Acrylic Elastomers Market by Type (Acrylic Co-monomer, Ethylene Acrylic), End-User Industry (Automotive, Construction, Industrial), & Region for 2024-2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAcrylic Elastomers Market by Type (Acrylic Co-monomer, Ethylene Acrylic), End-User Industry (Automotive, Construction, Industrial), & Region for 2024-2031
Acrylic Elastomers Market Valuation – 2024-2031
The automotive industry’s growing need for lightweight, high-performance materials and the growing use of acrylic elastomers in electric and turbocharged vehicles which are essential for improving fuel economy and cutting emissions, are the main drivers of the acrylic elastomers market. According to the analyst from Market Research, the acrylic elastomers market is estimated to reach a valuation of USD 2335.45 Million over the forecast subjugating around USD 1271.16 Million valued in 2024.
There is a growing need for flexible and durable materials in various applications, including consumer goods, automotive, and construction. Acrylic elastomers are an excellent option for meeting environmental regulations while providing superior mechanical properties. This drives the market for acrylic elastomers and enables the market to grow at a CAGR of 7.9% from 2024 to 2031.
Acrylic Elastomers MarketDefinition/ Overview
Acrylic elastomers are a type of synthetic rubber made mostly of acrylic acid alkyl esters, such as ethyl or butyl ester. They are noted for their strong heat and oil resistance, as well as their ability to tolerate temperatures ranging from 170 to 180 °C. These elastomers are widely utilized in a variety of applications, particularly in the automobile industry for the production of components such as oil seals, gaskets, and O-rings, due to their endurance and performance under extreme conditions. They also find use in coatings, adhesives, and other goods where flexibility and resistance to degradation are required.
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What Factors are Propelling the Growth of the Acrylic Elastomers Market?
The automotive industry is a major consumer of acrylic elastomers, primarily for seals, gaskets, and hoses. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached 80.1 million units in 2021, up 3% from 2020. This increase in vehicle production is expected to boost demand for acrylic elastomers.
Acrylic elastomers are highly prized in the oil and gas industry due to their resistance to heat and chemicals. According to the United States Energy Information Administration (EIA), global liquid fuel consumption increased by 1.9 million barrels per day (b/d) in 2023 and 1.7 million b/d in 2024, indicating expansion in the oil and gas sector, which could enhance demand for acrylic elastomers.
Furthermore, acrylic elastomers are increasingly used in the aerospace sector for a variety of applications due to their exceptional performance under harsh circumstances. Despite the impact of the pandemic, the Aerospace Industries Association (AIA) reports that the US aerospace and defense industry achieved USD 874 Billion in sales income in 2020. This strong industry performance indicates that high-performance materials such as acrylic elastomers will continue to be in demand.
What are the Potential Impacts of Widespread Acrylate Monomers Adoption in the Market?
Acrylic elastomers are synthetic materials made from petrochemicals, which raises concerns about sustainability and environmental effects. As global rules tighten and consumers demand more environmentally friendly products, manufacturers are under pressure to produce greener alternatives or invest in cleaner manufacturing processes, which incur significant costs and resource allocation.
Furthermore, the acrylic elastomer market faces competition from alternative materials. Other elastomers and materials, such as silicone or thermoplastic elastomers, are becoming more common as technology advances due to their unique features and potential cost savings. This rivalry reduces the market share of acrylic elastomers, forcing manufacturers to innovate and differentiate their products to remain relevant in a rapidly changing materials landscape.
Category-Wise Acumens
What are the Drivers that Contribute to the Demand for Acrylic Co-monomer Elastomer (ACM)?
According to analysis, the acrylic co-monomer elastomer (ACM) segment is estimated to dominate the market during the forecast period. ACM’s exceptional performance qualities, such as its greater resistance to heat and grease, are a primary factor in its popularity. These attributes make ACM an excellent choice for demanding automotive applications. ACM’s ability to survive severe environments and preserve mechanical qualities at high temperatures makes it a top choice for manufacturers looking for dependable materials for important components.
The expanding need for high-performance, lightweight materials in the automobile industry, especially with the popularity of electric cars and turbocharged engines, is another important factor. ACM’s unique features, such as flexibility and durability, meet the demand for materials that improve fuel efficiency and reduce emissions, consolidating the segment’s market leadership.
Furthermore, the growing emphasis on sustainability and environmental compliance is propelling the adoption of ACM. Manufacturers are increasingly looking for materials that not only exceed performance standards but also adhere to environmentally beneficial methods. ACM’s capacity to be made with bio-based feedstocks, as well as its lower environmental impact when compared to standard elastomers, make it an appealing choice for businesses looking to improve their sustainability profiles.
What are the Potential Factors for the Growth of Acrylic Elastomers in the Automotive Industry?
The automotive segment is estimated to dominate the acrylic elastomers market during the forecast period. The increasing need for lightweight materials in the automotive industry is one of the main drivers. As automakers attempt to enhance fuel efficiency and reduce emissions, they are increasingly turning to acrylic elastomers for their superior mechanical capabilities and lightweight properties, making them perfect for a variety of automotive components such as seals, gaskets, and hoses.
The growing popularity of electric cars (EVs), which need high-performance materials to endure high temperatures and challenging operating environments, is another important factor. Acrylic elastomers are highly heat and grease resistant, making them ideal for usage in EV applications like battery casings and thermal management systems, adding to the segment’s domination.
Furthermore, the growing emphasis on vehicle performance and longevity is driving the automotive segment’s expansion. Acrylic elastomers are highly resistant to environmental elements such as UV radiation, ozone, and extreme temperatures, ensuring that automotive components retain their integrity and function over time, further cementing their market position.
Gain Access to Acrylic Elastomers Market Report Methodology
Country/Region-wise Acumens
What are the Key Factors that Contribute to Asia Pacific’s Dominant Edge in the Market?
According to Analyst, the Asia Pacific region is estimated to dominate the acrylic elastomers market during the forecast period. The Asia Pacific region, particularly China, Japan, and South Korea, has experienced a tremendous increase in automobile manufacturing. According to the International Organization of Motor Vehicle Manufacturers (OICA), China alone built 26.08 million automobiles in 2021, accounting for roughly 33% of world output. This huge automotive production base creates a high demand for acrylic elastomers, which are employed in a variety of vehicle components.
The industrial sector in Asia Pacific, particularly in India and China, has expanded significantly, increasing demand for acrylic elastomers in a variety of applications. The Asian Development Bank (ADB) reported that industrial production in developing Asia increased by 6.8% in 2021, with a 4.5% increase expected in 2022. This industrial expansion greatly contributes to the region’s dominance in the acrylic elastomers market.
Furthermore, the aerospace and military industries in Asia Pacific are expanding, increasing demand for high-performance materials such as acrylic elastomers. According to a Stockholm International Peace Research Institute (SIPRI) assessment, military spending in Asia and Oceania reached USD 586 Billion in 2021, up 3.5% from 2020. This increase in investment in aircraft and defense infrastructure is projected to increase the demand for acrylic elastomers in the region.
How does Increasing Focus on Lightweight Materials Shape the Market Landscape in North America?
North America is estimated to exhibit substantial growth within the Acrylic Elastomers Market during the forecast period. The automotive industry is a major consumer of acrylic elastomers for a variety of applications. According to the US Bureau of Economic Analysis, the US automotive sector contributed 3% of the country’s GDP in 2021, with light vehicle sales hitting 14.9 million units. This large market size shows a high demand for automobile components, especially those produced of acrylic elastomers.
Acrylic elastomers are employed in the oil and gas industry because they are chemically and heat resistant. According to the Energy Information Administration (EIA), US crude oil output averaged 11.9 million barrels per day in 2022, making it the world’s greatest crude oil producer. This high volume of production shows that acrylic elastomers will continue to be in high demand in oil and gas applications.
Furthermore, North America, especially the United States, has a booming aerospace and defense industry that uses acrylic elastomers. According to the Aerospace Industries Association (AIA), the United States aerospace and defense industry shipped $90.5 billion worth of products in 2021, illustrating the sector’s substantial size and prospective demand for high-performance materials like acrylic elastomers.
Competitive Landscape
The acrylic elastomers market is extremely competitive, with several large competitors competing for market share. These major companies are focused on increasing production capacity, investing in R&D to produce innovative goods, and forming strategic alliances and acquisitions to boost their market position.
Some of the prominent players operating in the acrylic elastomers market include
- BASF SE
- Zeon Corporation
- NOK Corporation
- Trelleborg Group
- Celanese Corporation
- Denka Company Limited
- KURARAY CO. LTD.
- SICHUAN DOWHON NEW MATERIALS CO. LTD.
Latest Developments
- In March 2022, to create cutting-edge recyclate formulations for uses in the automotive, packaging, and consumer industries, BASF and Zhejiang REEF Technology Co., Ltd. signed a strategic partnership agreement.
- In November 2022, Celanese effectively acquired the mobility division of DuPont for USD 11 Billion. Polybutylene terephthalate and polyethylene terephthalate from DuPont were acquired by the Celanese. The deal also includes Mylar and Melinex polyester films, as well as polyester and ethylene acrylic elastomers from DuPont.
- In August 2021, Zeon Corporation started producing acrylic rubber on a commercial scale in Rayong Province, Thailand, at its Group Company, Zeon Chemicals Asia Co., Ltd.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~7.9% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Million |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | BASF SE, Zeon Corporation, NOK Corporation, Trelleborg Group, Celanese Corporation, Denka Company Limited, KURARAY CO. LTD., SICHUAN DOWHON NEW MATERIALS CO. LTD. |
| Customization | Report customization along with purchase available upon request |
Acrylic Elastomers Market, By Category
Type
- Acrylic Co-monomer Elastomer (ACM)
- Ethylene Acrylic Elastomers (AEM)
- Others
End-User Industry
- Automotive
- Construction
- Industrial
- Others
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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