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Increasing Demand From Various End Users: Strengthening the Growth Trajectory of the Cast Elastomer Market
Cast Elastomer
What Is the Expected CAGR for the Cast Elastomer Market Through 2025?
In recent times, there has been a significant expansion in the size of the cast elastomer market. The market is forecasted to escalate from a value of $1.57 billion in 2024 to $1.67 billion in 2025, growing at a compound annual growth rate (CAGR) of 6.7%. Factors such as the development of the automotive industry, a surge in the demand for cast elastomers used in industrial machinery components, growing engagement of cast elastomers in oil and gas applications, the burgeoning footwear industry, and the increasing consumer electronics industry contribute to the growth observed in the previous period.
What's the Projected Size of the Global Cast Elastomer Market by 2029?
In the coming years, the cast elastomer market is projected to witness substantial growth, reaching a value of $2.27 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.9%. This expected growth during the forecast period is due to an increasing emphasis on energy-efficiency and the adoption of 'green' and sustainable elastomeric substances. Other contributing factors include the wide-scale application of cast elastomers in the aerospace industry, the ongoing investment in research and development, and the consistent progress in the renewable energy sector. Key trends anticipated during the forecast period are customization and tailoring, automation in manufacturing processes, advanced research & development, tech-based innovations, and the incorporation of cast elastomers within 3D printing technologies.
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Top Growth Drivers in the Cast Elastomer Industry: What's Accelerating the Market?
The cast elastomer market is projected to grow in the upcoming years due to the increasing need for cast elastomers across diverse end-use industries. The industrial sector uses cast elastomers extensively in applications such as seals and gaskets, forklift wheels, coupling elements, conveyor belts, and more. These elastomers find usage in multiple industries such as construction, heavy duty, paper, and others. Pacific Urethanes, an Australia-based polyurethane systems expert, developed UrePacSpraycast elastomers that are run by a dual-component spray machine. These elastomers are widely recognized for their high elasticity, resistance to chemicals, and impressive tensile strength and are chiefly employed as protective linings for utility vehicles, truck bed linings, and architectural moldings. Therefore, the growing demand for cast elastomers in various industries is boosting the expansion of the cast elastomers market.
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What Trends Will Shape the Cast Elastomer Market Through 2029 and Beyond?
Leading businesses in the cast elastomer market are concentrating on introducing innovative features, such as low compression sets that guarantee minimal distortion under pressure. The term "low compression set" denotes a material's capacity to withstand long-term compression without permanent deformation. For example, in November 2023, Inkbit, a 3D printing technology firm based in the United States, introduced TEPU 50A, a state-of-the-art material engineered for 3D printing. A new elastomer has been released, providing Shore 50A durometer hardness, superior UV stability, chemical adaptability, and a low compression set. This material is perfect for intricate, flexible parts such as grommets, seals, and soft grippers. It produces accurate detailing, outclassing conventional rubber and silicone alternatives. The sophisticated technology guarantees top-tier, consistent 3D printing for challenging industrial uses.
What Are the Main Segments in the Cast Elastomer Market?
The cast elastomer market covered in this report is segmented -
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
Subsegments:
1) By Hot Cast Elastomer: Polyurethane Hot Cast Elastomers, Silicone Hot Cast Elastomers
2) By Cold Cast Elastomer: Polyurethane Cold Cast Elastomers, Silicone Cold Cast Elastomers
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Which Top Companies are Driving Growth in the Cast Elastomer Market?
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, Trelleborg AB, RTP Company, PolyOne Corporation, Hexpol AB, Permali Gloucester Limited, Rubberlite Inc., Sanchem Inc.
Which Regions Will Dominate the Cast Elastomer Market Through 2029?
North America was the largest region in the cast elastomer market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cast elastomer market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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