DUBLIN, October 22, 2021--(BUSINESS WIRE)--The "Global Cast Elastomer Market by Type (Hot Cast Elastomer, Cold Cast Elastomer), End-use Industry (Industrial, Automotive & Transportation, Oil & Gas, Mining), and Region (APAC, North America, Europe, South America, Middle East & Africa) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cast elastomer market size is projected to reach USD 1,840.4 million by 2026, at a CAGR of 5% between 2021 and 2026. APAC accounted for the largest share in the global cast elastomer market due to the high demand from automotive & transportation and industrial sectors in China, Japan, and India, among others.
Increasing demand from emerging economies, superior performance over conventional materials, and continuous technological advancements are creating growth opportunities for the cast elastomer market. However, stringent environmental and government regulations, as well as volatile raw material prices, act as challenges for market growth. The adverse impact of the cast elastomer production process on human health and the environment are the major restraining factors for the market.
Hot cast elastomer accounted for the largest share amongst other types in the cast elastomer market
The hot cast elastomer segment is the largest, which is also projected to be the largest till 2026. The key growth driver of the high consumption of these cast elastomers is owing to their properties such as cost-effectiveness, versatility, and durability. Hot cast elastomers have a wide range of applications and exhibit properties of polyurethane. These elastomers are used in applications such as rollers and industrial wheels, which demand a high degree of performance. These elastomers find applications in automotive, mining, oil, medical, heavy-duty equipment, and transport industries. Increasing demand for machinery and equipment in these end-use industries is expected to support the growth of the hot cast elastomer segment.
Industrial segment accounted for the largest market share amongst other end-use industry in the cast elastomer market
The industrial sector is the largest end-use industry for cast elastomer market. The growing demand in this segment is attributed to its wide variety of applications in the industrial sector. Increasing number of industries generating high demand for equipment and machinery is helping boost the demand for cast elastomer in this sector. Cast elastomer are used in the industrial sector in a wide range of applications such as coupling elements, seals & gaskets, conveyor belts, forklift wheels, etc. These are used in various sectors such as paper, construction, heavy industries, and others. Growing demand for machinery is directly expected to affect the cast elastomers market positively.
APAC is projected to grow the fastest in the cast elastomer market during the forecast period
APAC is the fastest-growing market for cast elastomer. This growth is mainly owing to economic advancement of emerging economies, such as India, China, Indonesia, Malaysia, Vietnam, and Thailand, in the region, where demand for machinery and equipment in industries is increasing rapidly. Moreover, growth in population and increasing urbanization are also driving the manufacturing sector. In addition, growth in industrialization, increasing demand due to changing demographics, and government initiatives to attract business investments in industries such as power, oil & gas, and automotive are also driving the market for cast elastomer in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Cast Elastomers Market, by Type
7 Cast Elastomer Market, by End-use Industry
8 Cast Elastomer Market, by Region
9 Competitive Landscape
10 Company Profiles
Carlisle Polyurethane Systems
Jayantilal J. Ghandhi Chemicals Pvt. Ltd.
Sika Advanced Resins
Synthesia Technology Group (Kingspan Group)
Taiwan PU Corporation
For more information about this report visit https://www.researchandmarkets.com/r/7mf02d
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005212/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900