Acrylic Processing Aid Market Size Forecast to Reach $1.09 Billion by 2026
The COVID-19 pandemic has had an immediate impact on the world economy and that impact goes across all industries, including mining. Some delays, due to the COVID-19 pandemic and related contingencies, have occurred in underground development and impacted the market of acrylic processing aid. The construction industry was one of the hardest hit by COVID-19, as it had already been dealing with a liquidity crunch as a result of the non-banking financial institutions' impact on the financial sector for more than a year. The demand for polyvinyl chloride (PVC), which is used in pipes, siding, windows, and doors, has also been affected by the downturn in construction. Housing starts dropped 19 percent in April compared to the previous year, according to the US Census Bureau. During the same time span, PVC consumption fell by 25%. Because of a lack of funds, many projects have remained unfinished. Because of shifting buyer preferences, those that were completed remained unsold.
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Acrylic Processing Aid Market Segment Analysis - By Polymer Type
PVC held the largest share of 35% in the Acrylic Processing Aid Market in 2020. Polyvinyl chloride provides flexibility which is a major component in making new generation automobiles is very cost effective, safer and of extreme quality. PVC helps in the reduction of weight of the automobiles and make them lighter as PVC is lighter than the other components and materials used in the making of the automobiles. When compared with the price of other plastic material PVC is less expensive and more flexible.
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Acrylic Processing Aid Market Segment Analysis - By Fabrication Process
Extrusion Process held the largest share of 30% in the Acrylic Processing Aid Market in the year 2020. The extrusion process consists of a very high volume of plastics. Different materials like granules, flakes, pellets, and powder are fed into the machine and are led to melt at a very high temperature. There are various process of extrusion used, blown & cast film extrusion, processing aids are predominantly used to reduce melt fracture and die lines, and to promote reduced gel formation and cleaner running. This enables the processor to run longer between stops for dies cleaning.
Acrylic Processing Aid Market Segment Analysis - By Application
Pipes and Fitting held the largest share of 33% in the Acrylic Processing Aid Market in 2020. This rise is mainly due to the growing demand for pipes & fittings in piping and plumbing, gas pipeline laying, and telecommunication and electrical cable sheathing. Due to the replacement of traditional concrete, iron, and steel-based pipes & fittings with pipes in the building & construction industry, the market for acrylic processing aid in the pipes & fittings segment is expected to witness significant development. The market for building materials is on high demand, with the continually growing population. The prerequisite for housing is pipes and fittings, which are a critical necessity. Urbanization with a large network of connections has contributed to an increase in drainage requirements. There is a growing demand for pipes and fittings to cope with advanced piping links, which in turn drives market growth. Many companies are spending lot in research and development in order to generate the new cutting-edge processing aids and provide a smarter way.
Acrylic Processing Aid Market Segment Analysis - By End Use
Building and Construction held the largest share in the Acrylic Processing Aid Market in 2020 with a CAGR of 7.1%. The rise in building and construction is due to the new type of material and products used in the buildings such as flooring, pipes, roofing, windows, doors, containers trim boards and many others. With the growing construction industry and its demand for acrylic processing aid particularly in the regions of Asia-Pacific, North America and Europe, the demand of acrylic processing aid for all kinds of buildings is expected to see an upsurge. Residential application segment is witnessing growth due to the rising penetration from untapped markets. First-mover advantage in untapped regions and relatively low acquisition costs remain key driving forces in this application market. Furthermore, R&D in acrylic processing aid will support the growth of the Acrylic Processing Aid Market.
Acrylic Processing Aid Market Segment Analysis - By Geography
Asia-Pacific (APAC) dominated the Acrylic Processing Aid market consisting share of 42% followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest growing construction markets globally. Large and more developed markets such China, India, Japan, and South Korea are expected to grow more in the coming years. China is driving much of the Acrylic Processing Aid market demand in Asia-Pacific region followed by India and Japan. Of the five fastest growing regions in construction sector, other than U.S. all are Asian countries including China and India who majorly drive the demand for construction investment in these regions. The strong and healthy growth in construction sector is associated with growing population and middle-class economy, which tend to drive APAC residential construction market further and hence the Acrylic Processing Aid market. The number of buildings that have illuminated acrylic processing aid is growing sharply in APAC region. The increasing number of new building constructions, along with the rise in the number of renovation projects has further propelled the market. Currently the construction industry has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In in turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
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Acrylic Processing Aid Market Drivers
Rise in Demand for cost effective aid
Industrialization has led to the increase in demand for acrylic processing aid in various industries for different purposes. Acrylic processing aid are replacing traditional building materials such as wood, metal, concrete and clay in many applications. Versatility, cost-effectiveness and excellent use record make it the most important polymer in the construction sector, accounting for 60%. These products are often lighter, less expensive and offer many performance advantages. Making it prominent material than conventional.
Acrylic Processing Aid Market Challenges
Low R&D expenditure in the emerging markets and high maintenance cost will hamper the market to growth
Innovation is the key to developing new products, but most manufacturers are not investing much into R&D. Rather than cutting-edge technology, they invest in creating relevant technology. These factors are hampering the growth of the market. Because most of the pipes and fittings are located underground in the event of any malfunction or failure, the cost of repairs can be even greater.
Acrylic Processing Aid Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Acrylic Processing Aid Market. Major players in the Acrylic Processing Aid Market are Arkema, Dow Chemicals, Mitsubishi Chemicals Corporation, 3M, BASF SE, Kaneka Corporation, Akdeniz Kimya, WSD Chemical Limited, Indofil Industries Limited, Novista Group and Others.
Acquisitions/Technology Launches/ Product Launches
In July 2020, Arkema launched PLASTISTRENGTH® 562 NA process aid, designed to help PVC converters achieve an optimized balance between processing performance and formulation cost. In both rigid and semi-rigid extruded or calendered PVC products, this new product provides consistent PVC fusion and filler integration, enhanced melt power, and efficient processing.
Asia Pacific dominates the Acrylic Processing Aid Market owing to rapid increase in Building and Construction industry.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Acrylic Processing Aid Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Acrylic Processing Aid related industries has been negatively affected, thus hampering the growth of the market.
Related Reports :
A. Acrylic Resins Market
B. Acrylic Acid Market
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