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Oct 5, 2020 10:02 AM ET

Global Cast Elastomers Market Set For Rapid Growth, To Reach USD 1547 Million By 2024

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Cast Elastomers Market by Type (Hot Cast Elastomer and Cold Cast Elastomer) and by Application (Industrial, Automotive & Transportation, Mining, Oil & Gas, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024”. According to the report, the global cast elastomers market was valued at USD 1100 million in 2017 and is expected to reach USD 1547 million in 2024, growing at a CAGR of 5.0% between 2018 and 2024.

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Cast elastomers are generally based on either polyesters and/or polyethers. They possess magnificent physical properties, such as load-bearing characteristics and abrasion resistance. A special property of cast elastomers is that they bridge the gap between plastics and rubber. They are used for various applications, such as bumpers, bushings, shock absorbers, bearings, slide plates, machine parts, and wear strips. Cast elastomers are materials that return to their original shape and stretch instantaneously on release. They are thermosetting, as they are synthetic and natural rubbers.

Global Cast Elastomers Market

Rising demand from various end-use industries and superior advantages as compared to conventional materials are expected to drive the global market for cast elastomers. However, the hazardous impact on human health and the environment might impede the cast elastomers market. Nevertheless, technological developments in various industries are likely to provide new market opportunities in the global cast elastomers in the upcoming years.

The cast elastomers market is segmented into type and application. By type, the cast elastomers market is categorized into cold cast elastomer and hot cast elastomer. The hot cast elastomer held the largest market share in 2017, owing to its wide usage in the automotive and transportation sectors. By application, the cast elastomers market is segmented into industrial, automotive and transportation, mining, oil and gas, and others. Automotive application held the largest market share in 2017, owing to its lightweightness and reduced emissions.

The Asia Pacific held the largest market share of cast elastomers in 2017 and is expected to dominate over the forecast time period. Large-scale consumption of cast elastomers in this region, due to the rapid industrialization, growing end-use industries, improvement in economic conditions, natural resources, and availability of cheap labor, and supportive government policies are likely to fuel this regional market in the future. Moreover, increasing population is driven by end-user industries, changing lifestyles, and per capita income are anticipated to drive the region’s cast elastomers market in the upcoming future. The U.S. is expected to be the prominent market in North America for cast elastomer, due to the presence of large-scale automotive manufacturing plants. In Europe, the rising automotive parts’ production is projected to boost the cast elastomers market over the projected timeframe. Latin America and the Middle East and Africa are projected to exhibit substantial growth in the years to come, owing to the growing end-user industries in both regions.

The key players of the global cast elastomers markets are Covestro, Lanxess, Huntsman, Dowdupont, Tosoh Corporation, ERA Polymers, Mitsui Chemicals, BASF, Wanhua Chemical, and Coim Group, among others.

This report segments the global cast elastomers market as follows:

Cast Elastomers Market: Type Analysis

Cast Elastomers Market: Application Analysis

Cast Elastomers Market: Regional Analysis

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Keywords:    Cast Elastomers Market

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