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The global use of strong materials called PU cast elastomers is growing fast because many countries are building more industries. These materials are used in different industries like steel, paper, printing, and moving things around. They're used in rollers, refrigeration systems, and wheels. For example, you can find these wheels in shopping carts, office chairs, and hospital beds. In big factories, they use these wheels in trucks and carts.
As more factories are built around the world, there's a higher demand for PU cast elastomers. In countries like India, the government is trying to make more things within the country, which is also increasing the need for these strong materials. India, especially in the Asia-Pacific region, has a big potential to need more of these materials because they are focusing on building industrial areas and smart cities. They hope their manufacturing sector can reach a value of USD 1 trillion by 2025.
The Indian government has plans like 'Make in India,' National Policy on Electronics, and Phased Manufacturing Programme to encourage making things within the country. This has led to companies like OnePlus and Vivo investing a lot of money in India to expand their operations. Filatex India, a company that makes polymers, is also planning to make more things by setting up new manufacturing units.
In the United States, they make a lot of things, and their manufacturing output is the highest in the world. In 2018, 11% of the country's total money came from manufacturing, which was USD 2.4 billion. Most of the things they make are in chemicals, food, machinery, metal products, electronics, and vehicles.
In simple terms, strong materials called PU cast elastomers are in demand because industries worldwide are growing quickly, and countries are making more things on their own. India and the US are examples of places where the demand for these materials is going up because they're building and making more stuff.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Evolving Countries to Offer Lucrative Opportunities for Market Expansion |
| Market Dynamics | Growing Demand for Cast Elastomers in End-Use Sectors to Boost the Market Growth |
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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