Cast Elastomers Market by Type (Hot Cast Elastomers and Cold Cast Elastomers) and End-Use Industry (Automotive & Transportation, Industrial, Oil & Gas, Mining, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026615 | Pages: 100 | Industry: Chemicals and Materials | Date: Oct 2022 | Type: Global

The market crossed US$ 1.5 billion mark in 2022 and is expected to hit US$ 2.1 billion by 2030, recording an approximate CAGR of 4.6% during the forecast period.

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Increasing Demand for Cast Elastomers across Various End-Use Industries

Cast elastomers are long chain, crosslinked polymers of carbon, hydrogen, oxygen, and silicone molecules. They are derived from polyols and isocyanates. Cast elastomers are strong, flexible, long-lasting, and viscoelastic. While manufacturing cast elastomers, additives such as pigments, fillers, and flame retardants can be added to the formulation to enhance the properties of the elastomers. Cast elastomers have numerous benefits. They are resistant to abrasion, have a high tensile strength, resistant to chemicals, and have a high load bearing capacity. Moreover, cast elastomers possess electric insulation and noise dampening properties. Furthermore, cast elastomers are available in wide range of hardness levels and possess shape retention properties. Many industries including automotive, transportation, chemicals, oil & gas, among others employ cast elastomers for a wide range of applications owing to all the advantages of cast elastomers. This factor is driving the market growth.

Within the report, the market is segmented into type, end-use industry, and geography. By type, the market is segmented into hot cast elastomers and cold cast elastomers. On the basis of end-use industry, the market is segmented into automotive & transportation, industrial, oil & gas, mining, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Rising Demand for Sustainable Cast Elastomers

Over the past few years, sustainability concerns are increasing at a rapid pace. The increasing petroleum prices, climate change, and awareness of environment sustainability are among the key concerns compelling manufacturers to produce bio-based, recycled, and sustainable products. The manufacturers of cast elastomers are also developing bio-based, sustainable products to meet the emerging consumer requirements. For instance, in November 2020, Covestro AG developed a sustainable cast elastomer for the wind power industry which enables the industry to reduce its carbon footprint. The polyurethane elastomers are based on the company’s cardyon brand polyols, which contain carbon dioxide and offer the same performance as petrochemical-based elastomers. On the other hand, in July 2022, Huntsman developed an innovative piece of equipment that can be coupled with its CASTECH machines to add up to 25% recycled content (by weight) to hot cast polyurethane elastomer systems. Such products are expected to gain huge traction among consumers, driving the market growth.

Rising Demand in the Automotive Industry

The automotive industry has seen a significant transformation in the recent years. Due to increasing sustainability concerns, the automobile manufacturers are focusing on reducing the overall weight of the vehicle to reduce their carbon footprints. Cast elastomers are widely used to develop lightweight and high-performance automotive parts including gaskets, hoses, O-rings, diaphragms, connector seals, fuel system valves, among others. Thus, the manufacturers of automobiles are increasingly using automotive parts made using cast elastomer. This factor is propelling the market growth.

Recent strategic developments in cast elastomers market

The cast elastomers market has undergone several significant developments, and a few of these have been mentioned below:

  • In November 2020, Covestro AG developed a new line of cast elastomers from sustainable biomass specifically targeted towards the offshore wind power industry. The launch of such products will help the company to achieve its sustainability goals and contribute to the circular economy.
  • In August 2020, Lanxess launched a new line of bio-based prepolymer line under the name “Adiprene Green” which resemble the properties of polyurethane elastomers

The cast elastomers market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Covestro AG; Huntsman Corporation; Lanxess; Dow; BASF; Mitsui Chemicals, Inc.; are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Manufacturers and distributors of cast elastomers
  • Government bodies, such as regulating authorities and policy makers
  • Manufacturers of automotive components
  • Oil drilling companies
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type:
    • Hot Cast Elastomers
    • Cold Cast Elastomers
  • End-Use Industry:
    • Automotive & Transportation
    • Industrial
    • Oil & Gas
    • Mining
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled        
    • Covestro AG
    • Huntsman Corporation
    • Lanxess
    • Dow
    • BASF
    • Mitsui Chemicals, Inc.

The List of Companies
- Covestro AG
- Huntsman Corporation
- Lanxess
- Dow
- BASF
- Mitsui Chemicals, Inc.

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