Cast Elastomers Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4089
Cast Elastomers Market size will likely propel at an increasing rate due to increasing demand in the oil & gas sector. These are elastic materials which can be stretched to a certain extend and it returns to its original shape after the force is removed. The product is widely used in the oil & gas sector to manufacture pipeline cleaning & inspection pigs, pipeline bend restrictors, pipe thread protectors, fluid separation pigs, etc. Its clarity, abrasion and oil resistant features make it ideal for these applications. The global demand for crude oil has increased from 84.3 million barrels in 2009 to almost 100 million barrels in 2018. Such continuous rise in demand for hydrocarbon fuels to meet energy requirements would be a significant factor fueling the demand for cast elastomers over the coming years.
Cast elastomers is increasingly used in the automobile industry owing to its excellent performances and durability. They are widely used in motor and transmission mounts, air filters, after market suspension parts, damper springs, tires & wheels, dunnage, rollers, bed liners, etc. Total motor vehicles produced in 2018 was around 95 million which has increased from 77 million in 2010. Increasing global automobile production will lead to development in the cast elastomers market. Rising trend toward production of light weight vehicles would be another driver for cast elastomer market. Rapid industrial growth in the Asia countries will propel cast elastomers market size as the product is extensively used in various industries including oil & gas, energy, metal forming, marine, manufacturing & material handling, etc. The region has witnessed robust industrial development in the last two decades with the region accounting for approximately 40% of the world output. Automotive, construction, manufacturing, and mining activities have witnessed a sharp growth in the last decade. Hence, this would further increase the demand for cast elastomers in the coming years.
The cast elastomers market is categorized based on type, application and region. The two types are cold and hot cast. Hot elastomers would gain momentum in the coming years due to its properties like load bearing capacity, resilience, impact resistance, highly elastic etc. These properties make it suitable to be used in various industries like construction, medical, oil & gas, transportation, etc. Cold cast elastomers are processed & cured at room temperature and can be foamed at various molding densities. This type is easy to handle but do not possess superior features as compared to the former one.
Based on application, the cast elastomers market size is segregated into industrial, automotive and transportation, medical, oil and gas, mining, etc. The product is extensively used in the agriculture sector to manufacture wear pads, cab mounts, dampeners, protective sheeting, shock mounts, etc. They are also used 3D printing industry to manufacture 3D printing parts & tools, cutter bars, metal decorating rollers, printing rollers, etc. The sales related to 3D printing by major companies is likely to surpass USD 3 billion by 2020. Such rising trend will in turn increase the demand for 3D printing equipment’s which will in turn increase the demand for cast elastomers in the coming years. This will lead to significant growth in industrial segment.
The five main regions are North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific is likely to portray a significant growth in the coming years due to rising demand from the region. Rapid economic development and expanding customer base have led to this rise in demand. Increasing production of automotive in this region will also spur the demand in the coming years. U.S. occupied the largest share in the North America region due to its growing oil & gas and automotive industries. Presence of major players in this region will be another growth driver for North America cast elastomers market.
Some of the major participants in the cast elastomers market share are LANXESS, Huntsman Corporation, BASF SE, Covestro AG, etc.
Cast Elastomers Market, By Type, 2014-2025 (USD Million)
- Hot cast
- Cold cast
Cast Elastomers Market, By Application, 2014-2025 (USD Million)
- Automotive & transportation
- Oil & gas
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Huntsman Corporation
- BASF SE
- Covestro AG
- Tosoh Corporation
- Polycoat products
- ERA Polymers
- Wanhua Chemical Group Co., Ltd.
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