Cast Elastomers Market Overview
The Cast
Elastomers Market size is forecasted to reach US$2.1 billion by 2027, after growing
at a CAGR of 5.7% during the forecast period 2022-2027. The polymers that
possess elastic characteristics are known as cast elastomers. They own beneficial
properties such as toughness, stiffness, durability, strength and
viscoelasticity. Polyurethane cast elastomer is a liquid form of polymer
chemical compound formed between polyol and isocyanate. These elastomers are
manufactured with a combination of isocyanates such as methylene diphenyl
diisocyanate (MDI) or toluene diisocyanate (TDI) and polymeric polyol. These
elastomers hold properties such as shape retention, resistance to abrasion,
tear strength, oxidation resistance, strong adhesive and high load-bearing
capacity. Polycarbonate diols are the major premier polyols used in polyurethanes.
Silicone or polysiloxane is a class of polymers that are widely used in
elastomers owing to their properties.
Many industries
across the globe have faced several challenges due to the COVID-19 pandemic.
Several industries such as transportation, building and construction, oil
and gas, energy and power and food and beverages including many others have
experienced pitfalls due to the unavailability of raw materials. The production
and demand in these industries have declined due to an interrupted supply chain
and the cessation of transportation. For instance, according
to the International Organization of Motor Vehicle Manufacturers, in 2020, passenger
vehicle production was 19.9 million units in comparison to 21.3 million
produced in 2019, showing a 6.5% decrease. Also, according
to India’s Ministry of Statistics and Programme Implementation, in 2020, the growth
rate of the Indian construction industry declines by 7% in Q3 and 49.4% in Q2. With the pause in industrial production and distribution, the demand and
consumption of Cast Elastomers have been hampered to an extent.
Report Coverage
The “Cast Elastomers Market Report – Forecast
(2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments
in the Cast Elastomers industry.
Key Takeaways
- The notable growth in industries such as transportation, oil and gas, energy and power and building and construction is driving the growth of the Cast Elastomers Market.
- Hot cast elastomers play an important role in several applications such as battery covers, printing rollers and concrete mold which is expected to provide a significant growth opportunity to increase the Cast Elastomers Market size in coming years.
- Increase in production and demand for automobiles is expected to provide substantial growth opportunities for the industry players in near future in the Cast Elastomers industry.
Figure: Asia-Pacific Cast Elastomers Market Revenue, 2021-2027 (US$ Billion)
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Cast Elastomers Market Segment Analysis – by Product
The hot cast
elastomers segment held the largest Cast Elastomers Market share in 2021, with
a share of over 67%. Polyurethane
elastomers are produced in a variety of hardness and usually possess good
chemical, solvent and abrasion resistance. Cast elastomers with superior quality
are based on polyether prepolymers or isocyanate-terminated polyester. Polycarbonate diols are the major premier polyols used in polyurethanes. Hot elastomers are utilized in a range of
applications mainly in the marine industry for pipe linings, idler rollers,
mineral processing as separating screens and application in flotation
processes. Apart from this, these elastomers are used in applications such as tires,
wheels and rollers. These are also suitable for many challenging applications
such as dead-blow hammers, conveyor belts and forklift tires. These are widely
adopted in a range of applications owing to their durability and versatility. Thus, several benefits associated with the use
of hot cast elastomers are boosting growth and are expected to account for
significant Cast Elastomers Market share.
Cast Elastomers Market Segment Analysis – by End-use Industry
The transportation segment is expected to
grow at the fastest CAGR of 9.2% during the forecast period in the Cast
Elastomers Market.
Cast elastomers are used in an extensive range of end-use industries owing to
their properties such as flexibility, durability, toughness and viscoelasticity.
They possess benefits such as high tensile strength, strong adhesiveness,
superior electric insulating properties, resistance to chemicals and oxidation
resistance. In the transportation industry, cast elastomers are widely used for
wheels, tires, rollers and powertrains. Owing to their resiliency, mechanical
properties and abrasion resistance these are used for automotive body
fasteners, battery covers, hoses, bushings, seals and gaskets and airbag
covers. Thus,
the increase in demand for transportation is boosting the market growth of the Cast Elastomers Market.
Cast
Elastomers
Market Segment Analysis – by Geography
Asia-Pacific held the largest Cast Elastomers Market share in 2021, with a share of 36%. This growth is mainly attributed to the robust presence of several industries such as automotive and transportation, oil and gas, building and construction, chemical and petrochemical and food and beverages in this region. The region consists of major economies such as China, India, Japan and Australia where the level of industrial output has rapidly increased. For instance, as per the 2021 report of the European Automobile Manufacturers Association on global vehicle production, China produced 32% of 74 million cars manufactured worldwide with Japan & Korea producing 16%. as per the State Council for the People’s Republic of China, in July 2021 China has approved projects related to the development of affordable rental homes. Thus, the significant growth in several industries in this region also boosts the growth of the Cast Elastomers Market.
Cast Elastomers Market Drivers
Growth in the automotive industry
During the past few years, the automotive industry is growing at a substantial rate owing to the increased demand
for automobiles. With the increase in demand and production, there is also a surge in the need for novel materials in order to increase the performance of automobiles.
Cast elastomers are widely used in the automotive industry in numerous applications
as hoses, covers for automotive electronics, belts, bump stops, taillight
assemblies, bushings, engine mounts and suspension system parts. Thus, growth
in the automotive industry is increasing the demand for cast elastomers. For
instance, in 2021, according to the International Organization of Motor Vehicle Manufacturers, the global
production volume of passenger vehicles was 57 million units showing 2%
increase compared to 55.9 million units made in 2020. Also, as per the November
2021 report of the Europe Automobile Manufacturer Association, the new
passenger car registration in the first ten months of 2021 increased up to 2.2%
with an increase shown in European Union markets like Italy showed 12.7%, Spain
showed 5.6% and France showed 3.1%. Cast polymers offer benefits such as
durability and cost-effectiveness in the automotive industry along with
increased lifespan of parts, resistance to rotting and production of flexible
parts. Thus, growth in the automotive industry is further propelling the demand for the Cast Elastomers Market.
Increase in demand from the food and beverages industry
The rapid growth
in population and adoption of a healthy and sustainable diet has led to an increase
in demand for food items, thereby increasing the production level of food
items. The increase in demand for food has also boosted the demand for
effective materials in the food industry. FDA has approved polyurethane cast
elastomers to be used in food processing applications. Polycarbonate diols
are the major premier polyols used in polyurethanes. Cast elastomers can be
used for gaskets, rings and custom molded polyurethane parts for food-grade
applications. Thus, the growth of food processing is driving the growth of the Cast Elastomers Market. For instance, according to FoodDrink Europe, in Q3 2021,
food and drink industry turnover in the EU increased by 2% compared to the previous
quarter. Also, according to the India Brand Equity Foundation (IBEF), the food
processing sector in India will reach USD 535 billion by the year 2025-26. Thus,
the global surge in the food and beverages industry is propelling the growth and is
expected to account for a significant share of Cast Elastomers Market size.
Cast Elastomers Market Challenge
Disadvantages associated with the use of cast elastomers
Cast Elastomers provide several benefits such as load bearing
capacity, abrasion resistance, resistance to oil and grease and impact strength.
These are able to retain their original share and extend the service life of
products. However, they can shrink over
a period of time and some products may offer limited shelf life after opening and
can be affected by the ambient moisture. Also, in applications such as food
processing, manufacturers of cast elastomers have to comply with regulations
stated by FDA. The companies have to comply with regulations on food processing
such as the Office of Food Additive Safety (OFAS) and the Center for Food Safety and
Applied Nutrition (CFSAN). Thus, the above-mentioned factors may hamper the
market growth
Cast Elastomers Industry Outlook
The top 10 companies in the Cast Elastomers Market are -
- BASF SE
- Huntsman Corporation
- Era Polymers Pty. Ltd.
- Covestro AG
- Lanxess AG
- Mitsui Chemicals
- Notedome Limited
- Tosoh Corporation
- Alchimica
- TSE Industries
Recent Developments
- In June 2021, Huntsman developed a new range of easy-to-use cast PU elastomers for offering producers extra manufacturing flexibility.
- In November 2019, BASF SE opened a new development Centre in Wyandotte, Michigan / USA for ‘Elastollan’ TPU. The customer can test and develop cast, flat and blown die sheets; and solutions through this development Centre.
- In June 2019, Huntsman launched a new range of high-performance and customizable MDI-based hot cast elastomers which can be used in wheels and other industrial parts in extreme working conditions.
Relevant Reports
Report Code: CMR 1030
Report Code: CMR 53455
Report Code: CMR 1056
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global Cast Elastomers Market By Type Market 2023-2030 ($M)1.1 Hot Cast Elastomer Market 2023-2030 ($M) - Global Industry Research
1.2 Cold Cast Elastomer Market 2023-2030 ($M) - Global Industry Research
2.Global Cast Elastomers Market By End-Use Industry Market 2023-2030 ($M)
2.1 Industrial Market 2023-2030 ($M) - Global Industry Research
2.2 Automotive & Transportation Market 2023-2030 ($M) - Global Industry Research
2.3 Mining Market 2023-2030 ($M) - Global Industry Research
2.4 Oil & Gas Market 2023-2030 ($M) - Global Industry Research
3.Global Cast Elastomers Market By Type Market 2023-2030 (Volume/Units)
3.1 Hot Cast Elastomer Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Cold Cast Elastomer Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Cast Elastomers Market By End-Use Industry Market 2023-2030 (Volume/Units)
4.1 Industrial Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Automotive & Transportation Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Mining Market 2023-2030 (Volume/Units) - Global Industry Research
4.4 Oil & Gas Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Cast Elastomers Market By Type Market 2023-2030 ($M)
5.1 Hot Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
5.2 Cold Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
6.North America Cast Elastomers Market By End-Use Industry Market 2023-2030 ($M)
6.1 Industrial Market 2023-2030 ($M) - Regional Industry Research
6.2 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
6.3 Mining Market 2023-2030 ($M) - Regional Industry Research
6.4 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
7.South America Cast Elastomers Market By Type Market 2023-2030 ($M)
7.1 Hot Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
7.2 Cold Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
8.South America Cast Elastomers Market By End-Use Industry Market 2023-2030 ($M)
8.1 Industrial Market 2023-2030 ($M) - Regional Industry Research
8.2 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
8.3 Mining Market 2023-2030 ($M) - Regional Industry Research
8.4 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
9.Europe Cast Elastomers Market By Type Market 2023-2030 ($M)
9.1 Hot Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
9.2 Cold Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
10.Europe Cast Elastomers Market By End-Use Industry Market 2023-2030 ($M)
10.1 Industrial Market 2023-2030 ($M) - Regional Industry Research
10.2 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
10.3 Mining Market 2023-2030 ($M) - Regional Industry Research
10.4 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
11.APAC Cast Elastomers Market By Type Market 2023-2030 ($M)
11.1 Hot Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
11.2 Cold Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
12.APAC Cast Elastomers Market By End-Use Industry Market 2023-2030 ($M)
12.1 Industrial Market 2023-2030 ($M) - Regional Industry Research
12.2 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
12.3 Mining Market 2023-2030 ($M) - Regional Industry Research
12.4 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
13.MENA Cast Elastomers Market By Type Market 2023-2030 ($M)
13.1 Hot Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
13.2 Cold Cast Elastomer Market 2023-2030 ($M) - Regional Industry Research
14.MENA Cast Elastomers Market By End-Use Industry Market 2023-2030 ($M)
14.1 Industrial Market 2023-2030 ($M) - Regional Industry Research
14.2 Automotive & Transportation Market 2023-2030 ($M) - Regional Industry Research
14.3 Mining Market 2023-2030 ($M) - Regional Industry Research
14.4 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Cast Elastomers Market Revenue, 2023-2030 ($M)2.Canada Cast Elastomers Market Revenue, 2023-2030 ($M)
3.Mexico Cast Elastomers Market Revenue, 2023-2030 ($M)
4.Brazil Cast Elastomers Market Revenue, 2023-2030 ($M)
5.Argentina Cast Elastomers Market Revenue, 2023-2030 ($M)
6.Peru Cast Elastomers Market Revenue, 2023-2030 ($M)
7.Colombia Cast Elastomers Market Revenue, 2023-2030 ($M)
8.Chile Cast Elastomers Market Revenue, 2023-2030 ($M)
9.Rest of South America Cast Elastomers Market Revenue, 2023-2030 ($M)
10.UK Cast Elastomers Market Revenue, 2023-2030 ($M)
11.Germany Cast Elastomers Market Revenue, 2023-2030 ($M)
12.France Cast Elastomers Market Revenue, 2023-2030 ($M)
13.Italy Cast Elastomers Market Revenue, 2023-2030 ($M)
14.Spain Cast Elastomers Market Revenue, 2023-2030 ($M)
15.Rest of Europe Cast Elastomers Market Revenue, 2023-2030 ($M)
16.China Cast Elastomers Market Revenue, 2023-2030 ($M)
17.India Cast Elastomers Market Revenue, 2023-2030 ($M)
18.Japan Cast Elastomers Market Revenue, 2023-2030 ($M)
19.South Korea Cast Elastomers Market Revenue, 2023-2030 ($M)
20.South Africa Cast Elastomers Market Revenue, 2023-2030 ($M)
21.North America Cast Elastomers By Application
22.South America Cast Elastomers By Application
23.Europe Cast Elastomers By Application
24.APAC Cast Elastomers By Application
25.MENA Cast Elastomers By Application
26.Covestro, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Huntsman, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Lanxess, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Dowdupont, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Tosoh Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Mitsui Chemicals, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Wanhua Chemical, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.ERA Polymers, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Coim Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Additional Company Profiles, Sales /Revenue, 2015-2018 ($Mn/$Bn)