Cast Elastomer Manufacturers Benefiting from Rising Demand
for Surgical Implants and Smart Packaging Solutions.
ROCKVILLE, Md., July 9, 2024 /PRNewswire/ -- Worldwide revenue
from the Cast Elastomers Market reached $1.45 billion in 2023 and is projected to
increase at a CAGR of 5% to climb to US$ 2.49 billion by the end of 2034.
The elastomer industry is witnessing a surge in demand for
customized solutions driven by advancements in technology and
manufacturing processes. Manufacturers are innovating to meet the
diverse needs of clients, such as improved mechanical and chemical
properties. Cast elastomers, particularly in automotive
applications, are evolving with enhanced durability and
reliability, propelled by innovations such as nanofillers and smart
manufacturing techniques.
Cast elastomers have superior wear and tear resistance compared
to many traditional materials (rubber, plastic, and metals). This
leads to exceptional durability, potentially lasting longer in
harsh environments compared to commonly used alternatives.
Furthermore, demand for cost-effective and lasting elastomers is
rising in developing economies such as China and India. This emerging trend reflects a
significant change in direction toward environment-friendly strong
materials, driving growth and breakthroughs within major domains
such as healthcare and construction.
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Key Takeaways from the Cast Elastomer Market
Study:
- The global cast elastomer market is valued at $1.53 billion in 2024 and is projected to grow at
5% CAGR through 2034.
- The market created an opportunity of $249.2 million expanding at a CAGR of
4.9% between 2019 to 2023
- East Asia is a prominent
region that is estimated to hold a market share of 43.2% in
2034.
- Leading market players include ASF SE,
Covestro AG, Dow, Huntsman International LLC, and
LANXESS AG.
- Hot cast elastomer sales are estimated to increase at a CAGR of
5.2%, creating an absolute $ opportunity of $464 million between 2024 and 2034.
- North America and East Asia are calculated to create an absolute
$ opportunity of US$ 653.5 million
collectively by 2034.
"Innovations such as nanofillers and smart manufacturing
techniques will enhance the durability and reliability of cast
elastomers," says a Fact.MR analyst.
Leading Players Driving Innovation in the Cast
Elastomer Market:
Key industry participants like Argonics, Inc.; BASF SE; Coim
Group; Covestro AG; Dow; Era Polymers Pty Ltd.; Huntsman
International LLC; LANXESS AG.;
Mitsui Chemicals, Inc.; Notedome Limited; Tosoh Corporation; Wanhua
Chemical Group Co. Ltd. Nova Chocolate; Dr. John's Healthy Sweets;
See's Candy Shop, Inc.; Other Prominent Players are driving the
cast elastomer industry.
Market Growth Stratagems:
Several manufacturers of cast elastomers have invested
substantially in research and development to improve the
performance and quality of their products, which can lead to
increased demand and higher sales. Market players are expanding
their presence in emerging markets such as South Asia and Latin
America, which are experiencing high growth rates due to the
increasing demand for high-quality products in the medical
industry.
In June 2024, Covestro announced
its investment in BioBTX, a Dutch company specializing in
innovative chemical recycling technology, enabling the construction
of a demonstration plant in the
Netherlands for converting 20 kilotons of mixed plastic
waste per year.
In March 2024, Dow announced the
commercialization of a polyolefin elastomer (POE)-based artificial
leather option for the automotive seating market, offering benefits
such as ultra-soft tactility, color stability, and being
animal-free and eco-friendly.
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Competitive Landscape
In the competitive landscape of the cast elastomer market, key
players include Argonics, Inc., BASF SE, Coim Group, Covestro AG,
Dow, Era Polymers Pty Ltd., Huntsman International LLC,
LANXESS AG., Mitsui Chemicals, Inc.,
Notedome Limited, Tosoh Corporation, and Wanhua Chemical Group Co.
Ltd.
These companies are increasingly focusing on developing
materials with enhanced wear protection and durability to improve
product performance. Additionally, they are expanding their market
presence through acquisitions of smaller regional players.
For instance, in September 2023,
Argonics launched Ceramic Tile Magnetic Panels, featuring a nearly
continuous 4"x6" ceramic tile surface and available in sizes like
6"x12" and 12"x12". Equipped with strong rare earth magnets, these
tiles offer exceptional wear resistance in industrial applications,
ensuring prolonged equipment longevity.
Similarly, COIM Group strategically acquired a majority stake in
Neoflex SL, a Spanish company specializing in polyurethane
adhesives. This acquisition enables COIM to bolster its position in
the market by incorporating Neoflex's solutions, which utilize
COIM's raw materials and prioritize environmental
sustainability.
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of
the cast elastomer market, presenting historical market data (2019
to 2023) and forecast statistics for the period of 2024 to
2034.
The study reveals essential insights based on raw material
(TDI-based cast elastomers, MDI-based cast elastomers, aliphatic
cast elastomers, others [including polyurethane and NDI-based]),
type (hot cast elastomers, cold cast elastomers), and end use
(automotive, building & construction, industrial process &
material handling, mining, oil & gas, energy &
power, others (including agriculture, medical, 3D
printing) across major regions of the world (North America, Latin
America, Western Europe,
Eastern Europe, East Asia, South
Asia & Pacific, and the Middle
East & Africa).
Check out More Related Studies Published by Fact.MR
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