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The market size of cast elastomers, which are strong materials used in various industries, is quite significant. These elastomers play a crucial role in different applications like automotive, agriculture, mining, and industrial sectors. Recently, their use has expanded to cover a wide range of areas such as recreation, marine activities, metal forming, power transmission, 3D printing, mechanical applications, and food handling. In simple terms, they're used in making things like gears, sprockets, and even in the fun stuff like roller-skate wheels and skateboard wheels. People are finding new and creative ways to use these elastomers in everyday products, like in sports equipment, hammers, and even in machines that throw balls.
The demand for cast elastomers is on the rise, and this growth is driven by several factors. One key factor is the rapid industrialization happening worldwide. As more countries build and expand their industries, the need for strong and versatile materials like cast elastomers increases. These materials find applications in critical industrial components such as rollers, refrigeration chains, and castors, making them indispensable in various manufacturing processes. For example, in the manufacturing sector of India, the government's initiatives like 'Make in India' and the development of industrial corridors are contributing to the rising demand for cast elastomers.
Additionally, the global trend toward a healthier lifestyle and increased participation in sports and recreational activities is boosting the demand for products that use cast elastomers. From bowling balls to golf ball covers, these elastomers are being employed in a wide array of recreational products. This shift in consumer preferences is creating new opportunities for companies in the cast elastomers market, as they strive to meet the demands of an increasingly health-conscious and active population.
Research and development efforts in the field of cast elastomers are also influencing the market size. Companies are investing in developing new technologies to enhance the production of cast elastomers. For instance, innovations such as Low Free (LF) isocyanate products and MOCA-free prepolymers are being introduced to improve performance, processing efficiency, and environmental sustainability. These advancements contribute to making the production process more efficient and cost-effective, addressing not only market demands but also environmental and safety considerations.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 1.3585billion Billion |
| Growth Rate | 4.50%(2023-2032) |
Cast Elastomers Market Highlights:
Global Cast Elastomers Market Overview
Cast Elastomers Market Size was valued at USD 1.36 billion in 2023. The Cast Elastomers market industry is projected to grow from USD 1.42 Billion in 2024 to USD 1.93 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.93%during the forecast period (2024 - 2032). Increased demand for cast elastomers in end-use sectors is the key market driver enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cast Elastomers Market Trends
- Growing demand for cast elastomers in end-use sectors is driving market growth.
The growing demand for cast elastomers in the automotive, mining, oil & gas, transportation, and industrial sectors is expected to be a salient factor that can grow the market during the forecast period. The growing awareness about superior mechanical and chemical properties is projected to be another significant cause to augment the market during the evaluation tenure. Besides, rapid urbanization and industrialization are anticipated to enhance demand for the product, likely to grow the cast elastomers market size during the assessment period. This factor drives the Market CAGR.
Additionally, the ongoing technological development in the evolving countries is likely to offer lucrative opportunities to the market that can benefit cast elastomers' market growth in the assessment period. In addition, the growing Application of cast elastomers in marine, recreation, 3D printing, and sports gear are other sectors that can offer expansion opportunities to the market. Factors such as the rising need for cast elastomers in the automotive, mining, oil and gas, transportation, and industrial sectors and the growing demand from high-value end-use industries are expected to boost the growth of the cast elastomers market. Furthermore, the greater advantages over conventional materials, the growing manufacturing activities in developing countries, and the rising alertness about superior mechanical and chemical features are a few factors anticipated to propel the growth of the cast elastomers market. Thus, driving the Cast Elastomers market revenue.
Cast Elastomers Market Segment Insights
Cast Elastomers Type Insights
The Cast Elastomers market segmentation, based on Type, includes Hot Cast, Cold Cast. The hot cast segment dominated the market due to the growing demand for hot cast elastomers in oil & gas, mining, and industrial. The segment is anticipated to be the fastest-growing segment, expanding at a CAGR of 4.5% and amassing a market value of USD 1,050 million by 2025.
Figure1: Cast Elastomers Market, by Region, 2022 &2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cast Elastomers Application Insights
The Cast Elastomers market segmentation, based on Application, includes Automotive, Industrial, Mining, Oil & Gas, Sports & Leisure, Agriculture, and Others. The industrial category mainly led the market due to the growing need for cast elastomers in various industrial uses, including grit, foundry casting patterns, rolls, blast masks and curtains, diaphragms, hydraulic forming, metal handling, and pads, among other applications. The segment is also projected to be the fastest-growing and record a CAGR of around 5% while procuring a market value of USD 520 million by 2025.
Cast Elastomers Regional Insights
The study offers market insights into regions such as North America, Europe, Asia-Pacific, and the Rest of the World. The North American, Cast Elastomers market will dominate because of the rising demand for cast elastomers in several end-use sectors in the Region, boosting the market growth in this Region.
The market report investigates several key countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: CAST ELASTOMERS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Europe Cast Elastomers market has the second-largest market share because of the growing oil and gas exploration investments. The German Cast Elastomers market has the largest market share, while the UK Cast Elastomers market is experiencing the fastest growth in the European Region.
The Asia-Pacific Cast Elastomers market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the swift urbanization and industrialization. Moreover, China’s Cast Elastomers market held the largest market share, and the Indian cast Elastomers market was the largest-growing market in the Asia-Pacific region.
Cast Elastomers Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Cast Elastomers market grow even more. Market participants are also undertaking different strategic activities to expand their footprint; significant business development, including new product development, contractual agreements, mergers and acquisitions, further investment, and partnerships with other organizations. The Cast Elastomers industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Cast Elastomers industry to benefit clients and increase the market sector. The Cast Elastomers industry has offered some of the most significant advantages in recent years. Major players in the Cast Elastomers market, including BASF SE (Germany), The Dow Chemical Company (US), Huntsman International (US), Covestro AG (Germany), Chemline (US), LANXESS AG (Germany), Mitsui Chemicals (Japan), Wanhua Chemicals (China), ERA polymer (Australia), Accella Corporation (US)., and others, are attempting to increase market demand by investing in research and development operations.
Lanxess AG, a German specialty chemicals company headquartered in Cologne, Germany, was established in 2004 by separating Bayer AG's chemicals division and certain segments of its polymers business. Recently, Lanxess unveiled a new range of cast elastomers specifically tailored for automotive applications. These elastomers are engineered to meet the rigorous demands of the automotive industry, including the need for high-temperature resistance and minimal noise output.
Eastman Chemical Company is a US-based company primarily engaged in the chemical industry. Formerly a subsidiary of Kodak, it now operates as an independent company that produces various advanced materials, chemicals, and fibers for everyday use. Recently, Eastman Chemical announced its acquisition of the assets of Entech, a German supplier of cast elastomers. This strategic move is expected to enhance Eastman Chemical's presence in the cast elastomers market and enable the company to effectively meet the increasing demand for cast elastomers in various applications.
Key Companies in the Cast Elastomers market include
- The Dow Chemical Company (US)
- Covestro AG (Germany)
- Chemline (US)
- LANXESS AG (Germany)
- Wanhua Chemicals (China)
- ERA polymer (Australia)
- Accella Corporation (US)
Cast Elastomers Industry Developments
February 2023: Lanxess announced the launch of its new line of cast elastomers for use in automotive applications. The elastomers are designed to meet the demanding requirements of the automotive industry, such as high-temperature resistance and low noise emission.
December 2022: Lanxess partnered with the University of Kaiserslautern in Germany to develop new cast elastomers based on renewable resources. The elastomers are designed to be more sustainable than traditional cast elastomers, and they are expected to be available in the market in 2024.
Cast Elastomers Market Segmentation
Cast Elastomers Type Outlook
- Hot Cast
- Cold Cast
Cast Elastomers Application Outlook
- Automotive
- Industrial
- Mining
- Oil & Gas
- Sports & Leisure
- Agriculture
- Others
Cast Elastomers Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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