Market Leader - Acrylic Processing Aid Market
The acrylic processing aid market size is estimated to be USD 606 million in 2020 and is expected to reach USD 842 million by 2025, at a CAGR of 6.8% during the forecast period. Factors such as replacement of conventional material with PVC and rising demand for acrylic processing aid from Asia-Pacific will drive the acrylic processing aid market. The major restraint for the market will be less R&D expenditure in emerging market. However, the increasing demand from building & construction and automotive applications will act as an opportunity for the market.
The key market players profiled in the report include Mitsubishi Chemical Corporation (Japan), Arkema SA (France), Shandong Ruifeng Chemical Co. Ltd. (China), Akdeniz Chemson (Turkey), The Down Chemical Company (US), Kaneka Corporation (Japan), WSD Chemical Limited (China), Indofil Industries Limited (India), and Novista Group (China)
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Players in the acrylic processing aid market are mainly concentrating on new product launches, merger & acquisition, and expansions to meet the growing demand for acrylic processing aid for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the acrylic processing aid market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Arkema SA and Novista Group have adopted new product launches to enhance their market position.
Mitsubishi Chemical Corporation is one of the major players in the acrylic processing aid market. In order to expand its business, the company is focusing on enhancing its market reach by opening plants to increase the capacity. For instance, in September 2019, Mitsubishi Chemical Corporation’s (Japan) consolidated subsidiary MC PET Film Indonesia has decided to increase the production of polyester film from 20,000 metric tons to 45,000 metric tons by the end of 2021. Similarly, In January 2020, Dow Chemical Company has announced its plans to add a new furnace to its ethylene production facility, thereby expanding the capacity up to 130,000 metric tons.
The companies also adopted new product launch as a strategy to expand their product portfolio and market presence. For instance, in July 2020, Arkema released PLASTISTRENGTH® 562 NA process aid, designed for PVC converters. The new product offers a consistent PVC fusion and filler incorporation, better melt strength and designed for rigid and semi-rigid PVC. Similarly, In April 2020, Novista Group introduced a new product in its Novista’s Topadd series, TP-20. It can be used in the production of bottles, fil/sheet and in construction industry.
In March 2019, Mitsubishi Chemical Corporation has acquired the PVC compound business of Welset Plast Extrusions Private Limited in India and plans to construct a plant for the manufacture of thermoplastic elastomer. Similarly, in August 2019, Dow chemical has agreed to two new agreements that’ll contribute to include at least 100,000 tons of recycled plastics in its product offerings sold in the European Union by 2025.
Related Reports:
Acrylic Processing Aid Market by Polymer Type (PVC), Fabrication Process (Extrusion, Injection Molding), End-Use Industry (Building & Construction, Packaging, Automotive, Consumer Goods) - Global Forecast to 2025
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