Cast Elastomers Market - Forecast(2023 - 2028)

Cast Elastomers Market Overview

The Cast Elastomers Market size is forecasted to reach US$2.1 billion by 2027, after growing at a CAGR of 5.7% during the forecast period 2022-2027. The polymers that possess elastic characteristics are known as cast elastomers. They own beneficial properties such as toughness, stiffness, durability, strength and viscoelasticity. Polyurethane cast elastomer is a liquid form of polymer chemical compound formed between polyol and isocyanate. These elastomers are manufactured with a combination of isocyanates such as methylene diphenyl diisocyanate (MDI) or toluene diisocyanate (TDI) and polymeric polyol. These elastomers hold properties such as shape retention, resistance to abrasion, tear strength, oxidation resistance, strong adhesive and high load-bearing capacity. Polycarbonate diols are the major premier polyols used in polyurethanes. Silicone or polysiloxane is a class of polymers that are widely used in elastomers owing to their properties.

Many industries across the globe have faced several challenges due to the COVID-19 pandemic. Several industries such as transportation, building and construction, oil and gas, energy and power and food and beverages including many others have experienced pitfalls due to the unavailability of raw materials. The production and demand in these industries have declined due to an interrupted supply chain and the cessation of transportation. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2020, passenger vehicle production was 19.9 million units in comparison to 21.3 million produced in 2019, showing a 6.5% decrease. Also, according to India’s Ministry of Statistics and Programme Implementation, in 2020, the growth rate of the Indian construction industry declines by 7% in Q3 and 49.4% in Q2. With the pause in industrial production and distribution, the demand and consumption of Cast Elastomers have been hampered to an extent.  

Report Coverage

The “Cast Elastomers Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Cast Elastomers industry.

Key Takeaways

• The notable growth in industries such as transportation, oil and gas, energy and power and building and construction is driving the growth of the Cast Elastomers Market.
• Hot cast elastomers play an important role in several applications such as battery covers, printing rollers and concrete mold which is expected to provide a significant growth opportunity to increase the Cast Elastomers Market size in coming years.
• Increase in production and demand for automobiles is expected to provide substantial growth opportunities for the industry players in near future in the Cast Elastomers industry.

Figure: Asia-Pacific Cast Elastomers Market Revenue, 2021-2027 (US$ Billion)

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Cast Elastomers Market Segment Analysis – by Product

The hot cast elastomers segment held the largest Cast Elastomers Market share in 2021, with a share of over 67%. Polyurethane elastomers are produced in a variety of hardness and usually possess good chemical, solvent and abrasion resistance. Cast elastomers with superior quality are based on polyether prepolymers or isocyanate-terminated polyester. Polycarbonate diols are the major premier polyols used in polyurethanes. Hot elastomers are utilized in a range of applications mainly in the marine industry for pipe linings, idler rollers, mineral processing as separating screens and application in flotation processes. Apart from this, these elastomers are used in applications such as tires, wheels and rollers. These are also suitable for many challenging applications such as dead-blow hammers, conveyor belts and forklift tires. These are widely adopted in a range of applications owing to their durability and versatility. Thus, several benefits associated with the use of hot cast elastomers are boosting growth and are expected to account for significant Cast Elastomers Market share. 

Cast Elastomers Market Segment Analysis – by End-use Industry

The transportation segment is expected to grow at the fastest CAGR of 9.2% during the forecast period in the Cast Elastomers Market. Cast elastomers are used in an extensive range of end-use industries owing to their properties such as flexibility, durability, toughness and viscoelasticity. They possess benefits such as high tensile strength, strong adhesiveness, superior electric insulating properties, resistance to chemicals and oxidation resistance. In the transportation industry, cast elastomers are widely used for wheels, tires, rollers and powertrains. Owing to their resiliency, mechanical properties and abrasion resistance these are used for automotive body fasteners, battery covers, hoses, bushings, seals and gaskets and airbag covers. Thus, the increase in demand for transportation is boosting the market growth of the Cast Elastomers Market.

Cast Elastomers Market Segment Analysis – by Geography

Asia-Pacific held the largest Cast Elastomers Market share in 2021, with a share of 36%. This growth is mainly attributed to the robust presence of several industries such as automotive and transportation, oil and gas, building and construction, chemical and petrochemical and food and beverages in this region. The region consists of major economies such as China, India, Japan and Australia where the level of industrial output has rapidly increased. For instance, as per the 2021 report of the European Automobile Manufacturers Association on global vehicle production, China produced 32% of 74 million cars manufactured worldwide with Japan & Korea producing 16%. as per the State Council for the People’s Republic of China, in July 2021 China has approved projects related to the development of affordable rental homes. Thus, the significant growth in several industries in this region also boosts the growth of the Cast Elastomers Market.

Cast Elastomers Market Drivers

Growth in the automotive industry

During the past few years, the automotive industry is growing at a substantial rate owing to the increased demand for automobiles. With the increase in demand and production, there is also a surge in the need for novel materials in order to increase the performance of automobiles. Cast elastomers are widely used in the automotive industry in numerous applications as hoses, covers for automotive electronics, belts, bump stops, taillight assemblies, bushings, engine mounts and suspension system parts. Thus, growth in the automotive industry is increasing the demand for cast elastomers. For instance, in 2021, according to the International Organization of Motor Vehicle Manufacturers, the global production volume of passenger vehicles was 57 million units showing 2% increase compared to 55.9 million units made in 2020. Also, as per the November 2021 report of the Europe Automobile Manufacturer Association, the new passenger car registration in the first ten months of 2021 increased up to 2.2% with an increase shown in European Union markets like Italy showed 12.7%, Spain showed 5.6% and France showed 3.1%. Cast polymers offer benefits such as durability and cost-effectiveness in the automotive industry along with increased lifespan of parts, resistance to rotting and production of flexible parts. Thus, growth in the automotive industry is further propelling the demand for the Cast Elastomers Market.

Increase in demand from the food and beverages industry

The rapid growth in population and adoption of a healthy and sustainable diet has led to an increase in demand for food items, thereby increasing the production level of food items. The increase in demand for food has also boosted the demand for effective materials in the food industry. FDA has approved polyurethane cast elastomers to be used in food processing applications. Polycarbonate diols are the major premier polyols used in polyurethanes. Cast elastomers can be used for gaskets, rings and custom molded polyurethane parts for food-grade applications. Thus, the growth of food processing is driving the growth of the Cast Elastomers Market. For instance, according to FoodDrink Europe, in Q3 2021, food and drink industry turnover in the EU increased by 2% compared to the previous quarter. Also, according to the India Brand Equity Foundation (IBEF), the food processing sector in India will reach USD 535 billion by the year 2025-26. Thus, the global surge in the food and beverages industry is propelling the growth and is expected to account for a significant share of Cast Elastomers Market size.

Cast Elastomers Market Challenge

Disadvantages associated with the use of cast elastomers

Cast Elastomers provide several benefits such as load bearing capacity, abrasion resistance, resistance to oil and grease and impact strength. These are able to retain their original share and extend the service life of products. However, they can shrink over a period of time and some products may offer limited shelf life after opening and can be affected by the ambient moisture. Also, in applications such as food processing, manufacturers of cast elastomers have to comply with regulations stated by FDA. The companies have to comply with regulations on food processing such as the Office of Food Additive Safety (OFAS) and the Center for Food Safety and Applied Nutrition (CFSAN). Thus, the above-mentioned factors may hamper the market growth

Cast Elastomers Industry Outlook

The top 10 companies in the Cast Elastomers Market are -

1. BASF SE
2. Huntsman Corporation
3. Era Polymers Pty. Ltd.
4. Covestro AG
5. Lanxess AG
6. Mitsui Chemicals
7. Notedome Limited
8. Tosoh Corporation
9. Alchimica
10. TSE Industries

Recent Developments

• In June 2021, Huntsman developed a new range of easy-to-use cast PU elastomers for offering producers extra manufacturing flexibility.
• In November 2019, BASF SE opened a new development Centre in Wyandotte, Michigan / USA for ‘Elastollan’ TPU. The customer can test and develop cast, flat and blown die sheets; and solutions through this development Centre.
• In June 2019, Huntsman launched a new range of high-performance and customizable MDI-based hot cast elastomers which can be used in wheels and other industrial parts in extreme working conditions. 

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