Acrylic Elastomers Market Size & Share to Surpass $1.8 Billion by 2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, Jan. 31, 2023 (GLOBE NEWSWIRE) -- 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 (Compound Annual Growth Rate) of 8.8% over the forecast period 2022-2028.
Market Overview
The key factors anticipated to accelerate the Acrylic Elastomers market growth over the forecast period are as follows. The increasing use of Acrylic Elastomers in turbocharged engines and their application in various industries will further pave the way for market expansion. Additionally, these Acrylic Elastomers are likely to moderate the expansion of the entire market due to their high thermal stability and chemical resistance, as well as the large investment they have received in the automobile industry.
We forecast that the ACM category in Acrylic Elastomers market sales will account for more than 57% of total sales by 2028 because it serves as a more effective replacement for pricey heat-resistant elastomers utilized in the automobile sector.
Electric Vehicle Popularity Is Rising, Which Will Spur Market Expansion There are increasing calls for converting from vulcanized rubber to synthetic rubber due to the automobile industry's high demands for lighter components and materials, improved recyclability, and the elimination of halogens. The insulation of screened and unscreened battery cables used in electrical and hybrid automobiles, including the completely electric Tesla Roadster, is done with Vamac (DuPont Vamac ethylene acrylic elastomer). Ethylene Acrylic Elastomers (AEM) are used in a variety of difficult automotive applications, particularly in the parts of electric and hybrid vehicles. They are employed, among other things, in high-voltage connector seals, air management systems, seals and gaskets, cable insulation, and jacketing. As a result, the Acrylic Elastomers market is also driven by the rising popularity of electric vehicles.
Use of Acrylic Elastomers in Turbocharged Engines is Growing, which will Drive Market Growth Engine downsizing and turbocharging are the newest trends in the automotive industry to lower carbon dioxide emissions and fuel usage. The former offers greater heat and oil resistance when comparing Acrylic Elastomers to nitrile rubber and epichlorohydrin rubber. They are therefore utilized in extremely hot conditions, such as in turbocharged vehicles. In diesel and gasoline engines, turbocharger hoses and air ducts for passenger automobiles are significant applications for AEM polymers. Compared to regular engines, turbocharged engines produce power more efficiently by using discarded exhaust gases to draw more air into the intake valve. Over the past several years, there has been an increase in the number of turbocharged engines for passenger automobiles, which have replaced larger and less efficient engines. As a result, the use of turbocharged engines is growing, which increases the demand for Acrylic Elastomers.
Top Players in the Global Acrylic Elastomers Market
One trend that Vantage Market Research (VMR) expects to see in the Acrylic Elastomers industry is a rise in automobile sector demand. Automotive industries use Acrylic Elastomers for a variety of purposes. The support and assistance of Acrylic Elastomers are used to develop significant automotive applications such as automobile hoses, gear shafts, gaskets, and connectors. Acrylic Elastomers are growing in popularity on the global market thanks to the expanding automotive industry.
Another trend that VMR predicts will continue in the Acrylic Elastomers industry is increasing investments made in the industrial sector. Growing demand for Acrylic Elastomers is also fueled by greater investments in developing and economically sound nations. The ability of Acrylic Elastomers to resist fire, oil, and water is enabling them to replace more traditional adhesives and component types created by the industrial sector, which is driving up demand for them on the international market.
Top Report Findings
Based on Types, most of the Acrylic Elastomers market's revenue is controlled by the ACM category. The acrylic co-monomer elastomer is utilized in automotive transmission component systems, including seals and hoses, and is also used in vibration damping due to its exceptional durability.
Based on Applications, most of the Acrylic Elastomers market's revenue is controlled by the logic & memory devices category. The demand of the automotive end-use sector segment is anticipated to increase as Acrylic Elastomers are used to create internal automobile components. The automotive end-use industry sector of the Acrylic Elastomers market is expanding due to a rise in automobile manufacturing globally.
Recent Developments in the Global Acrylic Elastomers Market
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.
Automotive Category in Acrylic Elastomers Market to Generate Over 39% Revenue Acrylic Elastomers are an expensive investment. Vantage Market Research has analyzed the market for Acrylic Elastomers to understand its current state and potential future growth factors. For better understanding, based on the end-use industry, the Acrylic Elastomers market is divided into automotive, construction, industrial, and others (wire & cable and paints & coatings).
During the forecast period, the market for Acrylic Elastomers is anticipated to experience the highest CAGR for the automotive category because of the growing use of Acrylic Elastomers in the automotive sector to create internal automotive components. Additionally, the automotive end-use segment of the market is growing due to the increasing global vehicle production.
On the other hand, the industrial category is anticipated to grow significantly. Higher chemical resistance and good thermal stability of Acrylic Elastomers are driving demand for them in the industrial sector.
Asia Pacific Region in Acrylic Elastomers Market to Generate More 36% Revenue Asia Pacific dominates the Acrylic Elastomers market, and this dominance trend will continue throughout the projection period due to the region's expanding aerospace and automotive industry. Acrylic Elastomers are utilized in several automotive and aerospace applications, including hoses, seals, gaskets, and O-rings.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Acrylic Elastomers Market Forecast Report (2022-2028).
Kuraray Co. Ltd., Zeon Corporation, BASF SE, NOK Corporation, Dow, DuPont, DER-GOM SRL, Changzou Haiba Ltd., Exxon Mobil Corporation, Eastman Chemical Company, ARKEMA, H.B. Fuller Company, Seal & Design Inc., Paromak, Air Products and Chemicals Inc., Nippon Shokubai Co. Ltd., Momentive, Mitsubishi Chemical Holdings Corporation, Celanese Corporation, LG Chem, Denka Company Limited, Trelleborg AG
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