Cast Elastomer Market Set to Grow at 5% CAGR, reaching $2.49 Billion by 2034, States Fact.MR

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).

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