Acrylic Rubber Market REPORT OVERVIEW
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The global acrylic rubber market is expected to grow from USD 1053.1 Million in 2021 to USD 1765 Million by 2028, at a Compound annual growth rate (CAGR) of 7.7% during the forecast period.
The market is expected to exhibit strong growth because of the increasing demand for low emission vehicles. Acrylic rubber, or Alkyl Acrylate Copolymer (ACM), has excellent resistance against oxidation and hot oils. Its special structure provides exceptional resistance to ultraviolet radiation, ozone resistance, oil resistance, aging resistance, and heat resistance. It is used in automotive packaging and sealing to strengthen automotive components. Manufacturers are implementing rubber in automobiles because of its lower emission and resistance against damages. Further, the rising per-capita income and evolving consumer choice for better automotive vehicles can bolster its demand rapidly.
COVID-19 Pandemic: Lack of Raw Materials to Negatively Affect Market Growth
The COVID-19 pandemic has negatively affected several industries across several sectors across the world. The halt on transport and travel had led to the lack of raw materials required to produce the material. The rising cases of COVID-19 have provoked governments to take necessary measures to control the spread of infection. The lack of outdoor activities had led to the lack of automobile sales, which, in turn, has led to the lack of demand for acrylic rubbers. As per the International Rubber Study Group's report, the market is expected to exhibit a downfall of 11.9% in Q1 of 2020 and 13.6% in Q2. However, the adoption of part-time shifts, automated processes, and reduced working capacity is likely to fuel the market. As per the International Rubber Study Group's statistics, the market is expected to spike by 25.4% in the Q4 of 2020.
The relaxations on travel and transport and manufacturing activities have led to the steady growth of the industry. Manufacturers are likely to use advanced automated production processes to enhance their product quality, reduce labor costs, and ensure the worker's safety. This factor may positively fuel the market during the pandemic.
"Rising Awareness Regarding Emissions to Boost ACM Rubber Adoption"
The harmful effects of greenhouse gases and the emission of deleterious fuels into the environment have led to governments' adoption of stringent pollution norms. In India, BS VI emission norms have made it mandatory to adopt cleaner fuels with lower sulfur content to control emissions. The rising fuel prices lead to incorporating better components that reduce fuel consumption and enhance vehicle efficiency. The use of acrylic rubber makes the vehicles more sturdy and resistant to damages. The rubber's excellent properties make it easier for the car to resist heat, UV radiation, and other damages, thereby offering consumers a quality product.
ACM is also used to prepare adhesives that possess excellent strength and enhance resistance against several temperatures. It sticks to polyesters, glass, and metals and provides excellent adhesion. It is used to assemble car doors and other metal parts. Its higher sustainability against heat and other environmental conditions provides excellent resistance to cars. ACM adhesive absorbs impacts and holds the parts together effectively. This can fuel the acrylic rubber market growth effectively.
Acrylic Rubber Market Segmentation
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- By Type Analysis
"Epoxy Acrylates to Dominate Market Because of its Benefits"
By type, the market is segregated into carboxyl type acrylate rubber, dienes acrylate rubber, epoxy acrylate rubber, and active chlorine acrylate rubber. Epoxy acrylates are expected to dominate the market due to their hardness, chemical resistance, and fast curing ability. It is used for furniture, flat stock, joinery, and industrial wood applications. It can sustain harsh environmental conditions and ensure prolonged shelf life. Epoxy acrylates are extremely flexible and offer great rigidity compared to alternative rubbers.
- By Application Analysis
"Automotive Industry to Lead Market Owing to Increasing Spending Capacity"
By application, the market is segregated into the automotive industry and others. The automotive industry is the dominant segment due to the rising spending capacity of consumers. The evolving lifestyles and the adoption of low-emission vehicles fuel the sales of cars. Acrylic rubber is increasingly used due to its advantages and highly sustainable properties. It is used as an adhesive to assemble automotive parts such as car doors, bumpers, and other components. ACM is also used to reinforce the strength of the automotive components and improve their resistance against harsh environments and damages.
"Increasing Applications in Automotive, Industrial, and Manufacturing Sectors to Propel Market Growth"
ACM possesses excellent properties and is highly durable against damages. It is used across several automotive, industrial, manufacturing, and others sectors because of its excellent material quality and durability. The increasing demand for ACM from several industries can drive the growth of the market. It is used in the industrial sector to produce belts. The belts possess excellent strength, elasticity, and flexibility. They are used in industries because of their anti-corrosive properties. Acrylic rubber is also used in industries for insulating parts against heat. It is used in mining sectors to enhance the component's reliability and improve operations. Manufacturers such as Sunflix provide excellent synthetic rubber adhesives that are extremely cost-efficient and available through online e-commerce websites. This factor can boost the acrylic rubber industry's growth.
Furthermore, it is used as gaskets for sealing applications. Its superior resistance against chemicals and several environmental conditions can enhance its adoption in several manufacturing facilities. Moreover, it is used in engines, petrol seals, and industrial machinery because of its excellent sealing property. The gaskets offer a longer shelf-life and durability as compared to normal rubber materials. It prevents leakage and maintains its properties even after several uses. These factors may further influence the growth of the acrylic rubber market.
"Availability of Alternative Resources to Hinder Industry Progress"
The availability of cheaper and alternative materials is likely to affect the product's demand negatively. Cheaper and low-quality rubbers can attract demand from small-scale industries. Low-quality rubbers can be replaced multiple times due to their cheaper prices, thereby attracting the small-scale manufacturer's demand rapidly. COVID-19 impact has led to the shortage of raw materials essential for acrylic rubber production, which, in turn, can hinder the progress of the industry. These factors are likely to hinder the market progress during the upcoming years.
Acrylic Rubber Market REGIONAL INSIGHTS
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Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The Asia Pacific is expected to lead the global acrylic market share due to the rising automobile sales in the region. The evolving consumer lifestyle and the presence of major players can foster the development of the ACM market. The adoption of better materials leads to lower emission rates and the production of high-quality vehicles.
North America hold the second largest acrylic rubber market share due to the rising demand for premium vehicles. Additionally, the presence of several manufacturing plants and industries can enhance market growth.
In Europe, consumers' evolving lifestyles and higher spending capacity facilitate its rising sales from the manufacturing industry. The emergence of several manufacturing facilities and developing industrial infrastructure can boost the acrylic rubber market.
KEY INDUSTRY PLAYERS
"Major Players Focus on Deploying Several Strategies to Widen their Market Presence"
ZEON CORPORATION, NOK CORPORATION, Haiba, JiujiangShillong, and Qinglongare some of the major players operating in the acrylic rubber market.
The major players operating in the market are targeting the automotive industry to strengthen their footprint in the global market. For example, Westmount announced its new ACM series products that are used in the automotive industry to develop seals, gaskets, automotive hoses, and other products for the global market. Further, the adoption of technologically advanced production strategies enables companies to enhance their product quality, improve their production, improve operational efficiency, reduce costs, and allow the major players to achieve their goals.
LIST OF KEY PLAYERS PROFILED
- ZEON CORPORATION
- NOK CORPORATION
KEY INDUSTRY DEVELOPMENTS
October 2019 – Trinseo completed the acquisition of the Rheinmunster site located in Germany and Latex Binder's assets. This acquisition will expand the company's product portfolio for construction and adhesive applications.
This report provides an analysis of the leading segments and the recent market trends. It comprehensively studies the COVID-19 impact on the global market and examines the driving and restraining factors. Examines the strategies devised by the crucial players and the regional analysis. Additionally, it examines the factors that are responsible for the progress of the market.
|Market Size Value In||US$ 1053.1 Million in 2021|
|Market Size Value By||US$ 1765 Million by 2028|
|Growth Rate||CAGR of 7.7% from 2021 to 2028|
|Historical Data Available||Yes|
|Segments Covered||Type and Application|
Frequently Asked Questions
What value is the acrylic rubber market expected to touch by 2028?
Based on our research, the global acrylic rubber market is projected to touch USD 1765 million by 2028.
What CAGR is the acrylic rubber market expected to exhibit by 2028?
The acrylic rubber market is expected to exhibit a CAGR of 7.7% by 2028.
Which strategies are being adapted by businesses?
Key Players are adopting advanced production strategies to consolidate position
Which regions are expecting growth?
Asia Pacific, North America, and Europe are the regions that are expecting rapid growth.
Which are the top companies operating in the acrylic rubber market?
ZEON CORPORATION, NOK CORPORATION, Haiba, JiujiangShillong, and Qinglongare are the top companies operating in the acrylic rubber market.