Cast Elastomers Market
Cast Elastomers Market (Type: Hot and Cold; Raw Material: TDI-based, MDI-based, Aliphatic, and Others; and End-use Industry: Automotive, Building & Construction, Industrial Process & Material Handling, Mining, Oil & Gas, Energy & Power, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Reconsideration of Investments Help Address Unknown Variables of COVID-19 Outbreak
Amidst the volatile push and pull between supply and demand, chemical makers are reconsidering investments and limiting their production activities. However, changing consumer sentiment toward COVID-19 is helping in the revival of the cast elastomers market. As such, the economic slowdown is not that severe in the chemicals industry as compared to quarantine-vulnerable industries such as airlines and tourism.
Companies in the cast elastomers market are focusing on maintaining business continuity plans with essential end users and catering to mission critical projects of clients. However, chemical makers need to be aware of the fast moving and unknown variables of the coronavirus outbreak. In order to overcome these issues, manufacturers are adopting contingency plans to manage their workforce, finance, and operations during the ongoing pandemic.
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Collaboration with Engineers and Designers Enables Manufacturers to Gain Competitive Edge
The cast elastomers market is estimated to mature at a CAGR of ~5% during the assessment period. However, there is a need to gain proficiency in efficient elastomer manufacturing. In order to achieve this, companies in the cast elastomers market should collaborate with experienced manufacturers to for maximum use of materials. For instance, Fast Radius— a provider of industrial grade on-demand manufacturing solutions, is collaborating with engineers and designers to acquire proficiency in elastomer prototyping, since they are being extensively used in additive manufacturing.
Innovations in new prepolymers for cast elastomers with unusual properties are being highly publicized. Manufacturers in the cast elastomers market are increasing their production capabilities to develop products under precisely defined conditions to prevent events of side reactions.
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Sustainable Elastomers Help Stakeholders in Offshore Wind Power Industry to Reduce Environmental Footprint
The cast elastomers market is predicted to cross the value mark of US$ 2 Bn by 2030. Companies such as Covestro— a Germany-based producer of raw materials made from polyurethane and polycarbonate, have entered the competition to develop sustainable cast elastomers for the offshore wind power industry. Manufacturers are taking cue from such companies to innovate in elastomers that mimic the properties of petrochemical-based products.
Companies in the cast elastomers market are increasing efforts to develop products that help stakeholders in the offshore wind power industry to reduce their environmental impact and carbon footprint. Thus, manufacturers are developing precursors from carbon dioxide (CO2) and by omitting the need for fossil raw materials.
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Use of High Quality Polyester Polyols Leads to Innovations in Rollers, Conveyor Belts
Experienced technical support and R&D are playing a crucial role for manufacturers in the cast elastomers market that planning to expand their business in Americas, Europe, and Asia. Stepan— a global specialty and intermediate chemical manufacturer is capitalizing on this opportunity by strengthening its supply chains for its range of STEPANPOL® polyester polyols that are used to produce microcellular foams and prepolymers for cast elastomers.
High quality polyester polyols are being highly publicized by companies in the cast elastomers market to leverage sales opportunities with rollers & casters, conveyor belts, and thermal barriers, among others. Hence, manufacturers are offering tailored services to clients to meet specific properties in products and gain a competitive edge over other companies.
UV Resistant Polyurethane Elastomers Offer Lucrative Opportunities to Manufacturers
Manufacturers in the cast elastomers market are increasing their production capacities to develop high functional low viscosity polyester polyols to meet common applications of producing automotive noise, vibration and harshness (NVH) materials. High quality polyester polyols help in the production of UV (Ultra Violet) stable resins with superior tensile and tear strength. Such materials result in increased availability for premium quality cast elastomers that offer solvent and oxidation resistance.
Apart from automotive and power industry applications, manufacturers are unlocking revenue potentials in agriculture, pipeline protection, and encapsulation applications to broaden their supply chains. The growing demand for UV resistant and durable polyurethane elastomers is translating into business opportunities for manufacturers in the cast elastomers market.
The careful analysis of capital and corporate cost budgets is helping manufacturers to overcome issues associated with potential tightening of credit markets during the coronavirus situation. Manufacturers are increasing their production capabilities in cast polyurethanes that are cost effective, and mimic the properties of high tech plastics, metals, and ceramics whilst providing flexibility and resilience of rubber. However, manufacturers need to gain production efficiency by considering clearly defined requirements of clients, and adhere to demanding applications such as maximizing effectiveness of overmolding. Thus, manufacturers in the cast elastomers market should collaborate with engineers and designers to optimize product designing and manufacturability.
Cast Elastomers Market: Overview
- In terms of value, the global cast elastomers market is expected to exceed US$ 2 Bn by 2030
- Cast elastomers are materials that stretch and recover instantaneously on release. Cast elastomers are thermosetting, akin to natural and synthetic rubbers. These elastomers are based on either polyethers and/or polyesters. Cast elastomers possess excellent physical properties, including abrasion resistance and load bearing. They also possess other useful properties such as tensile strength and tear resistance. Properties of cast elastomers bridge the gap between rubber and plastics. Cast elastomers are used in various applications in bumpers, shock absorbers, bushings, bearings, wear strips, slide plates, and machine parts.
- Cast elastomers are flexible and durable materials. Depending on the chemical formulation, consistencies and properties of cast elastomers can vary significantly, ranging from flexible or rigid foams, binders, integral skin foams, and composites to thermoplastic polyurethanes (TPU) and elastomers. These excellent properties of cast elastomers have helped them replace numerous materials.
- Hot cast elastomers are used in rigorous applications that require strong performance. Processing of these elastomers generally entails heated components and tooling, along with hot post-cure to optimize properties. These elastomers are particularly employed in the mining industry.
- Cold cast elastomers are two or three component PU high-performance systems. Cold cast elastomers are used in a various applications, ranging from flexible polyurethane resin or foam to very hard plastics. These elastomers are formulated for applications at room temperature, and do not require heat post curation, making them simple and fast to produce.
Cast Elastomers Market: Key Drivers and Restraints
- Rise in demand for cast elastomers in various end-use industries, superior advantages over conventional materials, and increase in demand for these elastomers in emerging economies are key factors driving the global cast elastomers market. The global cast elastomers market has been expanding due to rise in usage of cast elastomers in end-use industries such as automotive & transportation, industrial, mining, and oil & gas.
- Continuous technological developments present lucrative opportunities to the global cast elastomers market. Rise in demand for cast elastomers in emerging economies and increase in manufacturing activities are also creating lucrative opportunities for the cast elastomers market.
- Cast elastomers adversely affect environment and human health. This is a major factor hampering the global cast elastomers market. Compliance of stringent regulations and standards and fluctuation in prices of raw materials are the key challenges being faced by manufacturers of cast elastomers.
Cast Elastomers Market: Prominent Types
- Based on type, the global cast elastomers market has been divided into hot and cold
- Hot is expected to be the leading segment of the global cast elastomers market due to the rise in demand for hot cast elastomers in oil & gas, mining, and industrial applications. It is anticipated to rapidly grow in the near future.
- The cold segment is also estimated to expand substantially during the forecast period
Cast Elastomers Market: Major End-use Industries
- Based on end-use industry, the global cast elastomers market has been classified into automotive, building & construction, industrial process & material handling, mining, oil & gas, energy & power, and others
- The industrial process & material handling end-use segment is projected to dominate the global cast elastomers market during the forecast period. The industrial process & material handling end-use industry was a high-value segment of the global cast elastomers market in 2019.
Cast Elastomers Market: Lucrative Regions
- In terms of region, the cast elastomers market can be split into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa
- Asia Pacific is estimated to be the prominent region of the global cast elastomers market in terms of value in the near future. Increase in demand for cast elastomers in various end-use industries, rapid industrialization, improvement in economic conditions, supportive government policies, and availability of cheap labor and natural resources are factors fueling the growth of the cast elastomers market in the region. Expansion of end-use industries is largely driven by the rise in population, increase in per capita income, and changing lifestyles.
Cast Elastomers Market: Competition Landscape
- Key manufacturers operating in the global cast elastomers market include
- Covestro AG
- Argonics, Inc.
- Huntsman International LLC
- BASF SE
- Tosoh Corporation
- Mitsui Chemicals, Inc.
- Coim Group
- Era Polymers Pty Ltd.
- Wanhua Chemical Group Co. Ltd.
- Notedome Limited
- LANXESS AG.
Cast Elastomers Market – Scope of the Report
The new study on the global cast elastomers market published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics including drivers, market trends, and challenges, as well as structure of the global cast elastomers market. TMR’s study offers valuable information on the global cast elastomers market to illustrate how growth would discern during the forecast period of 2020 to 2030.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global cast elastomers market during the forecast period.
An extensive analysis of leading market players’ business strategies is also featured in TMR’s study on the global cast elastomers market. This can help readers understand principal factors to foresee the growth of the global cast elastomers market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global cast elastomers market, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Cast Elastomers Market
- What would be the Y-o-Y growth rate of the global cast elastomers market between 2020 and 2030?
- What is the influence of changing trends on the global cast elastomers market?
- Would Asia Pacific continue to remain the most profitable region for manufacturers of cast elastomers in the near future?
- Which factors are expected to hamper the global cast elastomers market during the forecast period?
- Which are the leading companies of the global cast elastomers market?
A unique research methodology is utilized by TMR to conduct a comprehensive research on the global cast elastomers market and arrive at conclusions on growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary sources referred to by analysts during the production of the report on the global cast elastomers market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, fiber type portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the global cast elastomers market as primary sources.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global cast elastomers market. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global cast elastomers market with accuracy. The study also uses the top-down approach to assess numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects of the global cast elastomers market more reliable and accurate.
Cast Elastomers Market – Segmentation
TMR’s study on the global cast elastomers market segments the market based on type, raw material, end-use industry, and region. Changing market trends and other crucial market dynamics associated with these segments of the global cast elastomers market are discussed in detail.