Cast Elastomer Market | Key players operating in the market include Covestro AG, Huntsman Corp, Lanxess, Dow, BASF
Browse 118 market data Tables and 36 Figures spread through 148 Pages and in-depth TOC on "Cast Elastomer Market - Global Forecast to 2026"
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The hot cast elastomers segment is the largest and is also projected to continue this trend till 2026. The main growth driver of the high consumption of these cast elastomers is owing to their properties such as cost-effectiveness, versatility, and durability. Hot cast elastomers are used in end-use industries such as oil & gas, mining, and automotive & transportation. Increasing demand in these end-use industries such as automotive, oil & gas, and others is expected to support the growth of the hot cast elastomer segment during the forecast period.
Industrial segment is the largest end-use industry for cast elastomers. The high demand in this segment is attributed to its wide variety of applications in the industrial sector. Increasing number of industries and machinery is assisting in boosting the demand for cast elastomers in this sector. Cast elastomers are used in the industrial sector in a wide range of applications such as coupling elements, seals & gaskets, conveyor belts, forklift wheels, and others. These components are in turn used in various sectors such as paper, construction, heavy industries, and others. Growing demand for energy efficient and environment friendly equipments is also expected to affect the cast elastomers market in a positive manner.
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The global cast elastomer market size is projected to reach USD 1.8 billion by 2026 from USD 1.4 billion in 2021, at a CAGR of 5.0% during the forecast period. The increasing demand from high-value end-use industries such as automotive & transportation, oil & gas, and mining, as well as rapid industrialization in emerging economies are the major drivers for the market. Improved properties such as high load-bearing capacity, high resilience, high impact strength, high abrasion resistance, and excellent resistance to oil and grease than conventional materials is also a major driving factor.
Growth in manufacturing sector and increase in urbanization in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market. The key players in the cast elastomer market include Covestro AG (Germany), Huntsman Corporation (US), Lanxess (Germany), Dow (US), BASF (Germany), Tosoh Corporation (Japan), Mitsui Chemicals, Inc. (Japan), and Era Polymers (Australia). The cast elastomer market report analyzes the key growth strategies, such as new product launches, investment & expansion, agreement & collaboration, and mergers & acquisitions adopted by the leading market players between 2016 and 2021.
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BASF SE was the largest player in the cast elastomers market in 2020. The company has a broad product portfolio offering both hot and cold cast elastomers to a wide range of end users. It also offers cast elastomers based on various compositions and has adopted growth strategies to expand its cast elastomer business. For instance, in 2020, the company completed the capacity expansion of its MDI manufacturing facilities at its Louisiana site, Geismar. The annual capacity of MDI will be 600,000 metric tons per year. This will further strengthen the company's position as the leading supplier in North America.
Dow is the second-largest player in the cast elastomers market. The company offers a wide range of polyurethane systems based on different prepolymers to high-growth end-use industries. The company adopted both organic and inorganic growth strategies between 2016 and 2020 which helped it strengthen its position in the market. The most recent strategy adopted was expansion in May 2019, wherein, Dow selected Univar Solutions as a key North American channel to market its broad product portfolio of polyols and isocyanates. The collaboration aims to offer the best solutions to their customers. The company emphasizes R&D and has invested significant amounts in R&D activities. The company is currently focusing on improving its growth by continually evolving its business portfolio and offering high value to the market.
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