The global cast elastomer market revenue was around US$ 1,327.31 million in 2022 and is estimated to reach US$ 2,094.66 million by 2031, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2031.
Cast elastomers are referred to as thermosetting, akin to natural and synthetic rubbers. These elastomers are based on either polyesters or polyethers. Abrasion resistance and load-bearing are two important physical attributes of cast elastomers. They also have other advantageous properties such as ear resistance and tensile strength. Cast elastomers offer various innate capabilities such as resilience, abrasion resistance, impact strength, and resistance to grease and oil.
Market Driving Factors
The surge in demand for high-value end-use industries such as automotive & transportation, machinery, mining, medical, and oil & gas drives the market growth. Cast elastomers can be molded to fulfill several durometer hardness according to the needs of a specific application. In the mining industry, hot-cast polyurethane elastomers are especially utilized in mineral processing applications that include conveyor scrapers, separating screens, and other components. Furthermore, the high abrasion resistance, high load-bearing capacity, resilience, and impact strength properties of cast polyurethane elastomers assist in raising the performance and longevity of mining equipment.
Superior benefits compared to traditional materials are estimated to drive market growth. Cast elastomers are resilient, reasonably priced, and elastic materials that can hold onto their original characteristics and shape for an extended period. They fill the void left by low-elongation plastic and extremely extensible elastomers. Certain performance benefits of metals, engineering plastics, and ceramics are combined in these elastomers. They also possess rubber's resilience and elasticity.
Harmful impacts on human health and the environment constrain market growth.
Regional Analysis
Asia Pacific dominated the market in terms of the largest shares and is estimated to maintain its dominance over the forecast period. Countries in this region, mainly China and India and China witnessed a rapid surge in economic activity. Furthermore, the increased automotive industry creates opportunities for several chemicals and materials, including cast elastomers.
Europe is estimated to have the fastest growth rate in the market. This is due to the increasing research and development activities in the aerospace sector. The increasing demand for medical and healthcare devices is creating a requirement for cast elastomers owing to their biocompatibility. In addition, increasing renewable energy resource usage, including wind and solar power panels is increasing the requirements for components of hydropower and wind turbines. This factor increases the demand for cast elastomers in the region.
Segmentation Insights
Technology Insight
The hot cast elastomer segment is estimated to dominate the market in terms of the rate. This is due to its hydrolysis and chemical resistance. Hot cast urethane prepolymers are utilized in the most demanding conditions where the best performance is needed. These polyurethane elastomers are often processed utilizing components and heated tools, followed by a hot post-cure to enhance their characteristics. It is utilized in the gas and oil industry, mining, belting, industrial wheels and tires, agriculture, and more. Thus, the increase in its use in these sectors is further boosting the segment growth.
The cold cast elastomer segment dominates the market in terms of revenue share. This is due to its easy production and cut-and-tear resistance. Cold-cast polyurethane elastomers and foams are used in a wide range of applications, from flexible polyurethane resin or foam to hardened plastics. These systems are easy and rapid to make because they are designed to be applied at room temperature. The most typical applications for these elastomeric polyurethanes include architectural form liners, filtration systems, and concrete molds. The lower production cost of cold-cast elastomers compared to hot-cast elastomers is further driving the production process in the market.
Application Insight
The pipe lining segment dominates the market in terms of revenue. One of the most popular usages for hot-cure polyurethane elastomers made up of MDI (methylene diphenyl diisocyanate) and TDI (toluene diisocyanate) is lining pipes and fittings. Castable polyurethane elastomers of varying hardness can be used to gain dependable and long-lasting coatings for the working surfaces of pipelines in mechanical engineering, mining, chemical, construction, and agricultural industries.
The conveyor scrapers segment is expected to dominate the market. This is due to the surge in wear and abrasion, as it is primarily utilized to extract bulk materials from conveyor belts. Cast elastomers are wear-resistant, durable, and flexible, making them appropriate for use in conveyor scrapers. Furthermore, the increasing demand for conveyor scrapers is driving the requirement for cast elastomers. Thus, this factor drives the market growth.
Industry Vertical Insight
The oil and gas segment dominates the market in terms of revenue. This is due to the increasing importance of pipeline safety. Every pipeline attached to an offshore platform is susceptible to failure depending on its weak spots. In addition, cast elastomers are utilized to create strong solutions for pipe protection with the aid of carefully placed bend restrictors and bend stiffeners. Furthermore, pipelines carrying oil and gas must be regularly washed and checked to maintain accurate operation. Washing equipment and devices need sturdy materials owing to the strict circumstances in the sector. Thus, this factor drives the need for cast elastomers.
Prominent Companies
Segmentation Outline
The global cast elastomer market segmentation focuses on Technology, Application, Industry Vertical, and Region.
By Technology
By Application
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CAST ELASTOMER MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CAST ELASTOMER MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CAST ELASTOMER MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CAST ELASTOMER MARKET, BY TECHNOLOGY
5.1 OVERVIEW
5.2 HOT CAST ELASTOMER
5.3 COLD CAST ELASTOMER
6 GLOBAL CAST ELASTOMER MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 SEPARATING SCREENS
6.3 PIPE LININGS
6.4 CONVEYOR SCRAPERS
6.5 IDLER ROLLS
6.6 OTHERS
7 GLOBAL CAST ELASTOMER MARKET, BY INDUSTRY VERTICAL
7.1 OVERVIEW
7.2 CHEMICAL & PETROCHEMICAL
7.3 OIL & GAS
7.4 ENERGY & POWER
7.5 AUTOMOTIVE
7.6 FOOD & BEVERAGE
7.7 HEALTHCARE
7.8 OTHERS
8 GLOBAL CAST ELASTOMER MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL CAST ELASTOMER MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ACCELLA POLYURETHANE SYSTEMS
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 BASF
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 COIM GROUP
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 COVESTRO
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 ERA POLYMERS
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 EVERCHEM SPECIALTY CHEMICALS
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 HUNTSMAN CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 SYNTHESIA INTERNATIONAL
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 TAIWAN PU CORPORATION
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 TOSOH CORPORATION
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 VCM POLYURETHANE
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 WANHUA CHEMICAL GROUP
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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