Cast Elastomers Market Revenue To Witness Rapid Growth In Near Future : Fact.MR

Cast elastomers are widely used in the automotive industry because they are suitable for producing a variety of automotive parts. Cast elastomers’ long-term integration in the automotive industry will be aided by properties such as high elongation rate and low compression.

In 2018, total automobile output was 95 million, up from 77 million in 2010. This equates to a 3% CAGR over this time period. The automotive industry’s huge leap is aided by strong demand growth for electric vehicles across regions. Changes in regional regulations and policies regarding implementation have provided a significant boost to the global penetration of electric vehicles.

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The explosion of the electric vehicle industry over the last half-decade has increased demand for cast elastomers. Because of the light weight of cast elastomers, their adoption by e-automakers has increased by orders of magnitude over the same time period.

Another market driver is the increasing production of lightweight vehicles. Cast elastomers are intended to meet the growing demand for improved vehicle efficiency. As a result of favourable regulatory scenarios and the expansion of end-use industries, market players are developing and manufacturing multifunctional cast elastomers.

Cast elastomers are in high demand around the world due to their widespread use in applications such as industrial wheels, rollers, and machinery, where they have high load-bearing capability and tough abrasion resistance. Increased government spending on infrastructure expansion, as well as an increase in the number of manufacturing facilities around the world, are expected to drive demand for cast elastomers in these industries.

Key Market Segmented Covered

  • By Type
    • Hot Cast Elastomers
    • Cold Cast Elastomers
  • By Raw Material
    • TDI-based Cast Elastomers
    • MDI-based Cast Elastomers
    • Aliphatic Cast Elastomers
    • Others (including Polyurethane and NDI-based)
  • By End-use Industry
    • Automotive
    • Building & Construction
    • Industrial Process & Material Handling
    • Mining
    • Oil & Gas
    • Energy & Power
    • Others (including Agriculture, Medical, and 3D Printing)
  • By Region
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • France
      • U.K.
      • Italy
      • Spain
      • Russia & CIS
      • Rest of Europe
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Rest of Asia Pacific

Key Takeaways from Market Study

  • The global cast elastomers market is expected to grow at a 5% CAGR through 2031.
  • In terms of revenue, the market is expected to surpass $2 billion by 2031.
  • In terms of volume, Asia Pacific dominates sales of cast elastomers.
  • Germany will maintain its market dominance in Europe. France is expected to take the market lead after Germany.
  • Covestro and Stepan are key suppliers of cast elastomers to automakers in countries that benefit from density economies.

“High R&D spending to enhance cast elastomer properties will aid market growth over the short-run forecast period,”

Winning Strategy

Vital players have been spending on research & development to come up with novel applications of the product. These enhancements will drive demand for cast elastomers in the medium- to long-term forecast period.

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