New York 10013, United States of America – March 23, 2022 —
Cast Elastomers Market Overview
The Global Cast Elastomers Market Size is expected to reach a market value of USD 1,700 Million at a CAGR of 4.5% by the end of the forecast period. Growing demand for cast elastomers in the automotive, mining, oil & gas, transportation, and industrial sectors is likely to drive market growth over the forecast period. Another key factor that is expected to boost the market during the evaluation period is increased awareness of the outstanding mechanical and chemical properties. Furthermore, rising urbanization and industrialization are expected to boost demand for the product, increasing the size of the cast elastomers market during the forecast period. The market is projected to gain from ongoing technical advancement in developing nations, which will boost cast elastomer’s market growth during the assessment period.
The global economic impact of the pandemic has been detrimental due to the lockdown implemented in various parts of the planet. The lockdown caused numerous manufacturing units to shut down temporarily, disrupting the supply and demand chain and severely hurting the cast elastomer’s business.
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Key Players
The major market players in the market are
- BASF SE (Germany)
- The Dow Chemical Company (US)
- Huntsman International (US)
- Covestro AG (Germany)
- Chemline (US)
- LANXESS AG (Germany)
- Mitsui Chemicals (Japan)
- Wanhua Chemicals (China)
- ERA polymer (Australia)
- Accella Corporation (US)
Cast Elastomers Market Segmentation
Based on the Type, the market is segmented into the hot cast (oil & gas, mining, and industrial) and cold cast.
Based on the Application, the market is segmented into industrial (grit, foundry casting pattern, rolls, blast masks and curtains, diaphragms, hydraulic forming, metal handling, and pads), automotive, mining, sport, and leisure, oil and gas agriculture, and others.
Based on the Region, the market is segmented into Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
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Regional Classification
During the projection period, APAC is expected to dominate the global market due to rapid urbanization and industrialization. The availability of low-cost labor is projected to entice significant businesses to invest, thus creating lucrative chances for the market’s regional expansion. Furthermore, during the assessment period, the existence of a large number of producers and increased investment in oil& gas exploration is expected to play a significant influence in the development of the regional market. China is expected to capture the highest share of the market.
Due to the major contribution of end-use sectors, the European region is expected to obtain the second-largest market share throughout the forecast period. Furthermore, due to substantial investments and ongoing R&D activity, the region is likely to grow. The growing demand for cast elastomers in various end-use sectors is expected to drive significant market expansion in North America over the forecast period. The United States, Canada, and Mexico are three lucrative areas that can contribute significantly to the development of the regional market. Because of the region’s expanding industrialization, MEA is predicted to grow steadily during the study period.
Recent Development
Nov 2021 Ingevity Corp. is expanding its caprolactone monomer production capacity at its Warrington, UK facility. The US chemicals supplier stated that it would embark on several optimization projects at the plant over the next year, projected to increase its global monomer production capacity by more than 20%. The initiative comes on the heels of Ingevity’s recent announcement that it will construct an innovation centre in Warrington by the end of 2021 and enhance polyol manufacturing capabilities at its Louisiana facility in the second quarter of 2022. Caprolactone monomer would be used to make a range of innovative polymers with applications in coatings, adhesives, sealants, and elastomers (CASE), urethane cast elastomers, thermoplastic polyurethanes, additives, and polymer modification.
June 2021 LANXESS’ Urethane Systems business unit will present material innovations at the Polyurethane Manufacturers Association (PMA) annual meeting this year. They will demonstrate two novel Adiprene prepolymers that are made utilizing low free (LF) technology and have a very low diisocyanate content. This prepolymer with a low free TDI is cured using MCDEA (4,4′-methylenebisphenol A) (3-chloro-2,6-diethyl-aniline). It is substantially easier to process for high-temperature applications than equivalent prepolymer systems. It, for example, has a controllable processing/pour life. Compared to existing polyurethane high-temperature systems, the resulting cast elastomers exhibit better high-performance qualities and exceptional high-temperature property retention.
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Table of Content
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 18
1.1.1 GLOBAL CAST ELASTOMERS MARKET, BY TYPE, 2020 19
1.1.2 GLOBAL CAST ELASTOMERS MARKET, BY APPLICATION,2020 20
1.1.3 GLOBAL CAST ELASTOMERS MARKET, BY REGION,2020 21
2 MARKET INTRODUCTION
2.1 DEFINITION 22
2.2 SCOPE OF THE STUDY 22
2.3 MARKET STRUCTURE 23
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 24
3.2 PRIMARY RESEARCH 25
3.3 SECONDARY RESEARCH 26
3.4 MARKET SIZE ESTIMATION 26
3.5 TOP-DOWN AND BOTTOM-UP APPROACH 27
3.6 FORECAST MODEL 28
3.7 LIST OF ASSUMPTIONS 29
4 MARKET DYNAMICS
4.1 INTRODUCTION 30
4.2 DRIVERS 31
4.2.1 INDUSTRIAL DEVELOPMENT ACROSS THE GLOBE 31
4.2.2 INCREASING USE IN THE AUTOMOTIVE INDUSTRY 32
4.2.3 GROWING DEMAND FROM THE OIL AND GAS INDUSTRY 32
4.3 RESTRAINTS 34
4.3.1 LIMITED SHELF LIFE OF PRODUCTS 34
4.3.2 POOR PERFORMANCE IN HIGH TEMPERATURE AND NON-BIODEGRADIBILITY OF CAST ELASTOMERS 35
4.4 OPPORTUNITY 37
4.4.1 WIDENING SCOPE OF APPLICATIONS 37
4.5 TREND 37
4.5.1 DEVELOPMENT OF NEW TECHNOLOGIES 37
5 MARKET FACTOR ANALYSIS
5.1 SUPPLY CHAIN ANALYSIS 38
5.1.1 RAW MATERIALS SUPPLIERS 38
5.1.2 MANUFACTURERS 39
5.1.3 DISTRIBUTION & SALES CHANNEL 39
5.1.4 APPLICATIONS 39
5.2 PORTER’S FIVE FORCES ANALYSIS 40
5.2.1 THREAT OF NEW ENTRANTS 40
5.2.2 RIVALRY 41
5.2.3 THREAT OF SUBSTITUTES 41
5.2.4 BARGAINING POWER OF SUPPLIERS 41
5.2.5 BARGAINING POWER OF BUYERS 41
5.3 PRICING ANALYSIS 41
5.4 IMPACT OF CORONAVIRUS OUTBREAK ON THE GLOBAL CAST ELASTOMERS MARKET 43
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