The latest forecast report from Markets and Markets, a well-known US market research organization, shows that the acrylic elastomer market will grow from US$648.2 million in 2017 to US$983.9 million in 2022, with an average compound annual growth rate of 8.7%.
The report points out that the growth of the acrylic elastomer market can be attributed to the growth of global automotive demand. More and more acrylic elastomers are used to make automotive parts, which will drive the growth of the acrylic elastomer market in the Asia Pacific region. Acrylic elastomers can be used The production of industrial seals, gaskets and molded articles is increasingly used in the automotive industry for their low cost and excellent heat and oil resistance. For example, O-rings, seals, gaskets and hoses.
Geographically, Asia Pacific is the fastest growing market for acrylate elastomers. Its growth can be attributed to increased vehicle production in countries such as India, China and Indonesia. In terms of products, acrylate rubber (ACM) is relative to ethylene. The low cost of acrylate rubber (AEM) and high demand in the Asia Pacific region are expected to grow at a higher CAGR during the forecast period.