ID: MRFR/CnM/4912-CR | August 2020 | Region: Global | 449 pages
As per the analysis conducted by Market Research Future (MRF), the Cast Elastomers Market is expected to acquire a market value of USD 1,700 Million while expanding at a CAGR of 4.5% by 2025.
The outbreak of pandemic has brought a negative impact on the market due to the lockdown imposed in various parts of the world. The lockdown resulted in a temporary shutdown of several manufacturing units, which disrupted the supply and demand chain, thereby severely affecting the cast elastomers industry.
Growing Demand for Cast Elastomers in End-Use Sectors to Boost the Market Growth
The growing demand for cast elastomers in the automotive, mining, oil & gas, transportation, and industrial sectors is expected to be a salient factor that can grow the market during the forecast period. The growing awareness about the superior mechanical and chemical properties is projected to be another significant cause that can augment the market during the evaluation tenure. Besides, rapid urbanization and industrialization are anticipated to enhance demand for the product that is likely to grow the cast elastomers market size during the assessment period.
Evolving Countries to Offer Lucrative Opportunities for Market Expansion
The on-going technological development in the evolving countries is likely to offer lucrative opportunities to the market that can benefit cast elastomers market growth in the assessment period. In addition, the growing application of cast elastomers in marine, recreation, 3D printing, and sports gear are other sectors that can offer expansion opportunities to the market.
Fluctuating Prices of Raw Material to Hamper the Market
The fluctuation in the price of raw material and concerns regarding the performance in high temperatures are likely to hamper the market expansion during the forecast period.
Adverse Impact of Cast Elastomers to Pose a Significant Challenge
The cast elastomers are likely to bring a negative impact on human health and as well as on the environment, which is expected to hinder the market growth during the forecast period. In addition, various strict regulations have been imposed to curb the adverse impact of the product that can hinder the industry growth in the review period.
Cumulative Market Growth Analysis
As per the analysis, the global market for cast elastomers is likely to show decent growth with a growth rate of 4.5% during the forecast period. The growth of the market can be majorly attributed to the growing demand of the product in various end-use sectors.
Global Market for Cast Elastomers is segmented into Type and Application.
The type-based segments of the global market for cast elastomers are hot cast and cold cast. Between these two, the hot cast elastomers segment is expected to the leading segment due to the growing demand for hot cast elastomers in oil & gas, mining, and industrial. The segment is anticipated to be the fastest-growing segment while expanding at a CAGR of 4.5% and amassing a market value of USD 1,050 million by 2025.
The application-based segments of the global market for cast elastomers are industrial, automotive, mining, sport and leisure, oil and gas agriculture, and others. The industrial segment is expected to be the leading segment owing to the increasing demand for cast elastomers in industrial applications such as; grit, foundry casting pattern, rolls, blast masks and curtains, diaphragms, hydraulic forming, metal handling, and pads, amongst others. The segment is also projected to be the fastest-growing segment and can record a CAGR of around 5% while procuring a market value of USD 520 million by 2025.
Based on the region, the global market for cast elastomers has been segmented into Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
APAC to Dominate the Market Due to Rapid Industrialization
APAC is anticipated to dominate the global market due to the rapid urbanization and industrialization during the forecast period. The availability of cheap labor is expected to invite key manufacturers for investment that can offer lucrative opportunities for the regional expansion of the market. Besides, the presence of a large number of producers and the growing investment in oil& gas exploration are predicted to play a salient role in developing the regional market during the assessment period. Among all, China is anticipated to be procure the largest market share by acquiring a market value of USD 260 million by 2025. As per the assessment, the regional market is expected to achieve a market value of USD 880 million while expanding at a CAGR of 5.5% by 2025.
Europe to be the Second-Largest Market during the Forecast Period
The region is likely to procure the second-largest market share during the forecast period owing to the significant contribution of end-use sectors. Besides, the region is expected to progress due to the high investments and on-going R&D activities. Europe is estimated to show decent growth while expanding at a CAGR of 3% during the projection period.
North America to Grow Significantly during the Review Period
North America is predicted to display significant market growth during the forecast period due to the growing demand for cast elastomers in various end-use sectors. The US, Canada, and Mexico are some of the lucrative markets that can make a significant contribution in developing the regional market.
MEA to Grow to Witness Steady Growth during the Forecast Period
MEA is expected to witness steady growth during the review period owing to the increasing industrialization in the region.
The growing acquisitions, increasing R&D activities are some of the key strategies adopted by the key players in the global cast elastomers market. The market is highly fragmented, and the competition is likely to grow in the coming period.
The report comprises of an exhaustive study of the market. The report highlights the manufacturing technology and the applications that describe market growth. Based on this information, the market is evaluated into various segments, which informs about the procurement of market share during the forecast period. The details about the market have been protracted on the basis of important players, competitive partners, and the revenue generation in the forthcoming period. The report also casts light on the established regional, global, and nation-specific players, which makes the market highly competitive.
Cast Elastomers Market, By Type
Cast Elastomers Market, By Application
Frequently Asked Questions (FAQ) :
Cast elastomers are elastomers produced by adding isocyanate prepolymers and crosslinkers into molds. Owing to their high load-bearing capacity and tensile strength, cast elastomers find their extensive usages in automotive, oil & gas, industrial, mining, sports & leisure, and agricultural applications.
The burgeoning automotive industry.
Asia Pacific holds the largest share in the global cast elastomers market followed by North America and Europe, respectively.
Covestro AG (Germany), Huntsman International LLC (US), BASF SE (Germany), Chemline Inc. (US), Era Polymers Pty Ltd (Australia), Lanxess (Germany), Tosoh Corporation (Japan), COPCI SAS (Germany), Mitsui Chemicals Inc. (Japan), Synthesia Group (Spain), Wanhua Chemical Group Co. Ltd (China), Accella Corporation (US), and Chemix SRL (Italy), are some of the major players operating in the global cast elastomers market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global cast elastomers market adopt to gain a larger competitive advantage.