Overview and Scope
Cast elastomers refer to rubber-like polymers that stretch for further than other kinds of materials and, like springs, snap back into shape when the force is released. These are the all polymers that expand with force and then return to their original shape after removing the force applied. These are used in bearings, wear strips, bumpers, shock absorbers, and slide plates.
Sizing and Forecast
The cast elastomer market size has grown strongly in recent years. It will grow from <b>$1.48 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. </b> 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 <b>$2.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. </b> 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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Segmentation & Regional Insights
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
<b>North America</b> was the largest region in the cast elastomer market in 2023. <b>Asia-Pacific</b> 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the cast elastomer market include <b> 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. </b>
The cast elastomer market report table of contents includes:
1. Executive Summary
2. Cast Elastomer Market Characteristics
3. Cast Elastomer Market Trends And Strategies
4. Cast Elastomer Market – Macro Economic Scenario
5. Global Cast Elastomer Market Size and Growth
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31. Global Cast Elastomer Market Competitive Benchmarking
32. Global Cast Elastomer Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cast Elastomer Market
34. Cast Elastomer Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Argonics Inc
BASF SE
Chemline Incorporation
Coim Group
Covestro AG
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