Molded Elastomers Market to Surpass US$2 Billion by 2030, TMR Study Says
- Manufacturers capitalizing on the huge demand for hot cast elastomers, thus making these segments high value; growing adoption of these in oil and gas, industrial and mining applications, especially in Asia Pacific generating substantial income
- The companies focus on developing environmentally friendly products for the wind industry; unique properties of polyester polyols to push the frontiers of the cast elastomer market
WILMINGTON, Del., September 27, 2022 /PRNewswire/ — The expansion of the cast elastomers market is driven by the increasing use of elastomers for a diverse range of products in the automotive, industrial, mining, and oil and gas industries. Recent insights into the cast elastomers market reveal that over the past few years, high performance elastomers have attracted enormous interest from companies in the mining industry. The market value of cast elastomers is expected to exceed the value of US$2 billion by 2030.
The authors of the TMR study observed that hot-poured elastomers are gaining popularity in many industrial applications where tools and equipment must meet the most rigorous standards. The study revealed that industrial process and material handling was a remarkably lucrative segment in 2019. The players are strongly geared towards the development of elastomers to increase the market share of cast elastomers.
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Companies in the cast elastomers market are exploiting upscaling opportunities by developing products that combine the properties of metals, ceramics, and plastics in high-tech applications. To this end, several of them have partnered with companies to strengthen their engineering and design expertise.
Key Findings from the Cast Elastomers Market Research
- Demand in industrial process and material handling applications presents a wide lucrative avenue: Elastomer manufacturers rely on their increased technical expertise to develop high-performance cast elastomers to meet the demands of industrial processes and material handling applications. It should be noted that the segment is expected to remain lucrative in the cast elastomers market.
- Growing Adoption of Hot Cast Elastomers to Drive Revenue Streams: Hot cast elastomer has been a high value segment. The type of product is preferred to meet the most demanding applications, especially in the mining industry. On the other hand, the demand for cold cast elastomers is expected to increase rapidly, especially to manufacture flexible polyurethane resins and high-end plastics. The popularity stems from the fact that chemical companies have found these easy to produce, analysts of the cast elastomers market study observed.
- R&D on polyester polyols to drive product innovations: The increasing role of premium polyester polyols in the development of innovative products is a key trend in the cast elastomers market. Companies are mobilizing R&D on polyester polyols to develop high-performance cast elastomers. This has helped them meet the high demands for rollers and casters and conveyor belts, as they have demonstrated superior resistance to solvents and oxidation. Additionally, the demand for sustainable products for the offshore wind industry has widened the canvas for market players.
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Cast Elastomers Market: Key Drivers
- The demand for a wide variety of cast elastomers in many industries, including automotive and transportation, power and electrical, mining, oil and gas, is a key driver of the evolution of the market. The increase in product use is fueled by the expansion of these end-use industries.
- The need for new chemistries in elastomers has spurred research into polyurethane prepolymers. The increased corporate focus on customization has widened the avenue in the cast elastomer market.
Molded elastomers market: regional growth dynamics
The TMR report revealed that Asia Pacific is a highly lucrative region in the global cast elastomers market. The rapid pace of industrialization has boosted the demand for products in various end-use industries. The increasing manufacture of products using cast elastomers is also giving impetus to the growth of the regional market. On the other hand, manufacturers of specialty chemicals and intermediates are looking to expand their supply and distribution channels to meet customer demand in the Americas and Europe.
Cast Elastomers Market: Competition Landscape
Some of the key cast elastomers market players are LANXESS AGNotedome Limited, Era Polymers Pty Ltd., Coim Group, Dow, Tosoh Corporation, BASF SE, Argonics, Inc. and Covestro AG.
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Segmentation of the cast elastomers market
- Based on the TDI
- based on MDI
- Others (including Polyurethane and NDI-based)
- Building construction
- Industrial processes and materials handling
- petroleum gas
- Energy and power
- Others (including agriculture, medicine and 3D printing)
- North America
- Russia & IEC
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
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