Acrylic Based Elastomers Market Report 2021 Market Size by Key Players, Types, Applications, Countries, Forecast by 2028
Global acrylic based elastomers market is growing rapidly, mainly due to the presence of many strong players. Acrylic-based polymers are plastics used for a type of synthetic rubber with Acrylic Acid Alkyl Ester being the main component. Moreover, the heat and oil resistance characteristics of these elastomers act as a major factor driving their usages across industries.
Huge applications of acrylic-based elastomers in
various burgeoning industries including automotive, paint & coatings,
construction, textile, industrial, plastic composite, adhesives & sealants,
and paper & paperboard foster the market demand excellently. According to
Market Research Future (MRFR), the global acrylic based elastomers market is
estimated to garner significant traction by 2023, registering a decent CAGR
throughout the review period (2017-2023).
The automotive industry is the largest end-user of
acrylic-based elastomers. Owing to their properties, such as high thermal
stability, higher chemical resistant & tensile strength, low shrinkage, and
greater design flexibility, acrylic-based elastomers are highly preferred in
end-use industries. This is considered as major market drivers. Furthermore,
increasing consumption of these elastomers in paint & coating applications
and paints have raised the market demand significantly.
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The construction activities around the world are
driving the demand for acrylic-based elastomers. Growing demand for durable and
impact-resistant materials in automotive and electronic applications is a key
driver for the growth of the acrylic based elastomers market. On the other
hand, strong competition from green or biodegradable elastomers is hampering
the growth of the market.
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However, acrylic-based elastomers are more
cost-effective, which is projected to increase the uses of these materials
during the forecast period. Also, the high cost of raw material, which
increases the overall production cost of acrylic-based elastomers, acts as a
growth impeding factor for the market. Nevertheless, rising infrastructure
projects worldwide would support the growth of the acrylic based elastomers
market during the anticipated period.
Global Acrylic Based Elastomers Market –
Segmentation
The report is segmented into three dynamics.
By Form : Polyacrylates and
Ethylene Acrylates.
By End Use : Automotive, Paint &
Coatings, Industrial, Construction, Textile, Plastic Composite, Paper &
Paperboard, Adhesives & Sealants, and others.
By Regions : North America, Europe, APAC and Rest
of the World.
Global Acrylic Based Elastomers Market –
Regional Analysis
Asia Pacific leads the global acrylic based elastomers market. The market
growth attributes to the large numbers of automotive bases and construction
projects in the region. Besides, the rapid economic development in this region
fosters the growth of the acrylic based elastomers market. China,, with its
largest automobile manufacturing significantly contributes to regional market
growth, followed by India. The APAC acrylic based elastomers market is
estimated to retain its dominance throughout the review period.
North America stands second in the global acrylic based elastomers
market, following the APAC market closely. Factors such as the growth in the
automobile industry and rising paints & coatings applications are fostering
the regional market growth excellently. US and Mexico, with the increasing
application of acrylic elastomers, collectively drive the North American
market. The acrylic based elastomers market in North America is projected to create
a substantial revenue pocket over the assessment period.
Europe is another substantial market in the global acrylic based
elastomers market. Major share of the market demand is pulled by the automobile
industry for making interiors of luxury cars. Also, growing building &
construction activities and rising production in the automotive industry push
the growth of the regional acrylic based elastomers market.
The region has undertaken many infrastructural development projects,
which is anticipated to propel the demand for acrylic based elastomers in this
region. The constant rise of both the construction and automotive industry in
this region is projected to continue fetching the major share of the European
acrylic based elastomers market.
Global Acrylic Based Elastomers Market –
Competitive Analysis
Highly competitive, the acrylic based elastomers market appears
diversified with the presence of several well-established players. To gain a
larger competitive share of the market, innovation, mergers & acquisitions,
and brand reinforcement remain the key trends for these players.
Major
Players:
Players leading the global acrylic based elastomers market are BASF SE
(Germany), DuPont (US), Dow Chemical Company (US), Eastman Chemical Company
(US), H.B. Fuller (US), ExxonMobil Corporation (US), and ARKEMA (France), among
others.
Industry/
Innovation/ Related News:
November
01, 2019 ---- United Soft
Plastics Inc. (the US – USP), a highly innovative manufacturing company,
announced opening a new TPE manufacturing plant in Houston in response to
demand for its thermoplastic elastomers (TPE) products. USP is engaged in the
development of quality SEBS (TPE-S) compound solutions. The new TPE
manufacturing plant is a 20,000-sq.ft. production facility, which complements
its existing facility in Georgia, US. New plant expands USP’s production of its
portfolio of thermoplastic elastomers, including SEBS-based TPO, TPE, TPU, and
special products such as acrylic based TPE compounds.
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