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Driving Growth: Increasing Demand for Automotive Components Manufacturing Propels Cast Elastomers Market Forward || Argonics Inc., BASF SE, Chemline Incorporation, Coim Group
Cast Elastomer Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the cast elastomer industry. This report on cast elastomer market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The cast elastomer market size has grown strongly in recent years. It will grow from $1.48 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to automotive industry growth, increasing demand for cast elastomers in industrial machinery components, utilization of cast elastomers in oil and gas applications, increasing footwear industry, and increasing customer electronics. The cast elastomer market size is expected to see strong growth in the next few years. It will grow to $2.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
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Key Market Players:
Argonics Inc., BASF SE, Chemline Incorporation, Coim Group, Covestro AG, Du Pont De Nemours and Company, Era Polymers Pty Ltd are prominent players in the cast elastomer industry.
Market Drivers:
According to the Cast Elastomer Market Report 2023 by The Business Research Company, the key factors driving the growth of the cast elastomer market, includes rise in demand for cast elastomers in various end-use industries. 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, Pacific Urethanes, an Australia-based company that specializes in the development and production of polyurethane systems developed UrePacSpraycast elastomers, which are operated through a dual-component spray machine. UrePacSpraycast elastomers have high elasticity, chemical resistance, and tensile strength.
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Market segments for cast elastomer include:
1) By Type: Hot Cast Elastomer, Cold Cast Elastomer
2) By Distribution: Online, Offline
3) By End-Use Industry: Mining, Automotive And Transportation, Industrial, Oil And Gas, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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