Hot Cast Elastomers to be Largest Type in the Cast Elastomer Market
The cast elastomer market is USD 1.4 billion for the year 2023 and is projected to reach USD 1.8 billion in 2028 at a CAGR of 5.0% during the forecast period. Cast elastomers offer durability, excellent performance in harsh conditions, and resistance to chemicals and abrasion. They contribute to cost savings through extended equipment lifespan and reduced maintenance and replacement costs. Their customization capabilities and engineering properties make them suitable for diverse industrial requirements. Cast elastomers provide equipment protection, improve safety, and offer vibration dampening properties
Cast elastomers find various applications in the automotive and transportation industry due to their unique properties and performance characteristics.
Cast elastomers are used in the manufacturing of suspension components such as bushings, mounts, and shock absorber seals. They provide excellent vibration dampening, impact resistance, and durability, contributing to improved ride comfort and vehicle handling. Cast elastomers are utilized for sealing applications in the automotive industry. They provide effective sealing solutions for engine components, including valve covers, oil pans, and timing covers. Cast elastomer gaskets offer superior resistance to oils, fuels, and other fluids, ensuring reliable and leak-free performance. Cast elastomers are employed in body seals and weatherstrips to ensure proper sealing between vehicle body panels, doors, windows, and other openings. They offer flexibility, weather resistance, and sealing properties, preventing water, dust, and noise intrusion into the vehicle cabin. Cast elastomers are employed in automotive seating systems to enhance comfort and durability. They provide cushioning, impact resistance, and flexibility, ensuring comfortable seating for occupants.
Hot cast elastomer is expected to be the fastest growing type for cast elastomer in the market during the forecast period, in terms of value.
Hot cast elastomers offer a high level of customization and versatility in terms of their properties, hardness, and performance characteristics. Manufacturers can tailor hot cast elastomers to meet specific application requirements, allowing for a wide range of potential uses in various industries. Hot cast elastomers often exhibit improved physical properties compared to other types of elastomers. They can have higher tear resistance, tensile strength, and elongation, making them suitable for demanding applications where durability and performance are crucial.. The hot casting process for elastomers allows for efficient and cost-effective production. It enables the molding of complex shapes and the creation of large parts, reducing the need for assembly or joining multiple pieces. This efficiency in processing can contribute to the growth and adoption of hot cast elastomers. Hot cast elastomers may have experienced growth due to increased demand in specific industries. For example, industries such as oil and gas, mining, and construction often require elastomers that can withstand harsh environments and provide excellent abrasion resistance. Hot cast elastomers' properties make them suitable for these demanding applications, leading to increased usage and market growth.
Based on region, Asia Pacific was the largest market for cast elastomer in 2023, in terms of value.
The Asia-Pacific region, notably countries like China, India, and Southeast Asian nations, has witnessed substantial industrialization and economic growth in recent years. This progress has resulted in heightened demand for cast elastomers across multiple industries, including automotive, manufacturing, construction, and electronics. The Asia-Pacific region has witnessed remarkable growth in the automotive industry. Cast elastomers are extensively employed in various automotive applications, including suspension components, bushings, seals, gaskets, and engine mounts. The increasing demand for automobiles in the region propels the need for cast elastomers. Many countries in the Asia-Pacific region are heavily investing in infrastructure development, encompassing transportation, energy, and construction projects. Cast elastomers are widely utilized in infrastructure projects for applications like bridge bearings, expansion joints, pipeline coatings, and vibration dampening. The ongoing development of infrastructure activities contributes to the demand for cast elastomers in the region. The Asia-Pacific region provides a favorable manufacturing environment characterized by factors such as lower labor costs, availability of raw materials, and supportive government policies. These aspects encourage manufacturers to establish production facilities in the region, thereby driving the demand for cast elastomers.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
- By Company Type: Tier 1 - 45%, Tier 2 - 25%, and Tier 3 - 30%
- By Designation: C-Level - 25%, Director Level - 15%, and Others - 60%
- By Region: North America - 20%, Europe - 25%, Asia Pacific - 35%, Middle East & Africa-10%, and South America-10%
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).
Research Coverage
This report segments the market for cast elastomer market on the basis of type, end-use industry and region. It provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the cast elastomer market.
Key benefits of buying this report
This research report is focused on various levels of analysis of key drivers (increasing demand for high value end-use inustries, superior advantage over conventional materials and increasing manufacturing activities in emerging economies), industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the cast elastomer market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Analysis of Key drivers (increasing demand for high value end-use inustries, superior advantage over conveentional materials and increasing manufacturing activities in emerging economies),restraints (hazardous impact on environment and human health), oppertunities (continous technological advancement) and challenges (compliance with stringent reguations and standards and fluctuating raw material prices).
- Market Penetration: Comprehensive information on cast elastomer market offered by top players in the global cast elastomer market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the cast elastomer market.
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for the cast elastomer market across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global cast elastomer market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the cast elastomer market.
Table of Contents
Executive Summary
Companies Mentioned
- BASF
- Dow
- Huntsman Corporation
- Covestro AG
- LANXESS
- Era Polymers
- Mitsui Chemicals, Inc.
- Notedome Ltd.
- Tosoh Corporation
- Wanhua Chemical Group Co., Ltd.
- Alchimica S.A.
- Carlisle Polyurethane Systems
- Chemline, Inc.
- COIM Group
- Herikon B.V.
- Jayantilal J. Gandhi Chemicals Pvt. Ltd.
- LUC Group
- Polycoat Products
- RECKLI
- Sapici S.P.A.
- Sika Advanced Resins
- Synthesia Technology Group
- Taiwan PU Corporation
- TSE Industries
- VCM Polyurethanes
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 178 |
| Published | July 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 1.4 Billion |
| Forecasted Market Value ( USD | $ 1.8 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 25 |
