Acrylic Elastomers Market Analysis
Acrylic elastomer is a synthetic rubber made up of an acrylic-based polymer and an alkyl ester as a major component. In the start, its usage was limited to vulcanize applications but later it was used for automobile packaging and oil seals. The global acrylic elastomers market has experienced a positive growth in recent years and is expected to increase during the forecast period. The automobile market is expected to have higher use of acrylic elastomers for its various parts under the hood of vehicles. With rising investment in automotive industry and advancement in technology, the market is all expected to create lucrative opportunities. Acrylic elastomers possess high thermal stability, chemical resistance, tensile strength, low shrinkage, and greater design flexibility, which makes it preferable for the automotive industry.
COVID-19 Impact Analysis
- The global economic impact of the COVID -19 pandemic has been felt. The acrylic elastomers market has been negatively affected, resulting in a negative compound annual growth rate. The changes and restrictions on supply chain and business demands have affected this market widely. Due to restrictions on imports and exports, the market has suffered a huge loss.
- Due to less demand from various industries, revenue of this market has been thoroughly affected.
Top Impacting Factors
- The growth of acrylic elastomers market can be attributed to rising demand for acrylic elastomer from the automotive industry. Increase in use of acrylic elastomer to develop under hood automobile components are driving the demand from the automotive industry.
- High prices of acrylic elastomer are prompting OEMs to opt for thermoplastics. This is the key challenge faced by the acrylic elastomers market.
- High cost of production and raw materials is restraining the growth of this market.
Market Trends
- New product launches
- Due to launches of a new product as substitute for acrylic elastomer, the demand for acrylic elastomer has drastically decreased, thereby affecting the revenue of acrylic elastomers market.
- The increased application of acrylic elastomer in automobiles and industrial sectors has positively affected the market so far. In July 2018, DowDuPont Inc. announced the launch of Vamac ethylene acrylic elastomers used for automotive components, helping to provide stability in powertrain applications and air management systems. The technological development regarding commercialization of bio-based acrylic acid is also anticipated to propel the market demand.
- Price fluctuations in raw materials could have a detrimental influence on the market. Furthermore, the authorities' execution of environmental rules may have an adverse impact on the market in particular places.
- The surge in demand for electric vehicles might result in decrease in the interest of consumer to purchase this end products. According to data from the International Energy Agency (IEA), China accounted for the biggest share of publicly accessible electric vehicle fast chargers worldwide in 2019.In addition, Japan registered to have 7858 units, while the U.S. recorded 13093 units of publicly accessible electric vehicle fast chargers in the same year.
Key Benefits of the Report
- This study presents the analytical depiction of the acrylic elastomer industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the acrylic elastomers market share.
- The current market is quantitatively analyzed to highlight the acrylic elastomers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed acrylic elastomers market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the acrylic elastomers market Report
- Who are the leading market players active in the acrylic elastomers market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- Upcoming Report specific FAQs
- What are the challenges faced in the "acrylic elastomer" Market?
- What are the key benefits of the "acrylic elastomer" Market report?
- What will be the anticipated growth rates for your own acrylic elastomers Market economy altogether and also for every segment inside?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- Upcoming Report specific FAQs
Acrylic Elastomers Market Report Highlights
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