Global Acrylic Elastomers Market - 2023-2030

Global Acrylic Elastomers Market - 2023-2030

Global Acrylic Elastomers Market reached US$ 949.14 million in 2022 and is expected to reach US$ 1,404.08 million by 2030, growing with a CAGR of 7.9% during the forecast period 2023-2030.

The global acrylic elastomers market is witnessing remarkable growth, driven by their widespread adoption in diverse industries such as automotive, industrial machinery, oil and gas, and electrical and electronics. Acrylic elastomers offer unparalleled performance, making them indispensable in critical applications that demand durability and resilience.

With the automotive industry's continuous expansion and governments' focus on fuel efficiency and sustainability, the demand for acrylic elastomers is expected to surge further. Additionally, the growing industrial machinery sector, oil and gas exploration activities, and electrical and electronics industry will continue to boost the market's growth.

The acrylic co-monomer elastomer, which has witnessed rapid growth and currently holds more than half of the market share. The remarkable expansion is a result of the increasing demand for high-performance elastomeric materials across various industries. Likewise, the Asia-Pacific dominates the acrylic elastomers market, capturing the largest market share of over one-third. The region's rapid industrialization, expanding automotive and aerospace sectors, infrastructure development, and growing oil and gas industry have been significant drivers of the increased demand for acrylic elastomers.

Market Dynamics
Favorable Government Regulations
Acrylic elastomers, also known as acrylic rubber or acrylate rubbers, are a class of elastomers with excellent resistance to heat, chemicals, and weathering. Acrylic elastomers are widely used in various industries, including automotive, industrial, and construction, due to their unique combination of properties.

As reliable and efficient elastomers with unique properties, acrylic elastomers have found diverse applications across various industries, contributing to their continuous market expansion. Stringent government regulations pertaining to environmental conservation and worker safety have led to increased adoption of acrylic elastomers.

As acrylic elastomers exhibit low toxicity and volatile organic compound (VOC) emissions, they are considered eco-friendly and safe for workers during production and handling. Government initiatives to reduce carbon emissions and promote sustainable practices have further contributed to the adoption of acrylic elastomers in various industries.

For instance, United States Environmental Protection Agency (EPA) has set stringent emission standards for the automotive industry, encouraging manufacturers to use more sustainable materials like acrylic elastomers in vehicle components. With supportive government initiatives and increasing investments in sustainable technologies, the demand for acrylic elastomers is expected to grow further, creating a positive outlook for the global market in the coming years.

Shift towards Renewable Energy
The global acrylic elastomers market has been experiencing substantial growth in recent years. The market is driven by various factors that have led to an increase in consumer demand and market expansion. Shift towards renewable energy is a major factor that have boosted the market. With the respective market driver in place, the market is poised to witness continued expansion and prosperity in the foreseeable future.

The global focus on renewable energy sources has resulted in a surge in the use of acrylic elastomers in the solar and wind energy sectors. Acrylic elastomers are used to manufacture seals and gaskets for solar panels and wind turbine components, offering excellent weather resistance and long-term durability. According to the International Renewable Energy Agency (IREA), the global renewable energy capacity is expected to increase by 50% between 2019 and 2024. The respective growth presents significant opportunities for the acrylic elastomers market in the renewable energy sector.

Environmental Concerns and Regulations
The global focus on environmental sustainability and increasing environmental regulations pose significant restraints on the acrylic elastomers market. As synthetic rubber materials, acrylic elastomers release harmful emissions during production and disposal, contributing to air and water pollution.

Additionally, the disposal of waste materials from acrylic elastomers can have adverse effects on the environment. Governments across the world are increasingly implementing stringent regulations and standards to reduce emissions and promote eco-friendly practices. The aforementioned regulations include restrictions on volatile organic compound (VOC) emissions, waste disposal guidelines, and carbon footprint reduction targets for industries.

Compliance with these regulations requires significant investments in technology and equipment, which can be a major deterrent for smaller manufacturers. For instance, the European Union has set stringent emission standards under the REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) regulations, aiming to reduce hazardous substances' use and their impact on the environment and human health. Similar initiatives have been undertaken by other countries and regions, making it imperative for acrylic elastomers manufacturers to adopt sustainable practices to remain competitive.

COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on the global acrylic elastomers market, leading to a decline in end-user demand, disruptions in supply chains, and shifts in manufacturing. To address the sudden changes in market demand and supply chain constraints, several acrylic elastomers manufacturers shifted their production focus.

Some manufacturers switched to producing essential goods such as medical supplies and personal protective equipment (PPE) to meet the urgent needs during the pandemic. The pivot in manufacturing led to a reduced production capacity for acrylic elastomers. Nonetheless, in response to the economic fallout caused by the pandemic, governments around the world implemented various support measures to assist businesses and industries.

Financial aid, tax incentives, and grants were provided to companies to help them cope with the challenges posed by the pandemic. However, government support measures and gradual recovery efforts are paving the way for a potential rebound in the market. As economies stabilize and industries adapt to the new normal, the acrylic elastomers market is poised to recover and potentially explore new opportunities in sustainable applications in the post-pandemic era.

Segment Analysis
The global acrylic elastomers market is segmented based on type, end-user and region.

The Exceptional Properties and Adaptability of Acrylic Co-Monomer Elastomers
Acrylic elastomers are a class of copolymer materials derived from acrylic acids and esters. The elastomers are produced through a copolymerization process involving acrylate and co-monomer monomers. Within the acrylic elastomers market, the acrylic co-monomer elastomer segment has emerged as a key player, contributing significantly to the market's expansion. The exceptional properties and adaptability of acrylic co-monomer elastomers for specific applications have made them a preferred choice in industries such as automotive, industrial machinery, and oil and gas.

Government support and favorable regulations have also played a crucial role in propelling the growth of this segment. As industries continue to seek lightweight and high-performance materials, acrylic co-monomer elastomers are expected to experience further growth in the global market. Geographically, North America and Asia-Pacific have emerged as key growth regions for the acrylic co-monomer elastomer segment. North America's thriving automotive and industrial sectors have bolstered the demand for these elastomers in the region.

Geographical Analysis
Infrastructure Development and Growth of Oil and Gas Industry in Asia-Pacific
Asia-Pacific has been investing heavily in infrastructure development and construction projects to meet the demands of its growing population. Acrylic elastomers find extensive use in the construction industry for applications such as roofing, waterproofing, and sealants. According to the Asian Development Bank, infrastructure investments in the Asia-Pacific region are projected to be approximately US$ 22.6 trillion between 2016 and 2030.

The region's focus on sustainable and high-performance construction materials has boosted the demand for acrylic elastomers. Moreover, the oil and gas industry is a crucial end-user of acrylic elastomers in Asia-Pacific. These elastomers are utilized in various applications, including seals, gaskets, and O-rings in oil and gas equipment due to their resistance to harsh environments and chemicals.

The Asia-Pacific has witnessed significant growth in the oil and gas industry, driven by factors such as rising energy demand, exploration activities, and investments in the development of oil and gas fields. According to data from the International Energy Agency, Asia accounted for 35% of global oil production and 23% of global gas production in 2019. The respective facts boosts the growth of the market in Asia-Pacific.
Competitive
Landscape
The major global players in the market include Arkema S.A., BASF SE, Der-Gom SRL, DowDuPont Inc., Hitachi Chemical Co., Ltd., Mitsubishi Chemical Holdings Corporation, Momentive Specialty Chemicals Inc., Nippon Shokubai Co. Ltd., NOK Corporation and Zeon Corporation.

Why Purchase the Report?
• To visualize the global acrylic elastomers market segmentation based on type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of acrylic elastomers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global acrylic elastomers market report would provide approximately 53 tables, 46 figures and 182 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies