Analysis of Cast Elastomers market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global cast elastomer market is expected to grow at a CAGR of 5% over the forecast period, from USD 1.4 billion in 2021 to USD 1.8 billion in 2031.
Demand for cast elastomers is projected to rise mainly due to surging demand from the automotive industry.
Cast Elastomers Market (2021)
USD 1.4 billion
Market Forecasted Value (2031)
USD 1.8 billion
Global Market Growth Rate
Key Companies Profiled
Cast elastomers are engineered elastomers which are extensively utilized in automotive and oil & gas industry owing to their resilience, resistance and abrasion properties. Over the past half-decade, cast elastomers have been extensively engineered for their application in light weight vehicles.
Changing construction policies across the major economies such as United States, Canada, and United Arab Emirates has paved way for the integration of cast elastomers in building & construction. Dynamic building construction policies to bolster the sales of cast elastomers over long-run forecast period.
The primary goal of Fact.MR's new report on cast elastomers is to provide insights on the demand generators, market scenario and technological advances in the field. The report also provides a breakdown, detailing the major sectors which identify insights into market dynamics, including drivers, restraints, opportunities, trends, and price analysis, as well as key success factors. Market trends have been tracked in more than 20 high-growth countries, indicating that countries in North America, East Asia and Europe have the largest share of the market.
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The cast elastomer industry is to expand at a moderate rate of around 5% through 2031.
Over the past half-decade, cast elastomers demand has bolstered at a moderate rate owing to the gradual slow down observed from the automotive industry. In the same period, nominal growth of oil & gas industry has also been witnessed providing a minimum dollar opportunity over this period.
Apart from demand from automotive & oil & gas, construction industry to provide opportunistic pockets to the cast elastomer business owing to the extensive integration as essential building & construction materials in the industry.
These cast elastomers are designed to meet the growing demand for improved efficiency. Market players are developing and manufacturing multi-functional cast elastomers as a result of favorable regulatory scenarios and the growth of end-use industries.
Owing to these factors, demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts.
All in all, the cast elastomer industry is to expand at a moderate rate of around 5% through 2031, providing a promising stance for investors in the market.
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During the evaluation period, the cast elastomers is expected to grow at a CAGR of 5%. There is, however, a need to get the grip of “Know-How” with producing cast elastomers efficiently. This could be achieved by strong collaboration among polymer engineers and manufacturers.
Fast Radius, for example, a provider of industrial-grade on demand manufacturing solutions, is working with engineers and designers to gain proficiency in elastomers prototyping, which is becoming increasingly popular in additive manufacturing.
New pre-polymers of cast elastomers with extensive performance in automotive and oil & gas have received lots of attention. Manufacturers in alliance with polymer scientists & engineers are expanding the avenues of cast elastomers reach in the market. This is anticipated to bolster the business of cast elastomers over long-run forecast period.
China holds huge potential in driving the cast elastomers business on the back of rising electric vehicles market in the region. Dynamic vehicle policies in the region has paved way for demand of lightweight materials including cast elastomers. Country holds huge potential in cast elastomers not only in automotive industry but also in building & construction applications.
In the near future, China is expected to be the most valuable area of the cast elastomers industry. Increased demand for cast elastomers in various end-use industries, rapid industrialization, improved economic conditions, supportive government policies, and the availability of low-cost labor and natural resources are all contributing to the region’s cast elastomers market’s development. The growth of end-use industries is primarily fueled by population growth, rising capita income, and shifting lifestyles.
Because of the substantial contribution from end-use industries, Germany is expected to gain the largest market share in Europe during the forecast period. Furthermore, due to high investment and ongoing R&D activities, the area is expected to develop at a much faster rate. During the forecast period, Germany is expected to rise at a 3% compound annual growth rate.
Fluctuating raw material prices and compliance with strict regulations and standards are factors limiting the growth of the cast elastomers business in the country.
Manufacturers of cast elastomers are ramping up production capacity to produce low-viscosity, high-functional, polyester polyols for application such as vibration and noise (NVH) materials for automobiles. UV stable resins with superior tensile and tear strength can be made with the aid of high-quality polyester polyols. As a result of these materials, premium cast elastomers with solvent and oxidation resistance are more readily available.
To extend their supply chains, manufacturers are unlocking revenue potentials in irrigation, pipeline safety, and encapsulation applications, in addition to automotive and power industry applications. The rising demand for UV resistant and long lasting polyurethane elastomer is creating new business opportunities for cast elastomer manufacturers.
Manufacturers in the cast elastomers market are looking to expand their business in the Americas, Europe, and Asia Pacific with experienced technical support and R&D. Stepan, a multinational specialty and intermediate chemical producer, is seizing the opportunity by bolstering supply chain for its STEPANPOL polyester polyols, which are used to make microcellular foams and prepolymers for cast elastomers.
Companies in the cast elastomers industry are promoting high-quality polyester polyols to increase sales of conveyor belts, rollers and casters and thermal barriers, among other items. As a result, suppliers are providing customized services to clients in order to satisfy unique product properties and achieve a competitive advantage.
By 2031, the demand for cast elastomers is expected to reach a size of US$ 2 billion. Companies like Covestro, a German manufacturer of polyurethane and polycarbonate raw materials, have joined the market to create long-lasting cast elastomers for the offshore wind industry. Manufacturers are following their lead in developing elastomers that mimic the properties of petrochemical-based items.
Cast elastomer manufacturers are stepping up their efforts to create goods that aid stakeholders in the offshore wind power industry by reducing environmental impact and carbon footprint. As a result, manufacturers are developing carbon dioxide based precursors that eliminate need for fossil raw materials.
Chemical manufacturers are rethinking investments and restricting development activities in the face of volatile supply and demand situation. Changes in customer perception of COVID-19, on the other hand, are assisting in the revival of the cast elastomer industry. As a result, the chemical industry’s economic downturn is less serious than that of quarantine affected industries like airline and tourism.
Cast elastomers business is likely to observe a downturn owing to the reduced demand from the automotive and oil & gas industries. Moreover, shrink in price of cast elastomers is anticipated to be observed over short-run forecast period. Surge in price to pre-COVID levels is expected to be observed by Q1 of FY2022. All in all market is anticipated to grow at a strong pace over long-run forecast period.
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Aforementioned players rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
Similarly, recent developments related to companies producing cast elastomers have been tracked by the team at Fact.MR, which is available in the full report.
By Raw Material
By End-use Industry
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The global cast elastomer market size is valued at USD 1.4 billion in 2021.
The cast elastomer market is projected to reach a valuation of US$ 1.8 billion in 2031.
Prominent players manufacturing cast elastomers include Covestro AG, Argonics, Inc., Huntsman International LLC, BASF SE, Tosoh Corporation, Mitsui Chemicals, Inc. and Dow, Coim Group.
China is expected to hold a dominant position in the global cast elastomers market.
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