PUNE, India, June 28, 2018 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets™, the global Cast Elastomers Market is estimated at USD 1.20 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 high-value applications, such as tire fill, oil & gas pipeline parts, and machinery components. Superior advantages, such as toughness, high load-bearing capacity, high abrasion and impact resistance, high resilience, and excellent resistance to oil and grease over conventional materials is also expected to drive the Cast Elastomers Market. In addition, rapid urbanization and industrialization and expanding foreign investments, coupled with supportive government policies in emerging economies are also expected to support the demand for cast elastomers.
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Hot cast elastomers are estimated to be the largest type in the Cast Elastomers Market in 2018
Hot cast elastomers are estimated to lead the type segment in 2018. The large share of hot cast elastomers is due to their wide usage in automotive & transportation and industrial applications owing to properties, such as high abrasion resistance, high tensile strength, high load-bearing capacity, superior impact strength, and cost-effectiveness.
The industrial segment is estimated to be the largest end-use industry of the Cast Elastomers Market in 2018
The industrial segment is estimated to be the largest segment of the Cast Elastomers Market, by end-use industry in 2018. The large market share of this segment is due to the extensive use of cast elastomers in applications, such as industrial wheels, rollers, and machinery. Hot cast elastomers are used in these applications as these offer tough abrasion resistance and high load-bearing capacity.
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APAC is estimated to be the largest Cast Elastomers Market, by region in 2018
The APAC region is estimated to be the largest market for cast elastomers in terms of value, in 2018. The high consumption of cast elastomers in the region is attributed to the growing end-use industries, rapid industrialization, improvement in economic conditions, supportive government policies, and availability of cheap labor and natural resources. In addition, growth in end-use industries is largely driven by the growing populations, per capita incomes, and changing lifestyles in the region which, in turn, are expected to drive the market for cast elastomers.
Cast elastomers manufacturers, such as Covestro (Germany), Huntsman (US), Lanxess (Germany), DowDuPont (US), BASF (Germany), Tosoh Corporation (Japan), Mitsui Chemicals (Japan), Coim Group (Italy), and Era Polymers (Australia), are covered in the report.
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