Press release
Cast Elastomer Market Report 2024: Strategies And Recent Developments | Argonics Inc., BASF SE, Chemline Incorporation, Coim Group, Covestro AG, Du Pont De Nemours and Company
Cast Elastomer Market Size
The Business Research Company offers in-depth market insights through Cast Elastomer Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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%. The growth in the forecast period can be attributed to increasing focus on energy-efficiency, the growing emphasis on environmentally friendly and sustainable elastomeric materials, expanded use of cast elastomers in the aerospace sector, investments in research and development, and continued growth in the renewable energy sector. Major trends in the forecast period include customization and tailoring, automated manufacturing, advanced r&d and innovation, technological innovations, and the integration of cast elastomers into 3d printing technology.
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Market Segmentation:
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, and offline and are used by several sectors such as mining, automotive and transportation, industrial, oil and gas, and others.
Major Driver - Increasing Demand From Various End Users
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, 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. 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 cast elastomers market growth.
Competitive Landscape:
Major companies operating in the cast elastomer market include Argonics Inc., BASF SE, Chemline Incorporation, Coim Group, Covestro AG, Du Pont De Nemours and Company, Era Polymers Pty Ltd., Huntsman International LLC, Lanxess AG, Mitsui Chemicals Inc., Notedome Limited, Synthesia Technology, Dow Chemical Company, Tosoh Corporation, Carlisle Polyurethane Systems, Wacker Chemie AG, Momentive Performance Materials Inc., Cast Urethane, Wanhua Chemical Group Co. Ltd., Polyurethane Products Corporation, Huntsman Corporation, Notedome Ltd., Trelleborg AB, RTP Company, PolyOne Corporation, Hexpol AB, Permali Gloucester Limited, Rubberlite Inc., Sanchem Inc.
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Top Trend - Innovation In Bio Based Elastomer
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 example, in 2021, Koninklijke DSM N.V, The Netherland-based chemical company, launched mass-balanced bio-based Arnitel, a thermoplastic elastomer. This bio-based Arnitel is manufactured using a mass-balance approach, where bio-based feedstock is used in the production process. The end product contains more than 25% bio-based content by weight.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cast Elastomer Market Characteristics
3. Cast Elastomer Market Trends And Strategies
4. Cast Elastomer Market - Macro Economic Scenario
5. Cast Elastomer Market Size And Growth
…..
27. Cast Elastomer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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