Cast Elastomers Market

The global cast elastomers market is projected to witness significant growth during the review period, exhibiting a CAGR of 4.40%. The market is expected to reach a value of USD 1,751.8 million by the end of the forecast period. In terms of volume, the market size was 316.8 kilo tons in 2018 and is projected to reach 408.8 kilo tons exhibiting a CAGR of 3.60%.

The prime drivers of the global cast elastomers market include the rapid industrial growth across the globe. High investments in growth-centric countries, such as India is one of the key reasons for industrialization, which drives the cast elastomers market. Other factors include the high demand for casted components in the automotive and Oil and Gas industries. However, the limited shelf life of the products, along with its poor performance in high temperature and non-biodegradability are majorly restraining market growth. The development of new technologies for production is a megatrend in this market and is expected to intensify the rivalry among the existing players. Nevertheless, the widening scope of applications is likely to open new growth avenues for the players operating in this market.

According to Wantstats analysis, the global cast elastomers market has been segmented into type and application. By type, the market is bifurcated into hot cast and cold cast. The hot cast segment accounted for 58.9% share of the market in 2018, registering a CAGR of 4.70%. Hot cast elastomers are the high-performance elastomers that are used in rigorous applications in mining, Oil and Gas, industrial tires, steel & metal manufacturing, and transportation industries.

Based on the application, the market is categorized into automotive, industrial, mining, oil and gas, sport and leisure, agriculture, and others. The industrial application segment was valued at USD 374.3 million in 2018 and is projected to be valued at USD 528.9 million by the end of 2025. This is attributed to the fast-paced industrialization across the globe. Cast elastomers are used in rollers, refrigeration chain, castors, and others. For instance, casters are used in a wide range of applications, such as shopping carts, office chairs, hospital beds, and material handling equipment.

The global cast elastomers market has been spanned across five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, Asia-Pacific accounted for more than 45% of the market share in 2018 and is expected to exhibit the highest CAGR of 5.61% during the review period. This can be attributed to the rapid industrial growth in emerging economies of Asia-Pacific, such as India, South Korea, and Southeast Asian countries.

The outbreak of coronavirus has resulted in the shutting of factories and businesses, cancellation of air transport routes, and lockdowns. The pandemic is expected to have a negative impact on the global cast elastomers market in the short-term (2020–2021). However, the long-term growth of the market is expected to remain positive.