Global Acrylic Elastomers Market - 2023-2030

Acrylic Elastomers Market Global acrylic elastomers market reached US$ 949.14 million in 2022 and is expected to reach US$ 1,404.08 million by 2031, growing with a CAGR of 7.9% during the forecast period 2024-2031.

Acrylic elastomers are primarily composed of acrylic monomers, and they possess a unique combination of properties, including excellent heat resistance, low-temperature flexibility, chemical resistance, and good resistance to ozone and weathering. The global acrylic elastomers market has been witnessing substantial growth over the years, driven by increasing demand from key end-use industries such as automotive, industrial machinery, oil and gas, and electrical and electronics.

Acrylic elastomers have gained significant traction across industries due to their ability to withstand extreme operating conditions while maintaining superior performance. The demand for acrylic elastomers has surged owing to the expanding automotive sector, which is a major end-user of these elastomers.

The Acrylic co-monomer elastomer segment takes the lead in the watercraft type segment, showcasing rapid growth and capturing more than half of the market share. The remarkable expansion can be attributed increasing demand for high-performance elastomeric materials in various industries.

Similarly, Asia-Pacific dominates the acrylic elastomers system market, holding the largest market share of over 1/3rd. The region's rapid industrialization, expanding automotive and aerospace sectors, infrastructure development, and growing oil and gas industry have driven the demand for acrylic elastomers.

Acrylic Elastomers Market Dynamics

Environmental Regulations and Growing Construction Industry

Environmental regulations and sustainability initiatives play a vital role in driving the adoption of acrylic elastomers in various industries. Acrylic elastomers are known for their low environmental impact and compliance with stringent environmental standards. Governments worldwide are increasingly focusing on sustainability and green practices, promoting the use of acrylic elastomers over conventional elastomers that may have adverse environmental effects.

For instance, the United States Environmental Protection Agency (EPA) has been enforcing regulations to reduce the environmental impact of industries. Such initiatives encourage industries to opt for environmentally friendly materials like acrylic elastomers, further propelling the market growth.

Moreover, the construction industry is a major driver influencing the growth of the global acrylic elastomers market. Acrylic elastomers are increasingly utilized in the construction sector for various sealing and weatherproofing applications. Their exceptional resistance to weathering, UV radiation, and environmental elements makes them ideal for sealing windows, doors, and building joints.

According to data from the World Bank, the construction industry contributes to approximately 13% of the global Gross Domestic Product (GDP). As construction activities continue to thrive globally, the demand for acrylic elastomers in sealing applications is expected to witness a substantial increase, driving market growth.

Growing Automotive Industry and Rising Demand in the Industrial Sector

The automotive sector is one of the primary drivers propelling the growth of the global acrylic elastomers market. Acrylic elastomers are increasingly preferred in automotive applications due to their excellent resistance to engine oils, transmission fluids, and other automotive fluids. Moreover, they provide superior performance over conventional elastomers in high-temperature environments, making them ideal for automotive engine seals, gaskets, and hoses.

Statistics from the United States Department of Commerce reveal that the automotive industry in U.S. accounted for approximately 3.5% of the country's Gross Domestic Product (GDP) in recent years. As acrylic elastomers gain popularity in the automotive sector, the demand for these elastomers is expected to rise significantly in the coming years, driving market growth.

Moreover, the industrial sector is another key driver boosting the global acrylic elastomers market. These elastomers find extensive applications in various industrial components, such as O-rings, gaskets, seals, and molded parts. Acrylic elastomers' ability to resist oils, chemicals, and extreme temperatures makes them a preferred choice for industrial applications.

Data from the European Commission indicates that the industrial sector contributes significantly to the European Union's GDP, accounting for around 27% of the region's total economic output. As industries continue to expand, the demand for acrylic elastomers in industrial applications is projected to surge, fostering market growth.

Volatile Raw Material Prices

One of the primary restraints impacting the acrylic elastomers market is the volatility in raw material prices. Acrylic elastomers are derived from acrylic acids and acrylate monomers, which are dependent on crude oil prices. As crude oil prices fluctuate due to geopolitical factors, supply-demand imbalances, and economic uncertainties, the costs of raw materials for acrylic elastomers production experience considerable variations.

Such unpredictability in raw material prices affects the profit margins of manufacturers and can lead to higher product prices, thus limiting market growth. According to the United States Energy Information Administration (EIA), crude oil prices have shown significant fluctuations in recent years.

For example, in 2019, the average West Texas Intermediate (WTI) crude oil price stood at approximately US$ 56.9 per barrel, while in 2020, it plummeted to approximately US$ 39.6 per barrel due to the impact of the COVID-19 pandemic. Such volatility in crude oil prices directly affects the production cost of acrylic elastomers and poses challenges for manufacturers. To overcome these restraints, the industry must focus on sustainable practices, invest in research and development for innovative formulations, and explore new applications in various industries.

Acrylic Elastomers Market Segmentation Analysis

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

Versatile Properties of Acrylic Co-monomer Elastomers and Increasing Focus on Fuel Efficiency and Reducing Greenhouse Gas Emissions

The global acrylic elastomers market has witnessed remarkable growth in recent years, driven by the increasing demand for high-performance elastomeric materials in various industries. Within the acrylic elastomers market, the acrylic co-monomer elastomer segment has emerged as a key segment, contributing significantly to the market's expansion.

The co-monomers used in the production process play a crucial role in determining the final properties of the acrylic elastomers, making them adaptable for specific applications. Acrylic co-monomer elastomers exhibit excellent oil and solvent resistance, low-temperature flexibility, and superior performance under dynamic conditions. The respective characteristics have rendered them a preferred choice in demanding applications such as automotive seals, gaskets, O-rings, and industrial seals.

The automotive industry is a major consumer of acrylic co-monomer elastomers due to their exceptional resistance to engine oils, transmission fluids, and automotive fuels. With the increasing focus on fuel efficiency and reducing greenhouse gas emissions, automakers are continually seeking lightweight and high-performance materials for various automotive components.

Acrylic co-monomer elastomers have emerged as a viable solution for these needs, driving their adoption in automotive sealing applications. With continuous technological advancements and increasing environmental concerns, acrylic co-monomer elastomers are poised to play an integral role in shaping the future of elastomeric materials in various industries globally.

Acrylic Elastomers Market Geographical Share

The Presence of Large Manufacturing Industries, Increasing Infrastructure Development and Growing Automotive and Electronics Sectors

The Asia-Pacific region has emerged as a significant player in the global acrylic elastomers market, witnessing substantial growth in recent years. The Asia-Pacific, comprising countries like China, India, Japan, South Korea, and others, has witnessed rapid industrialization and economic growth in recent decades. The presence of large manufacturing industries, increasing infrastructure development and growing automotive and electronics sectors has created a significant demand for acrylic elastomers.

According to data from the Asian Development Bank, Asia's share of global manufacturing value-added rose from 23.2% in 1990 to 41.8% in 2019. The respective surge in manufacturing activities has led to a substantial demand for high-performance materials like acrylic elastomers, propelling market growth.

The automotive and aerospace industries are among the key drivers of the acrylic elastomers market in the Asia-Pacific region. Acrylic elastomers are widely used in these sectors due to their excellent resistance to heat, ozone, and oil. They are utilized in various applications, including seals, gaskets, O-rings, and hoses.

According to the International Trade Administration (ITA), the automotive industry in the Asia-Pacific region has been growing steadily, with China, Japan, and South Korea being the major contributors. The rising demand for lightweight materials with excellent performance characteristics has fueled the adoption of acrylic elastomers in these industries.

Acrylic Elastomers Market Competitive Players

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.

COVID-19 Impact On Acrylic Elastomers Market

The outbreak of the COVID-19 pandemic in late 2019 sent shockwaves across the global economy, disrupting businesses and industries globally. The acrylic elastomers market was not an exception, facing significant challenges and disruptions due to the pandemic. As COVID-19 spread globally, lockdowns and restrictions were imposed to contain the virus, resulting in a sharp decline in economic activities.

The automotive, oil & gas, and industrial sectors, which are major end-users of acrylic elastomers, experienced significant disruptions. The decline in automotive production and sales, the postponement of industrial projects, and reduced demand from the oil & gas industry had a direct impact on the acrylic elastomers market.

Further, the COVID-19 pandemic caused widespread disruptions in supply chains, hindering the production and distribution of acrylic elastomers. Lockdown measures, travel restrictions, and border closures disrupted the movement of raw materials and finished products, causing delays and shortages in the supply chain.

The impact of supply chain disruptions was felt globally. Many acrylic elastomers manufacturers faced challenges in sourcing raw materials from overseas suppliers, leading to production slowdowns. Furthermore, restrictions on the movement of goods and labor shortages affected logistics and delivery, adding to the complexities.

Key Developments
• In 2021, Zeon Corporation introduced a new range of high-performance acrylic elastomers under the brand name ""HyTemp AR"". The product is specifically designed for use in demanding automotive and industrial applications, offering exceptional resistance to heat, oil, and chemicals.
• In 2022, Dow Chemicals unveiled a breakthrough acrylic elastomer product called ""Acrypren X"", targeting automotive sealing and gasket applications. Acrypren X boasts enhanced durability and low-temperature flexibility, making it ideal for use in various automotive components, such as O-rings, hoses, and gaskets.
• In 2023, Arkema launched ""Kynar® VT-2"", an advanced acrylic elastomer with exceptional performance in extreme temperatures and harsh chemical environments. Kynar VT-2 is targeted toward demanding industrial applications, including oil and gas, aerospace, and chemical processing.

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 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies