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In terms of value, the global cast elastomers market is anticipated to expand at a CAGR of ~5% from 2020 to 2030 and exceed US$ 2 Bn by 2030. Asia Pacific dominated the global cast elastomers market in terms of volume in 2019. It is estimated to lead the global cast elastomers market during the forecast period, owing to increase in demand for cast elastomers from various end-use industries, including automotive, building & construction, oil & gas, and energy & power. Low price of cast elastomers, superior advantages over conventional materials, and shift in manufacturing facilities of cast elastomers from western regions to countries in the Asia Pacific, especially China and India, are anticipated to boost the consumption of cast elastomers in the region. Furthermore, increase in urbanization, large consumer base, and growth in disposable income are estimated to drive the market in the region in the near future. The industrial process & material handling end-use industry segment is projected to offer lucrative opportunities for the global cast elastomers market in the near future. The cast elastomers market in North America is projected to expand at a rapid pace during the forecast period. The cast elastomers market in Europe is likely to expand at a healthy CAGR during the forecast period.
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Cast Elastomers Market: Major Drivers and Restraints
Cast elastomers are primarily utilized in automotive and oil & gas application. Excellent elongation and low compression properties offered by cast elastomers make them ideal materials for automotive components. Total production of motor vehicles across the globe stood at around 95 million in 2018 compared to 77 million in 2010. Thus, increase in global automobile production is anticipated to lead to development if the cast elastomers market. Rise in trend toward production of lightweight vehicles is another driver of the global cast elastomer market. These cast elastomers cater to the increasing demand for enhanced performance. Presence of favorable regulatory scenarios and expansion of end-use industries are prompting market players to develop and manufacture multi-functional cast elastomers.
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The demand for cast elastomers is increasing across the globe, owing to extensive use of cast elastomers in applications such as industrial wheels, rollers, and machinery, as they offer tough abrasion resistance and high load-bearing capacity. The rise in the number of manufacturing facilities across the globe and growth in government expenditure on developing infrastructure are projected to boost the demand for cast elastomers in these industries. This, in turn, is likely to boost the cast elastomers market during the forecast period.
The demand for cast elastomers in the industrial process & material handling end-use industry is projected to increase during the forecast period, due to rise in the use of cast elastomers in material handling & industrial applications, including machinery parts, rollers, and industrial wheels. Properties of cast elastomers, such as cost-effectiveness, low abrasion, thermal stability, and durability, are further expected to drive the industrial process & material handling segment of the global cast elastomers market.
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Cast Elastomers Market: Prominent Segments
Based on type, the cast elastomers market has been classified into hot and cold. Hot is estimated to be the key segment of the cast elastomers market in the near future. Market share of the hot cast segment is large due to the wide usage of these elastomers in automotive & transportation and industrial applications, owing to properties such as high abrasion resistance, high tensile strength, high load-bearing capacity, superior impact strength, and cost-effectiveness. In terms of end-use industry, the global cast elastomers market has been segregated into automotive, building & construction, industrial process & material handling, mining, oil & gas, energy & power, and others. Industrial process & material handling is likely to be the major end-use industry segment of the cast elastomers market. Market share of the segment is large due to the extensive use of cast elastomers in applications such as industrial wheels, rollers, and machinery.
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Competition Landscape of Cast Elastomers Market
Key manufacturers operating in the global cast elastomers market include Covestro AG, Argonics, Inc., Huntsman International LLC, BASF SE, Tosoh Corporation, Mitsui Chemicals, Inc., Dow, Coim Group, Era Polymers Pty Ltd., Wanhua Chemical Group Co. Ltd., Notedome Limited, and LANXESS AG.
Global Cast Elastomers Market: Segmentation
Cast Elastomers Market, by Type
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