CHICAGO, July 25, 2023 /PRNewswire/ -- The report "Cast Elastomer Market by Type (Hot Cast Elastomer, Cold Cast elastomer), End-use industry (Oil & Gas, Industrial, Automotive & Transportation, Mining), & Region (Asia Pacific, Europe, North America, MEA, South America) - Global Forecast to 2028", is projected to reach USD 1.8 billion by 2028, at a CAGR of 5.0% from USD 1.4 billion in 2023. The cast elastomer market is mainly driven by the increasing manufacturing activities in emerging economies like India and China coupled with superior advantages of cast elastomers over conventional materials and the growing use in various high value end industries.
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118 – Tables
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145 – Pages
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"Hot cast elastomer by type is projected to grow at fastest CAGR, in terms of value, during the forecast period."
Hot cast elastomers exhibit outstanding physical properties, including high tear resistance, tensile strength, and elongation. These qualities make them suitable for demanding applications that necessitate durability, flexibility, and resistance to wear and tear. Hot cast elastomers can be easily and efficiently processed. They can be molded into complex shapes, enabling the creation of intricate parts and components with precise dimensions. The hot casting process also allows to produce large parts, reducing the need for assembly or joining multiple pieces. Hot cast elastomers possess excellent damping properties, allowing them to absorb and dissipate energy, thereby reducing vibrations and noise.
This makes them suitable for applications where noise and vibration control are important, such as automotive suspension systems, industrial machinery, and equipment mounts. Hot cast elastomers perform well over a broad temperature range, enabling their effective operation in both high and low temperature environments. This adaptability makes them suitable for applications prone to temperature fluctuations. These factors are driving its demand in the cast elastomer market.
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"Asia Pacific is expected to be the fastest growing market for cast elastomers during the forecast period, in terms of value."
The Asia-Pacific region offers a conducive manufacturing environment characterized by factors such as lower labor costs, availability of raw materials, and supportive government policies. These factors incentivize manufacturers to establish production facilities in the region, thereby driving the demand for cast elastomers. The Asia-Pacific region has experienced significant growth in the automotive industry. Cast elastomers are utilized in various automotive applications, including suspension components, bushings, seals, gaskets, and engine mounts. The escalating demand for automobiles in the region stimulates the demand for cast elastomers. The region has become a prominent manufacturing hub for industries such as automotive, electronics, and consumer goods. Cast elastomers find extensive applications in these sectors for components, seals, gaskets, and other products. The expansion of the manufacturing sector propels the demand for cast elastomers in the Asia-Pacific region.
The key players in this market are BASF (Germany), Dow (US), Huntsman Corporation (US), Covestro AG (Germany), Lanxess (Germany), Era Polymers (Australia), Mitsui Chemicals, Inc. (Japan), Notedome Ltd. (England), TOSOH Corporation (Japan), Wanhua Chemical Group Co., Ltd. (China).
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