Rockville , April 12, 2023 (GLOBE NEWSWIRE) -- The global cast elastomers market reached a valuation of US$ 1.4 billion in 2021. Between 2021 and 2031, global cast elastomer sales will rise at a steady CAGR of 5%. By the end of 2031, total market size will reach US$ 1.8 billion.
Adoption of cast elastomers is likely to remain high in automotive sector. The target segment will generate lucrative revenues for the market. This is due to rising usage of cast elastomers for making numerous automotive components.
Cast elastomers are lightweight and offer resistance against heat, ozone, and oil. Hence, they are being increasingly used to produce a wide variety of vehicle components. This includes bumpers, damper springs, engine mounts, bushings, shock absorbers etc.
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As vehicles become sophisticated, need for lightweight and high-quality materials, such as cast elastomers will increase significantly. Cast elastomers are used in the automotive industry to produce components with superior mechanical properties, durability, and temperature resistance.
Rising production and sales of vehicles coupled with high demand for safe, energy-efficient, and reliable cars will bolster cast elastomer sales.
According to the International Organization of Motor Vehicle Manufacturers, global production of cars reached over 61.5 million in 2022. Over the next ten years, this number will significantly improve especially due to rising popularity of electric vehicles. This in turn will fuel cast elastomers demand in the global market.
Rising demand for high-performance materials that offer sustainability and cost-effectiveness has become a key driver for the cast elastomers market.
Cast elastomers are lightweight, durable, and resistant to extreme temperatures. As a result, they are gaining wider popularity across industries such as manufacturing, construction, medical, energy, oil & gas, etc.
Rapid expansion of these industries will create lucrative opportunities for cast elastomer manufacturers. Further, growing usage of cast elastomers for developing several complex and three-dimensional (3D) parts will boost sales.
Demand in the market will remain particularly high for hot cast elastomers. This is because they are processed at high temperatures and pressures, which gives them great strength, flexibility, and durability than other types of elastomers.
They are used in a variety of applications due to their ability to resist extreme temperatures and harsh environmental conditions.
Regionally, Asia Pacific will remain the leading market for cast elastomers. As per Fact.MR, Asia Pacific is likely to hold around 42% share of the global market during the assessment period.
Rising production and sales of lightweight electric vehicles is a key factor driving cast elastomers demand in the region. Similarly, growing awareness about benefits of using cast elastomers is favoring market expansion.
The region has already established itself as a leading manufacturer of various types of elastomers. This includes silicone and thermoplastic elastomers.
Key Takeaways from Cast Elastomers Market:
- Global sales of cast elastomers are set to rise at 5.0% CAGR between 2021 and 2031.
- By raw material, TDI-based cast elastomers segment held 31% share of the market in 2021.
- By end-use industry, automotive sector is likely to generate significant revenues for the market.
- Asia Pacific is expected to hold around 2/5th share of the global cast elastomers market during the forecast period.
- Cast elastomers demand in China is set to rise at a steady pace over the next ten years.
Germany cast elastomers market will expand at a CAGR of 3% through 2031.
Growth Drivers:
- Cast elastomers are in high demand across a range of sectors due to their numerous mechanical and chemical benefits over other materials.
- Inclusion of modern technology to enhance repairs and logistics between individuals and company settings would drive demand for cast elastomers.
- Rising applications in booming automotive industry will boost cast elastomer sales through 2031.
- Growing popularity of new-age technologies such as 3-dimension printing will support market expansion
- Highly customizable nature of cast elastomers is encouraging their adoption globally
Restraints:
- Implementation of strict rules and regulations and fluctuations in raw material prices are limiting market expansion.
- Cast elastomers are likely to have a detrimental effect on human health, which would restrain industry growth
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Competitive Landscape:
Manufacturers are looking to differentiate their products by offering an extensive range of elastomers, with a focus on specialty polymers and polymeric alloys. These companies are also investing in research and development to develop new technologies, meet customer requirements, and stay competitive.
As the industry evolves, innovative strategies such as custom-made products, tailored services, and a comprehensive product portfolio, will remain key for manufacturers.
For instance,
- In May 2022, production of Desmodur 15 prepolymers was started by Covestro in its Spanish site in Barcelona. With this expanded manufacturing, the business can now meet the increasing demand for its high-performance elastomers and provide for a diverse selection of extremely demanding applications.
- In December 2020, to supply its polyurethane-based DALTOCAST® hot casting elastomer solutions, Lintech International LLC and the Huntsman Corporation's Elastomers division entered into a distribution agreement.
Key Companies Profiled by Fact.MR
- Argonics, Inc.
- BASF SE
- Coim Group
- Covestro AG
- Dow
- Era Polymers Pty Ltd.
- Huntsman International LLC
- LANXESS AG
- Mitsui Chemicals, Inc.
- Notedome Limited
- Tosoh Corporation
- Wanhua Chemical Group Co. Ltd.
More Valuable Insights on Cast Elastomers Market
In the latest study, Fact.MR offers a detailed study on the global cast elastomers market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of cast elastomers through detailed segmentation as follows:
By Type:
- Hot
- Cold
By Raw Material:
- Toluene Diisocyanate (TDI)-based
- Methylene Diphenyl Diisocyanate (MDI)-based
- Aliphatic
- Others (including Polyurethane and Naphthalene-1.5-diisocyanate based)
By End-use Industry:
- Automotive
- Building & Construction
- Industrial Process & Material Handling
- Mining
- Oil & Gas
- Energy & Power
- Others (including Agriculture, Medical, and 3D Printing)
By Region
- North America
- The United States
- Canada
- Europe
- Germany
- France
- The United Kingdom
- Italy
- Spain
- Russia & Commonwealth of Independent States (CIS)
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- Chin
- India
- Japan
- Association of Southeast Asian Nations (ASEAN)
- Rest of Asia Pacific
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Key Questions Covered in the Cast Elastomers Market Report
- What is the projected value of the cast elastomers market in 2021?
- What will be the growth rate of the global cast elastomers market for the forecast period?
- Which are the factors hampering the growth in the cast elastomers market?
- Which region is expected to lead the global cast elastomers market from 2021 to 2031?
- What factors are driving growth in the cast elastomers market during the forecast period?
- What is the expected market value of the cast elastomers market during the forecast period?
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