CAGR 8.00%, Hot Cast Elastomers Market Value to Grow by Almost USD 1599.20 million by 2029| Key Players: BASF SE (Germany), Dow (U.S.),Huntsman International LLC (U.S.)

Market Analysis and Size

The hot cast elastomer market is being shaped by the increasing use of bio-based raw materials. The hot cast elastomers companies are ramping up efforts to develop bio-based products that will help industry stakeholders reduce their environmental impact and carbon footprint. Moreover, the demand for hot cast elastomers is expected to rise in various end-use industries in the coming years, propelling the cast elastomer market forward. Owing to the high utilization of these hot cast elastomers across the globe, the market is anticipated to witness positive growth over forecast period.

Global Hot Cast Elastomers Market was valued at USD 864.00 million in 2021 and is expected to reach USD 1599.20 million by 2029, registering a CAGR of 8.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

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Market Definition

Hot-cast elastomers are widely used in industrial applications. They are commonly used in the production of wheels, seals, technical parts, rolls, mining, oil and gas equipment, and bumpers and rail pads because they have good chemical resistance and mechanical, dynamical performance.

Hot Cast Elastomers Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

High Demand From High-Value End-Use Industries

The hot cast elastomers are expected to grow significantly in the coming years as demand from various end-use industries such as mining, automotive and transportation, machinery, medical, and oil and gas increases. Hot cast elastomers are used in mineral processing applications like separating screens, conveyor scrapers, and other components. Moreover, the market growth will also be aided by rising output in the mining industry, as well as increased exploration activities, particularly in emerging economies.

The market for hot cast elastomer is also being driven by better properties than traditional materials, such as high load-bearing capacity, high resilience, high impact strength, high abrasion resistance, and excellent resistance to oil and grease. The expansion of the chemical industry is projected to bolster the growth of the market.

Opportunities

Product Development and Initiatives for Environment

Furthermore, manufacturers have been encouraged to develop new products by increased awareness of environmental sustainability, rising competition, and volatility in raw material prices. Era Polymers and Covestro, for example, have introduced a number of low free monomer prepolymers. In addition, the demand for green polyurethane continues to rise. This has heightened interest in the development of environmentally friendly PU products such as bio-based polyols. Manufacturers have also been working hard to develop bio-based isocyanates to counteract the negative effects of petroleum-based isocyanates. Such initiatives, combined with ongoing technological advancements, are expected to provide enormous growth opportunities for the hot cast elastomers market players.

Some of the major players operating in the hot cast elastomers market are
BASF SE (Germany)
Dow (U.S.)
Huntsman International LLC (U.S.)
SOLVAY (Belgium)
Covestro AG (Germany)
CHEMLINE INDIA LIMITED (India)
Dupont (U.S.)
LANXESS (Germany)
Mitsui Chemicals Corporation (Japan)
Wanhua (China)
Era Polymers Pty Ltd (Australia)
CARLISLE POLYURETHANE SYSTEMS (U.S.)
Tosoh Corporation (Japan)
Mitsui Chemicals, Inc. (Japan)
Coim Group (Italy)
Taiwan PU Corporation (China)
Era Polymers (Australia)

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COVID-19 Impact on Hot Cast Elastomers Market

The recent outbreak of coronavirus had a negative impact on the hot cast elastomers market. COVID-19 has ushered the manufacturing and industrial sectors into an unknown operating environment around the world. Government restrictions on the number of people who can congregate in one place have had a significant impact on these industries. For instance, the virus has had a significant impact on the component manufacturing industry. Investment losses, liquidity shortages, labor shortages, supply chain constraints, and overall global economic uncertainty are all affecting the industrial sector's growth. During the lockdown, production and factory operations in the automotive, electronics, and aerospace industries were temporarily halted. The majority of industries rely on China for raw material supply. As a result, supply chain interruptions have had a significant impact on industrial output.

However, many countries, including India, China, and the U.S., have opened their economies in recent months, and industrial activities have resumed, albeit with a limited workforce and materials. As most economies have begun to open, industrial output is expected to rebound. COVID-19 has had a negative impact on sales volume for cast elastomer manufacturers in the first and second quarters of 2020. Major market players are reducing the risk by concentrating on local management and pursuing untapped market opportunities.

Recent Development

In August 2020, LANXESS has introduced a new line of MDI polyether prepolymers made from renewable raw materials. The products, which are marketed under the brand name Adiprene Green, can be used to replace existing fossil-based polyether prepolymers and allow PU processors to produce components with lower CO2 emissions.
Global Hot Cast Elastomers Market Scope

The hot cast elastomers market is segmented on the basis of raw material and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Raw Material
TDI-based
MDI-based
Aliphatic
Others

End use Industry
Automotive and Transportation
Industrial
Mining
Oil and Gas
Sports and Leisure
Agriculture
Others
Hot Cast Elastomers Market Regional Analysis/Insights

The hot cast elastomers market is analyzed and market size insights and trends are provided by country, raw material and end use industry as referenced above.

The countries covered in the hot cast elastomers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the hot cast elastomers market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the.

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