Cast Elastomers Market is likely to register double digit CAGR during 2018 to 2026
Global Cast Elastomers Market: Introduction
Cast elastomers are materials that stretch and recover instantaneously on release. Cast elastomers are thermosetting, as are natural and synthetic rubbers. Cast elastomers are based on either polyethers and/or polyesters. These elastomers possess excellent physical properties including abrasion resistance and load bearing characteristics. They also possess other useful properties such as tensile strength and tear resistance. Properties of cast elastomers bridge the gap between rubber, and plastics. Cast elastomers are used in various applications in bumpers, shock absorbers, bushings, bearings, wear strips, slide plates, and machine parts.
Cast Elastomers Market: Segmentation Overview
Based on type, the cast elastomers market can be classified into hot cast and cold cast. Hot cast is estimated to be the key segment of the cast elastomers market in the near future. Market share of the hot cast segment is large due to the wide usage of these elastomers in automotive & transportation and industrial applications owing to properties such as high abrasion resistance, high tensile strength, high load-bearing capacity, superior impact strength, and cost-effectiveness. In terms of end-use industry, the cast elastomers market can be divided into automotive & transportation, industrial, mining, oil & gas, and others. Industrial is estimated to be the major end-use segment of the cast elastomers market. The market share of the segment is large due to the extensive use of cast elastomers in applications such as industrial wheels, rollers, and machinery. Hot cast elastomers are used in these applications such as industrial wheels, rollers, and machinery they offer tough abrasion resistance and high load-bearing capacity.
Cast Elastomers Market: Overview
Rise in demand for cast elastomers from end-use industries, superior advantages over conventional materials, and increase in demand for these elastomers in emerging economies are key factors driving the cast elastomers market. The cast elastomers market is expanding due to the rise in usage of cast elastomers in end-use industries such as automotive & transportation, industrial, mining, and oil & gas. Cast elastomers adversely affect the environment and human health. This the major factor hampering the cast elastomers market. Continuous technological developments present lucrative opportunities to the cast elastomers market. Rise in demand for cast elastomers in emerging economies and increase in manufacturing activities are also creating growth opportunities for the cast elastomers market. Compliance of stringent regulations and standards and fluctuation in prices of raw materials are the major challenges facing the cast elastomers market.
Cast Elastomers Market: Regional Outlook
In terms of region, the cast elastomers market can be segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa. Asia Pacific is estimated to be the prominent region of the global cast elastomers market in terms of value in the near future. Increase in demand for cast elastomers in various end-use industries, rapid industrialization, improvement in economic conditions, supportive government policies, and availability of cheap labor and natural resources are factors fueling the cast elastomers market. Growth in end-use industries is largely driven by the rise in population, increase in per capita income, and changing lifestyles in the region.
Cast Elastomers Market: Key Players
Key players operating in the global cast elastomers market are Covestro AG, Huntsman International LLC., LANXESS, DowDuPont, The Dow Chemical Company, BASF SE, Tosoh Corporation, Mitsui Chemicals, Inc., Coim Group, and Era Polymers Pty Ltd.
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