Cast Elastomers are extensively used in automotive industry as these are suitable for producing bundle of automotive parts. Properties such as high elongation rate and low compression to bolster the integration of cast elastomers in automotive industry over long-run forecast period.
In 2018, total output of automobile stood at 95 million compared to 77 million in 2010. This is equivalent to 3% CAGR over this period. Huge leap of automotive industry is assisted by strong demand growth of electric vehicles across regions. Change in regional regulations and policies with respect to implementation has provided strong boost to the electrical vehicle penetration across the globe.
Explosion of electric vehicle business over the past half-decade has paved way for increased demand for cast elastomers. Owing to the light weight property of cast elastomers, their adoptability by e-automakers has increased by multiple folds over the same period.
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Another market driver is the growing trend towards lightweight vehicle production. Cast elastomers are designed to meet the growing demand for improved efficiency of car. Market players are developing and manufacturing multifunctional cast elastomers as a result of favorable regulatory scenarios and the growth of end-use industries.
Cast elastomer are in high demand around the world, thanks to their widespread use in application such as industrial wheels, rollers and machinery, where they have tough abrasion resistance and high load-bearing capability. Rise in the number of manufacturing facilities around the world, as well as increased government spending on infrastructure growth, are expected to fuel demand for cast elastomers in these industries.
“High R&D spending to enhance cast elastomer properties will aid market growth over the short-run forecast period,”says a Fact.MR analyst.
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Key Takeaways from Market Study
- In terms of value, 5% CAGR is expected for the global cast elastomers market through 2031
- The market is estimated to cross US$ 2 Bn by 2031 in terms of revenue
- Asia Pacific dominates sales of cast elastomers in terms of volume
- Germany to hold market dominance in Europe. Followed by Germany, France is anticipated to capture the market stance
- Covestro and Stepan are key players supplying cast elastomers to automakers in countries favoring economies of density
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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
- Cast Elastomers for Automotive
- Cast Elastomers for Building & Construction
- Cast Elastomers for Industrial Process & Material Handling
- Cast Elastomers for Mining
- Cast Elastomers for Oil & Gas
- Cast Elastomers for Energy & Power
- Others (including Agriculture, Medical, and 3D Printing)
- By Region
- North America
- Russia & CIS
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- Rest of Asia Pacific
- North America
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.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the cast elastomers market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product type (hot and cold), raw material (TDI-based, MDI-based, aliphatic, and others (polyurethane and NDI-based)), and end-use industry (automotive, building & construction, industrial process & material handling, mining, oil & gas, energy & power, and others (including agriculture, medical, and 3d printing), across major regions of the world (North America, Europe, Latin America (Brazil, Mexico, Rest of Latin America), Middle East & Africa( GCC Countries, South Africa, Rest of Middle East & Africa), and Asia Pacific (China, India, Japan, ASEAN, Rest of Asia Pacific).
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