Cast Elastomer Market by Type(Hot Cast Elastomer, Cold Cast Elastomer), End-use Industry (Industrial, Automotive & Transportation, Oil & Gas, Mining), and Region (APAC, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2026
The global cast elastomer market size is projected to reach USD 1.8 billion by 2026 from USD 1.4 billion in 2021, at a CAGR of 5.0% during the forecast period. The escalating demand from high-value end-use industries such as automotive & transportation, oil & gas, and mining, as well as rapid industrialization in emerging economies are the major drivers for the market. Improved properties such as high load-bearing capacity, high resilience, high impact strength, high abrasion resistance, and excellent resistance to oil and grease than conventional materials is also a major driving factor. Also, the growing demand for equipments for industrial processes employed in various industries such as food & beverage, power, oil & gas, chemical, mining, and pulp & paper and growth in urbanization in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market.
Hot cast elastomer accounted for the largest share amongst other types in the cast elastomer market
The hot cast elastomer segment is the largest, which is also projected to be the largest till 2026. The key growth driver of the high consumption of these cast elastomers is owing to their properties such as cost-effectiveness, versatility, and durability. Hot cast elastomers have a wide range of applications and exhibit properties of polyurethane. These elastomers are used in applications such as rollers and industrial wheels, which demand a high degree of performance. These elastomers find applications in automotive, mining, oil, medical, heavy-duty equipment, and transport industries. Increasing demand for machineries and equipments in these end-use industries is expected to support the growth of the hot cast elastomer segment.
Industrial segment accounted for the largest market share amongst other end-use industry in the cast elastomer market
The industrial sector is the largest end-use industry for cast elastomer market. The growing demand in this segment is attributed to its wide variety of applications in the industrial sector. Increasing number of industries generating high demand for equipment and machinery is helping boost the demand for cast elastomer in this sector. Cast elastomer are used in the industrial sector in a wide range of applications such as coupling elements, seals & gaskets, conveyor belts, forklift wheels, etc. These are used in various sectors such as paper, construction, heavy industries, and others. Growing demand for machinery is directly expected to affect the cast elastomers market positively.
APAC is projected to grow the fastest in the cast elastomer market during the forecast period.
APAC is the fastest-growing market for cast elastomer. This growth is mainly owing to economic advancement of emerging economies, such as India, China, Indonesia, Malaysia, Vietnam, and Thailand, in the region, where demand for machineries and equipments in industries is increasing rapidly. Moreover, growth in population and increasing urbanization are also driving the manufacturing sector. In addition, growth in industrialization, increasing demand due to changing demographics, and government initiatives to attract business investments in industries such as power, oil & gas, and automotive are also driving the market for cast elastomer in the region.
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and subsegments of the cast elastomer market gathered through secondary research.
The breakdown of primary interviews has been given below.
By Company Type: Tier 1 – 25%, Tier 2 – 50%, and Tier 3 – 25%
By Designation: C Level Executives – 20%, Director Level – 30%, Others – 50%
By Region: North America – 20%, APAC – 25%, Europe – 30%, Middle East & Africa – 10%, South America-15%.
The key players in this market are Covestro AG (Germany), Huntsman Corporation (US), Lanxess (Germany), Dow (US), BASF (Germany), Tosoh Corporation (Japan), Mitsui Chemicals, Inc. (Japan), and Era Polymers (Australia). These players have established a strong foothold in the market by adopting strategies, such as new product launches, investment & expansions, agreement & collaboration, and mergers & acquisitions.
This report covers the cast elastomer market and forecasts its market size until 2026. The market has been segmented based on type, end-use industry, and region. The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their positions in the market. The report also provides insights into the driving and restraining factors in the cast elastomer market, along with opportunities and challenges across these industries. It also includes profiles for top manufacturers in the market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the cast elastomer market and provides the closest approximations of overall market size for its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the market and provide information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as new product launches, investment & expansions, agreement & collaboration, and mergers & acquisitions.
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