Global Acrylic Elastomers Market
As stated in our extensive report; the Global Acrylic Elastomers Market accounted for USD 1.1 Billion in the year 2021.
Higher chemical resistance and excellent thermal stability of Acrylic Elastomers are increasing demand for them in various industrial, automotive, and paint & coating applications. Aside from this, the expansion of the automobile sector in emerging nations and the rising use of Acrylic Elastomers in turbocharged engines are both considerably boosting the growth of the global Acrylic Elastomers market. The potential for corporate expansion is anticipated to be fueled by rising product demand and increased investments from developing nations. Also, because Acrylic Elastomers have benefits like great heat and grease resistance, they are now the material of choice for automotive applications inside the engine. As a result, the greater use of Acrylic Elastomers in different end-user industries, including the automotive and industrial sectors, has positively impacted market expansion. Furthermore, the demand for Acrylic Elastomers will be boosted in the following years by the development of vehicle manufacturing capacity by significant automakers in Asia Pacific nations, particularly India.
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Factors Influencing Global Acrylic Elastomers Market Growth
The growth of the global Acrylic Elastomers market can be attributable to the following:
- The market has grown due to the increased use of Acrylic Elastomers in multiple end-user industries, including the automotive and industrial sectors.
- Growing demand for Acrylic Elastomers from the automotive industry is responsible for the market’s expansion. The demand from the automotive industry is being driven by an increase in the use of Acrylic Elastomers to manufacture under-the-hood vehicle components.
- Increasing use of Acrylic Elastomers in turbocharged engines and the superior qualities of Acrylic Elastomers compared to conventional elastomers are additional significant drivers driving the Acrylic Elastomers market.
- The end products have higher tensile strength, thermal stability, and chemical resistance than typical elastomers, which further helps to increase product demand.
- Due to the rising demand for finished goods to create automobile undercarriage components with strong chemical and heat resistance, the automotive industry is anticipated to continue to hold the top spot over the projection period.
- Key market players anticipate that the increase in investments and rising product demand from developing nations would give new chances for business expansion, propelling the market’s growth in the future.
Asia Pacific Region to Take Over the Market
Asia Pacific holds the most significant share in the Acrylic Elastomers market and is likely to continue this trend in the forecast 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 China, India, and Indonesia. The Acrylic Elastomers market in Asia Pacific is anticipated to be caused by an increase in the use of these materials to create interior and exterior automobile parts throughout the forecast period.
The advanced properties of Acrylic Elastomers have significantly impacted the overall Acrylic Elastomers market sales compared to conventional elastomers and the growing use of Acrylic Elastomers in turbocharged engines.
The well-known players of the Global Acrylic Elastomers Market include 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) and others.