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.
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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. 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.
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
- 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
- North America
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The report covers following Cast Elastomers Market insights and assessment that are helpful for all participants involved in the Cast Elastomers Market:
- Data on recently introduced regulations and their impact on key industries and on demand in Cast Elastomers Market
- Latest industry Cast Elastomers Market with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Cast Elastomers Market and changing consumer preferences in major industries.
- Changing Cast Elastomers Market demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Cast Elastomers Market major players
- Cast Elastomers Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Cast Elastomers Market demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
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