The global cast elastomer market is projected to grow at a CAGR of 3.01% during the forecast period.
Elastomers are rubber-like polymeric materials with higher elasticity than other materials. Elastomers can resist flow like a viscous fluid when distorted by external pressures. The versatility of polyurethane cast elastomers allows them to obtain the finest possible set of physical properties for a given application.
A significant factor projected to fuel the growth of the worldwide cast elastomers market is the rising demand for cast elastomers from various end-use industries, owing to their greater advantages over conventional materials. In addition, rising industrialization in developed and developing countries, as well as an increase in the number of manufacturing units in emerging economies due to low labour costs and easy access to raw materials, are likely to bolster worldwide market growth to some extent. Furthermore, elastomers have great physical features such as strong abrasion resistance and load-carrying capacity, which are projected to boost demand in the automotive and transportation industries. This is another aspect that is likely to help the global market growth to a certain level. This is another aspect that is predicted to help the global market grow at some level. Furthermore, rising demand for cast elastomers from the oil and gas sector is another factor that is anticipated to help the global market expand to some level.
Cast elastomers, on the other hand, have negative impacts on the environment and people's health too, which is a key issue that is likely to limit the worldwide cast elastomer market's growth. Other constraints, such as strict government regulations and fluctuating raw material prices, are predicted to limit worldwide market growth to some extent.
By type, the cast elastomer market is divided into hot cast and cold cast. Because of the growing need for hot-cast elastomers in oil and gas, mining, and industry, the hot-cast elastomers segment is expected to be the most dominant.
For cast elastomers, application-based segments can be classified into industrial, automotive, mining, oil and gas, and others. Because of the increased demand for the cast. elastomers in industrial applications such as foundries, casting pattern grit, blast masks, rolls, diaphragms, curtains, metal handling, and pads, among others, the industrial segment is expected to be the major segment. This segment is likewise expected to grow at the sharpest rate.
By region, the availability of low-cost labour is projected to entice significant businesses to invest, thus opening up profitable chances for regional expansion of the market. China is expected to take the majority of the market share. Furthermore, due to substantial investments and persistent R & D activities, the region is likely to expand.
Government limitations imposed in response to the COVID-19 epidemic have had a significant influence on the cast elastomers market, as they have created obstructions in the manufacturing and shipping operations of numerous market participants. However, there has been a growing trend in the market toward the development of thermoplastic polyurethane elastomers for PPE kit producers. Face masks, hospital gowns, valves, tubes, cable jackets, mattress covers, and other items have been among the items that benefit from the development.
|Growth Rate||CAGR of 3.01% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||BASF SE, The Dow Chemical Company, Huntsman International, Covestro AG, Chemline, LANXESS AG, Mitsui Chemicals, Wanhua Chemicals, ERA polymer, Accella Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the cast elastomer market?
A1. The cast elastomer market is projected to grow at a CAGR of 3.01% during the forecast period.
Q2. Who are the major players in the cast elastomer market?
A2. Prominent key market players in the cast elastomer market include BASF SE, The Dow Chemical Company, Huntsman International, Covestro AG, Chemline, LANXESS AG, and Mitsui Chemicals, among others.
Q3. How is the global cast elastomer market segmented?
A3. The global cast elastomer market has been segmented by type, application, and geography.
Q4. What factors are anticipated to drive the cast elastomer market growth?
A4. A significant factor projected to fuel the cast elastomer market growth is the rising demand for cast elastomers from various end-use industries.
Q5. Which region holds the largest market share in the cast elastomer market?
A5. The Asia Pacific is expected to hold the largest share in the cast elastomer market.
The Dow Chemical Company
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