This report focuses on the cast elastomers market. The segments covered are Demand, Applications, Regional Analysis, and Forecasts. The report provides key statistics and industry insights on the global market for cast elastomers. It is a valuable resource for manufacturers, suppliers, and investors. Read on to discover the most recent trends and market opportunities in the industry. To gain a deeper understanding of the market, download the full report or learn more about this industry.
Demand
The global cast elastomers market is segmented into different types and end use industries. The major application segments include automotive and transportation, energy and oil and gas, sports & leisure, agriculture, and others. This report also analyzes market dynamics. In addition, it identifies the key growth drivers for cast elastomers. Listed below are the key factors driving demand for cast elastomers.
The chemical industry is undergoing a series of mergers and acquisitions and launching new products. Several players are strengthening their supply chains, establishing long-term partnerships with distributors, and developing new networks. For example, Stepan, a leading specialty chemical producer, is strengthening its supply chain for STEPANPOL polyester polyols, a key raw material for cast elastomers.
Applications
Market for cast elastomers is anticipated to grow at a significant CAGR through 2028. Increasing research and development activities are expected to boost the growth of this market. Huntsman is planning to introduce a new line of easy-to-use elastomers in July 2021. The new line will simplify the casting of heavy-duty and specialist parts. These new elastomers will also offer additional manufacturing flexibility when casting specialist and large components.
Cast elastomers are manufactured from polymers that have been given rubber-like elastic properties. They are used to produce a variety of products and have a wide range of applications. PU elastomers are commonly used in automotive applications due to their high load-bearing capacity, abrasion resistance, and resilience. Cast polyurethane is widely used in the manufacturing of a variety of materials, including electrical cables and connectors.
Regional analysis
The report covers the market for cast elastomers in different regions, including Asia, North America, and Europe. The top producers are located in Asia-Pacific, including companies such as BASF SE, Covestro AG, Huntsman International LLC, and Era Polymers Pty Ltd. India’s government intends to make automobile manufacturing the centerpiece of Make in India, and it is projected that the passenger car market in India will triple to 9.4 million units by 2026. The government’s Auto Mission Plan 2016-2026 highlights this development and will help propel the market for cast elastomers in India.
The cast elastomers market is classified into different regions, including North America, Europe, Asia Pacific, and Rest of the World. North America led the market in 2019, while Europe is a significant contributor to the market. While North America currently dominates the global market, the Asia Pacific region is expected to grow at the fastest rate during the forecast period. Rising per capita income and rapid urbanization are the two key factors driving growth in this region.
Forecasts
Global cast elastomers market is growing at a moderate rate. Rising demand from various industries is driving the demand for cast elastomers. The region has fast industrialization, which includes emerging economies like India and China. Rising investments in exploration of oil and gas, increased sales of automobiles, and rising disposable income are some of the factors fueling the growth of the region. Europe was the second largest market for cast elastomers in 2019, with its increasing manufacturing sector and risen production of automotive parts.
In Europe, Germany is projected to hold the largest market share during the forecast period. High investment is expected to boost the growth rate in the country. It is estimated to grow at a compound annual growth rate of 3%. However, the region is expected to face several challenges, including fluctuating raw material prices, and compliance with stringent regulations. However, the region is expected to gain significant market share during the forecast period.
Players
Polytek, a US-based producer of specialty polymers, has recently acquired Endurance Technologies in India. Polytek acquired the Indian auto component manufacturer to expand its manufacturing capacity and increase its technical competency. Other key players in the cast elastomers market include Argonics, BASF, Coim Group, Lanxess AG, and Mitsui Chemicals Inc. (USA). This report provides an overview of the current and future competitive dynamics of the global cast elastomers market.
The global economy is facing challenges with the recent outbreak of COVID-19 and the subsequent government restrictions against congregating people. Other problems affecting the industry include shortage of raw materials and labor. Additionally, most of the manufacturing industries rely on China as a source of raw materials, which has resulted in labor shortages and supply chain constraints. However, these challenges are outweighed by the positives for the cast elastomers market.
