- Manufacturers capitalizing on enormous demand for hot cast elastomers, thereby rendering these high-value segment; rising adoption of these in oil & gas, industrial, and mining applications especially in Asia Pacific generating substantial revenues
- Firms focus on developing environmentally sustainable products for wind power industry; unique properties of polyester polyols to expand frontiers in cast elastomers market
WILMINGTON, Del., Sept. 27, 2022 /PRNewswire/ -- The expansion of the cast elastomers market is driven by rising utilization of elastomers for diverse range of products from automotive, industrial, mining, and oil & gas industries. Recent insights on the cast elastomers market find that over the past few years high-performance elastomers have evoked enormous interest of firms in the mining industry. The market value of cast elastomers is projected to exceed value of US$ 2 Bn by 2030.
The authors of the TMR study observed that hot-cast elastomers are gaining popularity in numerous industrial applications where the tools and equipment must meet the most rigorous standards. The study found that industrial process & material handling was a remarkably lucrative segment in 2019. Stridently, players are geared toward developing elastomers to augment market share for cast elastomers.
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Firms in the cast elastomers market are tapping into value-grab opportunities by developing products that combine the properties of metals, ceramics, and plastics in high-technology applications. To this end, several of them have partnered with companies to whet their expertise in engineering and designing capabilities.
Key Findings of Cast Elastomers Market Study
- Demand in Industrial Process & Material Handling Applications Presents Vast Lucrative Avenue: Elastomer manufacturers are leaning on strengthening their technical expertise for developing high-performance cast elastomers for meeting the demands in industrial process & material handling application. Of note, the segment is anticipated to be remain lucrative in cast elastomers market.
- Rising Adoption of Hot Cast Elastomers to Propel Revenue Streams: Hot cast elastomer has been high-value segment. The product type is preferred for meeting the most demanding applications, notably in mining industry. On the other hand, the demand for cold cast elastomers is estimated to rise rapidly, especially to make flexible polyurethane resins and high-end plastics. The popularity stems from the fact that chemical companies have found those easy to produce, observed the analysts in the study on cast elastomers market.
- R&D on Polyester Polyols to Drive Product Innovations: Growing role of high-end polyester polyols in developing innovative products is a key trend in the cast elastomers market. Firms are harnessing R&D in polyester polyols for developing high-performance cast elastomers. This has helped them meet demanding requirements in rollers & casters and conveyor belts, since they have demonstrated superior solvent and oxidation resistance. Also, the demand for sustainable products for offshore wind power industry has extended the canvas for market players.
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Cast Elastomers Market: Key Drivers
- Demand for wide variety of cast elastomers in numerous industries notably including automotive & transportation, energy & power, mining, and oil & gas is a key underpinning for the market evolution. Rise in use of products is fueled by expansion of these end-use industries.
- Need for new chemistries in elastomers has spurred research on polyurethane prepolymers. Increased focus of firms on customization has expanded the avenue in cast elastomers market.
Cast Elastomers Market: Regional Growth Dynamics
The TMR report found that Asia Pacific is a substantially lucrative region in the global cast elastomers market. Rapid pace of industrialization has spurred the demand for products in various end-use industries. Growing manufacture of products that use cast elastomers is also adding impetus to the growth of the regional market. On the other hand, specialty and intermediate chemical manufacturers are geared toward expanding their supply and distribution channels to tap into the customer demand in the Americas and Europe.
Cast Elastomers Market: Competition Landscape
Some of the key players in cast elastomers market are LANXESS AG, Notedome Limited, Era Polymers Pty Ltd., Coim Group, Dow, Tosoh Corporation, BASF SE, Argonics, Inc., and Covestro AG.
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Cast Elastomers Market Segmentation
Type
- Hot
- Cold
Raw Material
- TDI-based
- MDI-based
- Aliphatic
- Others (including Polyurethane and NDI-based)
End-use Industry
- Automotive
- Building & Construction
- Industrial Process & Material Handling
- Mining
- Oil & Gas
- Energy & Power
- Others (including Agriculture, Medical, and 3D Printing)
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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