Cast Elastomers Market Size, Share & Trends Analysis Report By Application, By Region, And Segment Forecasts, 2023 To 2030

The demand for the cast elastomers market is expected to witness significant growth owing to its properties, such as high impact resistance, load-bearing capacity, and high abrasion resistance. In addition, increasing demand for cast elastomers from end-use industries, including oil & gas, automotive, and mining, is expected to increase positively impact the market growth over the coming years.

On the basis of type, the cast elastomers market can be segmented into hot and cold cast. Hot cast elastomers are likely to dominate the market due to their durability, high performance, versatility, and cost-effectiveness, and are used in applications such as industrial wheels, heavy-duty equipment, transport, and mining. Cold-cast elastomers, on the other hand, are used in various applications, from hard plastics to flexible polyurethane resins, and are typically used for filtration units and concrete molds.

The cast elastomers market is segmented based on applications, such as automotive, mining, oil & gas, industrial, transportation, and others. It is most commonly used in automotive industry due to its high resilience and resistance properties. Cast elastomers have been engineered to be used in lightweight vehicles for a longer time. Cast elastomers are increasingly being used in the oil & gas industry due to their superior physical properties, such as high impact and temperature resistance and resistance to oil and grease.

Demand for cast elastomers is expected to increase in Asia Pacific due to rapid industrialization, resulting in the growth of manufacturing sectors particularly in China, India, and Indonesia. Furthermore, significant investments by multinational companies in the Asia Pacific owing to the availability of cheap raw materials and labor is expected to lead to the growth of the manufacturing and industrial sector in the region, thus augmenting the demand for cast elastomers in the Asia Pacific.

The market for cast elastomers is highly competitive owing to the presence of prominent market players which are trying to increase their market share by opting for strategies such as mergers & acquisitions and research & development. Some of the major market players include Huntsman Corporation, BASF, Covestro AG, and Lanxess.