Market Size (2017)
2017
$1.22B
Vertical: CNMBase Year: 201813 Sections
Market Size (2017)
2017
$1.22B
Projected (2025)
2025
$1.75B
CAGR (2017–2025)
4.6%
4.6%Key Players
110+
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 MRFR 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.
The Cast Elastomers Market market is projected to grow at a CAGR of 4.6% from 2017 to 2025.
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansElastomers are rubber-like polymers that comparatively stretch more than other types of materials and return to shape when the force is removed. Elastomers tend to resist flow like a viscous liquid when distorted by external forces.
The versatility of polyurethane cast elastomers provides the ability to achieve an optimum set of physical properties required for a specific application. Polyurethane cast elastomers are cost-effective and dependable elastomers that combine some of the performance advantages of high-tech plastics, metals, and ceramics along with the resiliency and flexibility of rubber.
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View Subscription PlansRESEARCH PROCESS
Market Research Future research is conducted by industry experts who offer insight into industry structure, market segmentation, technology assessment, competitive landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~80%) and secondary research (~20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years by analyzing historical trends and current market positions. Furthermore, the varying trends of segments & categories geographically presented are studied and are estimated based on primary & secondary research.
PRIMARY RESEARCH
Extensive primary research was conducted to gain a more in-depth insight into the market and industry performance. In this particular report, we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed over the next five to ten years.
SECONDARY RESEARCH
Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and commercial study of the global cast elastomers market. It was also used to obtain key information about major players, market classification, and segmentation according to the industry trends, geographical markets, & developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company web sites, an international organization of chemical manufacturers, some paid databases, and many others.
MARKET SIZE ESTIMATION
Both top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent submarkets of the overall cast elastomers market. The key players in the market were identified through secondary research, and their market contributions in the respective geographies were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market have been covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and added with detailed inputs and analysis from market research future and has been presented in this report. The following figure shows an illustrative representation of the overall market size estimation process employed for the purpose of this study
Base Year
2018
Historical Period
2017 – 2018
Forecast Period
2018 – 2025
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansTHREAT OF NEW ENTRANTS
The threat of new entrants in the global cast elastomers market is low due to the complex and capital-intensive manufacturing process. Moreover, key players, such as BASF SE, Covestro AG, Dow, and Mitsui Chemicals, which have a leading brand name, operate through captive consumption. This results in limited availability of raw materials for new entrants, thus creating a high barrier. Furthermore, regulatory bodies, such as the US Environmental Protection Agency and REACH Legislation, impose rules and regulations on the manufacturing, marketing, and selling of polyurethane products, which also acts as a legal barrier for new entrants and make it difficult for them to access the market easily.
RIVALRY
The global cast elastomers market is expected to witness intense rivalry. This is because the major players in the market, such as BASF SE, Covestro AG, Dow, and Mitsui Chemicals, are undergoing various strategic growth initiatives, such as expansion and investment. The high differentiation in product offerings is also expected to intensify the rivalry. Moreover, the development of new production methods by Covestro AG and LANXESS AG and offering cost-effective and efficient cast elastomers are expected to increase the intensity of rivalry amongst the existing players.
THREAT OF SUBSTITUTES
Cast elastomers are themselves used as a substitute for plastics, rubber, and metals. Hence, the threat of substitutes in this market is projected to be low. This is due to the lack of availability of close substitutes. Also, cast elastomers exhibit favorable characteristics, such as lightweight, temperature resistance, and corrosion resistance, owing to which their demand is increasing at a significant rate.
BARGAINING POWER OF SUPPLIERS
The bargaining power of suppliers is expected to be high in the global cast elastomers market. This is because the suppliers have undergone forward integration and thus use their raw materials for captive consumption. Players with forward integration have a global reach, large production capacities, and brand names, which increases the bargaining power of suppliers. Moreover, the lack of availability of close substitutes and high demand for temperature and corrosion resistant as well as lightweight products across major end-use industries increases the bargaining power of suppliers.
BARGAINING POWER OF BUYERS
Key buyers of cast elastomers include automotive, agriculture, mining, Oil and Gas, and other general industries. Rapid industrial development across the globe is expected to propel the demand for cast elastomers during the forecast period. The presence of a large number of suppliers in the market, coupled with the non-availability of substitutes, decrease the bargaining power of buyers. The development of sustainable products in the coming years is likely to lower the bargaining power of buyers further.
Market estimates by geography (2025)
InsightAsia Pacific leads with $883.00M by 2025.
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View Subscription Plans| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| South America | $50.30M | $57.00M | $70.30M | 4.3% | 4% |
| North America | $251.40M | $274.20M | $325.60M | 3.3% | 19% |
| Europe | $294.40M | $322.30M | $384.30M | 3.4% | 22% |
| Asia Pacific | $562.10M | $675.10M | $883.00M | 5.8% | 50% |
| Middle East and Africa | $65.30M | $72.80M | $88.50M | 3.9% | 5% |
| Total | $1.22B | $1.40B | $1.75B | 4.6% | 100% |
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View Subscription PlansTotal Market Size
$1.75B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Hot Cast | $1.05B | 4.6% | 89% |
| Cold Cast | $699.40M | 4.6% | 60% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Cast Elastomers Market covering market dynamics, competitive landscape, and strategic outlook.
The Cast Elastomers Market market is projected to reach $1.75B by 2025, growing at 4.6% CAGR. The Hot Cast segment holds the largest share.
The global cast elastomers market is projected to register a significant CAGR during the assessment period. This is attributed to factors such as the growth of the Oil and Gas and automotive industries across the globe. Fast-paced industrialization in growth-centric countries, such as India, and high investments in developed countries, such as the US, drive the use of cast elastomers. Factors hampering the market growth include the limited shelf life of the products and its poor performance in high temperatures and non-biodegradability. The development of new technologies remains a megatrend in this market and is likely to increase the intensity of rivalry amongst the existing players.
Rapid industrialization across the globe is a crucial driver of the global cast elastomers market. The PU cast elastomers are used across various industries, such as steel, paper & pulp, printing, and material handling. It is widely 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. Casters with high capacity are used in platform trucks, carts, assemblies, and tow lines in plants. PU cast elastomers are also used in manufacturing paper and steel mill rollers and conveyors.
Expanding the manufacturing sector worldwide is another driver of the global market, boosting the demand for PU cast elastomer components. Potential in emerging economies of Asia-Pacific, such as India, is likely to fuel the demand for cast elastomers during the review period. For instance, the manufacturing sector of India has the potential to reach USD 1 trillion by 2025 on account of focus on developing industrial corridors and smart cities.
Government initiatives such as ‘Make in India’, National Policy on Electronics, and Phased Manufacturing Programme propel the demand for PU cast elastomers. In September 2019, OnePlus launched its smart TVs in the Indian market, and in August 2019, Vivo planned to invest around USD 480 million in India into capacity expansion. As of October 2018, Filatex India, a polymer manufacturer, is planning to undertake forward integration by setting up a fabric manufacturing and a processing unit.
The US manufacturing output is the highest in the world, accounting for 11% of the country’s GDP that stood at USD 2.4 billion in 2018. The manufacturing sector accounts for 78% of total production. The most significant segments within the sector are chemicals (12%), food, drink and tobacco (11%), machinery (6%), fabricated metal products (6%), computer and electronic products (6%), and motor vehicles and parts (6%).
The introduction of 3D printing, nano-manufacturing, and IOT in this sector is expected to create new growth opportunities for the players in the manufacturing sector. This, in turn, is expected to drive the demand for PU cast elastomers during the review period.
The cast elastomers are currently used in applications such as automotive, agriculture, mining, and industrial. The scope of cast elastomers is widening in applications, such as recreation, marine, metal forming, power transmission, 3D printing, mechanical, and food handling. It is extensively used in recreational products, such as bowling balls, mallets & hammers, roller-skate wheels, ski lift sheaves, skateboard wheel, swim & scuba fins, golf ball covers, and ball pitching machines. Shifting preference of consumers toward leading a healthy life coupled with media propagation and promotion of sports has resulted in large-scale participation of youth and elders in sports and recreational activities. This is expected to create new growth avenues for the players in this market.
Cast elastomers are used in making gears, sprockets, and sorting stars in mechanical applications while deboning belts, pump diaphragms, rings & seals, and liners & sheets in food handling applications. In metal forming applications, it is used in foundry casting pattern, grit blast masks and curtains, hydraulic forming diaphragm, metal handling rolls, and pads, punch press, die springs, and others. High demand for machine tools in various industrial applications propels the growth of the market.
Thus, the widening scope of applications of cast elastomers is likely to offer lucrative opportunities for the players in this market.
PU cast elastomers have a shelf life of at least 12 months from date of manufacture when stored, unopened, in their original
containers at temperatures less than 25⁰C (77⁰F). The cast elastomer’s prepolymers are packaged and sealed with a blanket of
nitrogen gas. When the container is opened, and the nitrogen is replaced with humid air, the isocyanate content of the prepolymer
can drop due to a reaction of the moisture with the prepolymer. If the isocyanate content drops too much, the material can be
damaged and results in poor physical properties in the finished product. Therefore, the partial containers of prepolymers should be
re-sealed with nitrogen or dry air to prevent moisture contamination. The isocyanate content of prepolymers decreases with time
and exposure to heat.
Therefore, the limited shelf life of the cast elastomers is a key restraining factor for the market growth.
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 110 companies operating in the Cast Elastomers Market market, including revenue, employee count, and market positioning where available.
Showing 110 of 110 companies
ACCELLA CORPORATION
Company Headquarters: Missouri, US Workforce: ~100 Company Working: Accella Corporation (Accella) is one of the leading polyurethane system houses in North America. The company operates in two business segments that include tire fill and specialty products. Under specialty products, the company offers coatings, adhesives and binders, sealants and encapsulants, rigid casting, elastomers, and foams. It caters its products to a wide range of industries, including construction, landscaping, flooring, transportation, filtration, industrial equipment, energy, and electronics. The company has nine production facilities across the US and one each in Europe and China.
ERA POLYMERS
Company Headquarters: Sydney, Australia Founded: 1986 Workforce: ~500 Company Working: ERA polymers (ERA) is an Australia-based company engaged in the R&D and production of polyurethane. The company operates in six divisions that include elastomers, foams, coatings, machinery, trading, and toll manufacturing. It offers cast elastomers products under the elastomer segment. Under cast elastomers, the company offers isocyanates, such as MDI and TDI, polyols, such as PTMEG and PPG ethers, esters, and high-performance ester. It has its R&D centers at Banksmeadow, Sydney and Dandenong South site and sales office in Sydney, Melbourne, Brisbane, Adelaide, and Singapore. The company exports its products to around 70 countries globally.
WANHUA CHEMICALS
Company Headquarters: China Founded: 1998 Workforce: ~11,080 Company Working: Wanhua Chemicals (Wanhua) is engaged in the R&D, production, and sale of polyurethane series products. The company’s product portfolio includes polyols, thermoplastic elastomers (TPU), petrochemicals, water-based resins, isocyanate, specialty amines, thickener, formulated polyols, functional materials, tert-butyl alcohol, MIBK, neopentyl glycol, polyurethane catalyst, propylene for polymerization, polycarbonates, and hydroxy-functional polyacrylic dispersion. The company has five manufacturing facilities across the globe and has more than ten subsidiaries in Europe, the Middle East, America, Japan, Russia, India, and so on. The company offers cast polymers under polyol as CASE polyols, isocyanate as Monomeric MDI, and modified MDI and thickener as HEUR (hydrophobically modified ethylene oxide).
MITSUI CHEMICALS
Company Headquarters: Tokyo, Japan Founded: 1997 Workforce: ~17,743 Company Working: Mitsui Chemicals (Mitsui) manufactures petrochemical products. The company operates in five business domains that include mobility, healthcare, food & packaging, next-generation, and basic materials. Under the basic chemicals segment, the company offers functional chemicals, functional polymeric materials, polyurethane, basic chemicals, petrochemicals, and films & sheets. The company has around 31 domestic and 23 overseas R&D facilities worldwide. It offers novel cycloisocyanate diisocyanate 1,4-H6XDI, and high-performance polyurethane elastomer for TPU (thermoplastic polyurethane) and CPU (casting polyurethane elastomer). Its products are used in a range of applications, such as exterior, interior, drive/control other (automobiles), wires/cables, industrial machinery/devices, films/sheets, medical device materials, and daily life/household materials.
CHEMLINE
Company Headquarters: Missouri, US Founded: 1997 Workforce: ~100 Company Working: Chemline is a privately held company engaged in the manufacturing of polyurethane resin technology. The company provides coatings, hot and cold cast elastomers, and polyurethane foams globally. The company has two production facilities located at St. Louis, Missouri and Los Angeles, California. The company offers its hot and cold cast elastomers for a range of applications that include Oil and Gas, mining, automotive, architectural formliners, and filtration units.
Huntsman International LLC
Company Headquarters: Utah, US Founded: 1970 Workforce: ~10,000 Company Working: Huntsman International LLC (Huntsman) serves a wide range of consumers and markets, including construction, home life, clothing and footwear, energy and fuel, and transportation. The company operates through four business segments, namely polyurethanes, advanced materials, performance products, and textile effects. It offers gas treatment chemicals through the performance products segment. These products are categorized under the energy & resources product line, which offers multiple gas treating technologies for usage in the removal of undesirable compounds from the refinery and natural gas streams and for absorbing unwanted acid gases such as carbon dioxide, hydrogen sulfide, and others. Huntsman has manufacturing, R&D, and operations facilities in over 30 countries across Europe, the Middle East & Africa, Asia-Pacific, North America, and Latin America.
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Cast Elastomers Market