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Cast Elastomers Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI4089

Global cast elastomers market size is set to expand at a CAGR of 4% from 2022 to 2028. Elastomers are produced by imparting rubber-like elastic properties to polymers. The materials offer a range of advantages including high load-bearing capacity, transparency, shape retention, adhesiveness, electric insulating properties, wide hardness range, and others. In addition, cast elastomers enable the creation of any conceivable shape, which extends its usage across a variety of applications including oil and gas, medical, mining, and many others.
 

On the basis of the type of product, cast elastomers market is bifurcated into hot cast elastomers and cold cast elastomers. Of these, hot cast elastomers are expected to record considerable demand over the estimated period. This is because numerous companies are focusing on the development and launch of hot cast systems for gaining a competitive edge in the market. For instance, in September 2021, LANXESS introduced its hot cast and cold cure system for polyurethane cast elastomers. The technology will deploy a novel Vibracure curative in curing a Vibrathane MDI ether prepolymer at room temperature by enabling energy savings, ease of use, EH&S improvement, and a substantial reduction in CO2 emissions.

 

Considering the end-use landscape, cast elastomers are set to foresee extensive application across the automotive industry, ranging from passenger cars to recreational, agricultural, and commercial vehicles. The materials can be used for the production of various parts for any kind of vehicle, covering both the exterior and interior. Furthermore, PU cast elastomers allow the creation of numerous three-dimensional and complex parts with no limitations regarding size. The products are used across an array of automotive seating, automotive interior, and automotive exterior applications.

 

From the regional perspective, Asia Pacific cast elastomers market share is anticipated to register appreciable growth through 2028. This rise is attributed to an increase in research and development activities in the region. To cite an instance, in July 2021, Huntsman announced plans to unveil its new range of easy-to-use elastomers that can be used for simplifying the casting of heavy-duty and complex parts. The products are expected to provide extra manufacturing flexibility when casting hard-wearing, large, and specialist components for industrial, oil and gas, and mining applications.
 

Key players operating in the cast elastomers market include Huntsman Corporation, LANXESS, Covestro AG, BASF SE, and others. These companies are focusing on the implementation of numerous strategies such as acquisitions, mergers, product developments, partnerships, and collaborations for consolidating their position across the industry. Considering an instance, in November 2020, Covestro developed a sustainable cast elastomer solution that helps the offshore industry in the reduction of its carbon footprint and environmental impact. The materials offer the same performance as the one offered by petrochemical-based elastomers.
 

Impact of COVID-19 on cast elastomers market

The imposition of government restrictions in efforts to combat the COVID-19 pandemic has negatively impacted the cast elastomers industry by creating hurdles in the manufacturing and shipping processes of various market participants. However, the industry has recorded an increasing inclination towards the development of thermoplastic polyurethane elastomers for the manufacturers of PPE kits. The development was intended at facilitating the production of face masks, hospital gowns, valves, tubes, cable jackets, mattress covers, and others.
 

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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