DUBLIN--(BUSINESS WIRE)--The "Cast Elastomers Market by Type (Hot Cast, Cold Cast), End-use Industry (Automotive & Transportation, Industrial, Mining, Oil & Gas), and Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global cast elastomers market is estimated at USD 1.2 billion in 2018 and is projected to reach USD 1.52 billion by 2023, at a CAGR of 4.8% between 2018 and 2023.
The market is witnessing growth due to the increasing use of cast elastomers in end-use industries, such as industrial, automotive & transportation, mining, oil & gas, and others. Factors restraining and challenging the growth of the cast elastomers market are fluctuating raw material prices and compliance with stringent regulations and standards.
Based on type, the cast elastomers market is segmented into hot cast & cold cast elastomers. Hot cast elastomers are estimated to lead the segment in 2018 owing to the wide usage in applications which require high abrasion resistance, and high load-bearing capacity. The segment is also projected to grow at the highest CAGR during the forecast period owing to its low price, thermal stability, durability, and impact resistance.
Based on end-use industry, the cast elastomers market is segmented into industrial, automotive & transportation, mining, oil & gas, and others. The industrial segment is estimated to be the largest segment of the global cast elastomers market in 2018, and is further projected to retain this position during the forecast period. This is due to the increasing use of cast elastomers in applications, such as machinery parts, rollers, and industrial wheels. Properties of cast elastomers, such as being cost-effective, low abrasion, thermal stability, and durability are further expected to drive the market in the industrial segment.
Covestro (Germany), Huntsman (US), Lanxess (Germany), DowDuPont (US), and BASF (Germany), lead the global cast elastomers market. These players are the major manufacturers of cast elastomers and are gaining a strong foothold in the market due to their robust business strategies.
Market Dynamics
Drivers
- Increasing Demand From High-Value End-Use Industries
- Superior Advantages Over Conventional Materials
- Increasing Demand From Emerging Economies
Restraints
- Hazardous Impact on the Environment and Human Health
Opportunities
- Continuous Technological Developments
Challenges
- Compliance With Stringent Regulations and Standards
- Fluctuating Raw Material Prices
Companies Profiled
- Accella Polyurethane Systems
- Additional Company Profiles
- Axson Technologies
- BASF
- Chemline, Inc.
- Coim Group
- Covestro
- Dowdupont
- ERA Polymers
- Everchem Specialty Chemicals
- Herikon
- Huntsman
- Lanxess
- LUC Group
- Makro Chemical
- Mitsui Chemicals
- Notedome Limited
- Perstorp
- Polycoat Products
- Reckli
- Sapici S.P.A.
- Synthesia International S.L.U.
- Taiwan Pu Corporation
- Tosoh Corporation
- VCM Polyurethane Pvt. Ltd.
- Wanhua Chemical
For more information about this report visit https://www.researchandmarkets.com/research/qdld6j/global_market?w=4
