing to its role as a better substitute to expensive heat resistant elastomers used in the automotive and industrial sectors. Asia-Pacific is expected to witness rapid market growth due to the increased application of end-products in the growing automotive industry, with China and India contributing significantly to the regional market growth. The companies focus on the expansion of production facilities to capture significant market share and increase its revenue. For instance, in October 2018, BASF SE announced plans to double its capacity for acrylic-based elastomers with a new production line at its site in Pasir Gudang, Malaysia, catering to consumers in the fast-growing ASEAN, Australia, and New Zealand markets. Scope of the Report The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Product Benchmarking, and company profiles. Acrylic Elastomers Market is segmented by type into acrylic co-monomer elastomer (ACM) and ethylene acrylic elastomers (AEM). By end-user, the global Acrylic Elastomers market is segmented into automotive, construction, industrial, and others including wire & cable and paints & coatings industries. Geographically, the market is segmented into North America, South America, Europe, Asia Pacific and Rest of the World.
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