New York, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cast Elastomer Global Market Report 2022" - https://www.reportlinker.com/p06228520/?utm_source=GNW
, Notedome Limited, Synthesia Technology, The Dow Chemical Company, Tosoh Corporation and Carlisle Polyurethane Systems.
The global cast elastomer market is expected to grow from $1.26 billion in 2021 to $1.37 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach 1.68 billion in 2026 at a CAGR of 5.2%.
The cast elastomers market consists of sales of cast elastomers by entities (organizations, sole traders, and partnerships) that are synthetic rubbers that possess excellent load-bearing and abrasion resistance properties.Cast elastomers are rubber-like polymers that expand with force and then return to their original shape after removing the force applied.
These are used in bearings, wear strips, bumpers, shock absorbers, and slide plates.
The main types of cast elastomers are hot-cast elastomer and cold cast elastomer.Hot cast elastomers are used in rigorous applications that include the highest performance.
The processing of hot-cast elastomers involves heated components tooling along with a hot post-cure to optimize properties. The different distribution channels include online, offline and are used by several sectors such as mining, automotive and transportation, industrial, oil and gas, others.
North America was the largest region in the cast elastomer market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing use of bio-based raw materials in cast elastomers is shaping the cast elastomer market.Companies in the cast elastomers sector are stepping up initiatives to develop bio-based products that will assist industry stakeholders in reducing their environmental impact and carbon footprint.
For instance, in August 2020, Lanxess, a Germany-based specialty chemicals company developed a new line of MDI polyether prepolymers called Adiprene Green which is made from renewables and bio-based raw materials.The products can be used to make highly durable polyurethane (PU) elastomers in place of conventional fossil-based polyether prepolymers.
The overall goal of Adiprene Green’s development was to establish a line of bio-based prepolymers that would allow PU processors to generate products with a lower CO2 footprint.
The rise in demand for cast elastomers in various end-use industries is expected to propel the growth of the cast elastomer market in the coming years.Cast elastomers are utilized in a variety of applications in the industrial sector, including seals and gaskets, forklift wheels, coupling elements, conveyor belts, and more.
These materials are then employed in a variety of sectors, including construction, heavy industry, paper, and so on.For instance, in 2020, Pacific Urethanes, an Australia-based company that specializes in the development and production of polyurethane systems have developed UrePac Spraycast elastomers, which are operated through a dual-component spray machine.
UrePac Spraycast elastomers have high elasticity, high chemical resistance, and high tensile strength.These are generally used as protective linings for utility vehicles, truck bed linings, and architectural moldings.
Therefore, the rise in demand for cast elastomers in various end-use industries is driving the growth of the cast elastomers market.
In February 2021, Polytek, a US-based producer of specialty polymers for casting, coating, and mold-making applications acquired Endurance Technologies for an undisclosed amount.With this acquisition, Polytek’s manufacturing facilities and capacities have been expanded, and its technical competency has been enhanced.
Endurance Technologies is an India-based auto component manufacturer that specializes in cast elastomers.
The countries covered in the cast elastomer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06228520/?utm_source=GNW
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