Global Hot Cast Elastomers Market, By Raw Material (TDI-based, MDI-based, Aliphatic, Others), End use Industry (Automotive and Transportation, Industrial, Mining, Oil and Gas, Sports and Leisure, Agriculture, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The hot cast elastomer market is being shaped by the increasing use of bio-based raw materials. The hot cast elastomers companies are ramping up efforts to develop bio-based products that will help industry stakeholders reduce their environmental impact and carbon footprint. Moreover, the demand for hot cast elastomers is expected to rise in various end-use industries in the coming years, propelling the cast elastomer market forward. Owing to the high utilization of these hot cast elastomers across the globe, the market is anticipated to witness positive growth over forecast period.
Global Hot Cast Elastomers Market was valued at USD 864.00 million in 2021 and is expected to reach USD 1599.20 million by 2029, registering a CAGR of 8.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
By Raw Material (TDI-based, MDI-based, Aliphatic, Others), End use Industry (Automotive and Transportation, Industrial, Mining, Oil and Gas, Sports and Leisure, Agriculture, Others)
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
Market Players Covered
BASF SE (Germany), Dow (U.S.),Huntsman International LLC (U.S.), SOLVAY (Belgium), Covestro AG (Germany), CHEMLINE INDIA LIMITED (India), Dupont (U.S.), LANXESS (Germany),Mitsui Chemicals Corporation (Japan),Wanhua (China), Era Polymers Pty Ltd (Australia), CARLISLE POLYURETHANE SYSTEMS (U.S.), Tosoh Corporation (Japan), Mitsui Chemicals, Inc. (Japan), Coim Group (Italy), Taiwan PU Corporation (China) and Era Polymers (Australia)
Hot-cast elastomers are widely used in industrial applications. They are commonly used in the production of wheels, seals, technical parts, rolls, mining, oil and gas equipment, and bumpers and rail pads because they have good chemical resistance and mechanical, dynamical performance.
Hot Cast Elastomers Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- High Demand From High-Value End-Use Industries
The hot cast elastomers are expected to grow significantly in the coming years as demand from various end-use industries such as mining, automotive and transportation, machinery, medical, and oil and gas increases. Hot cast elastomers are used in mineral processing applications like separating screens, conveyor scrapers, and other components. Moreover, the market growth will also be aided by rising output in the mining industry, as well as increased exploration activities, particularly in emerging economies.
The market for hot cast elastomer is also being driven by better properties than traditional materials, such as high load-bearing capacity, high resilience, high impact strength, high abrasion resistance, and excellent resistance to oil and grease. The expansion of the chemical industry is projected to bolster the growth of the market.
- Product Development and Initiatives for Environment
Furthermore, manufacturers have been encouraged to develop new products by increased awareness of environmental sustainability, rising competition, and volatility in raw material prices. Era Polymers and Covestro, for example, have introduced a number of low free monomer prepolymers. In addition, the demand for green polyurethane continues to rise. This has heightened interest in the development of environmentally friendly PU products such as bio-based polyols. Manufacturers have also been working hard to develop bio-based isocyanates to counteract the negative effects of petroleum-based isocyanates. Such initiatives, combined with ongoing technological advancements, are expected to provide enormous growth opportunities for the hot cast elastomers market players.
- Fluctuation of Raw Material Prices
Isocyanates and polyols derived from crude oil or natural gas are used as raw materials in the production of hot cast elastomers. Cast polyurethane system manufacturers must consider raw material prices and availability when determining the cost structure of their products. Raw material price fluctuations raise operating costs, resulting in a more expensive end product. These petroleum-based raw materials are susceptible to price fluctuations. The prices of raw materials for hot cast elastomers have been affected by these fluctuations in crude oil prices.
- Adverse Impact of Hot Cast Elastomers
The hot cast elastomers are have a negative impact on human health and the environment, which is expected to slow market growth over the forecast period. In addition, a number of stringent regulations have been enacted to limit the product's negative impact on the industry's growth during the forecasted period. Therefore, this factor will challenge the hot cast elastomers market growth rate.
This hot cast elastomers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hot cast elastomers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Hot Cast Elastomers Market
The recent outbreak of coronavirus had a negative impact on the hot cast elastomers market. COVID-19 has ushered the manufacturing and industrial sectors into an unknown operating environment around the world. Government restrictions on the number of people who can congregate in one place have had a significant impact on these industries. For instance, the virus has had a significant impact on the component manufacturing industry. Investment losses, liquidity shortages, labor shortages, supply chain constraints, and overall global economic uncertainty are all affecting the industrial sector's growth. During the lockdown, production and factory operations in the automotive, electronics, and aerospace industries were temporarily halted. The majority of industries rely on China for raw material supply. As a result, supply chain interruptions have had a significant impact on industrial output.
However, many countries, including India, China, and the U.S., have opened their economies in recent months, and industrial activities have resumed, albeit with a limited workforce and materials. As most economies have begun to open, industrial output is expected to rebound. COVID-19 has had a negative impact on sales volume for cast elastomer manufacturers in the first and second quarters of 2020. Major market players are reducing the risk by concentrating on local management and pursuing untapped market opportunities.
- In August 2020, LANXESS has introduced a new line of MDI polyether prepolymers made from renewable raw materials. The products, which are marketed under the brand name Adiprene Green, can be used to replace existing fossil-based polyether prepolymers and allow PU processors to produce components with lower CO2 emissions.
Global Hot Cast Elastomers Market Scope
The hot cast elastomers market is segmented on the basis of raw material and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
End use Industry
- Automotive and Transportation
- Oil and Gas
- Sports and Leisure
Hot Cast Elastomers Market Regional Analysis/Insights
The hot cast elastomers market is analyzed and market size insights and trends are provided by country, raw material and end use industry as referenced above.
The countries covered in the hot cast elastomers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the hot cast elastomers market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rise is attributed to an increase in research and development activities region. The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Hot Cast Elastomers Market Share Analysis
The hot cast elastomers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hot cast elastomers market.
Some of the major players operating in the hot cast elastomers market are
- BASF SE (Germany)
- Dow (U.S.)
- Huntsman International LLC (U.S.)
- SOLVAY (Belgium)
- Covestro AG (Germany)
- CHEMLINE INDIA LIMITED (India)
- Dupont (U.S.)
- LANXESS (Germany)
- Mitsui Chemicals Corporation (Japan)
- Wanhua (China)
- Era Polymers Pty Ltd (Australia)
- CARLISLE POLYURETHANE SYSTEMS (U.S.)
- Tosoh Corporation (Japan)
- Mitsui Chemicals, Inc. (Japan)
- Coim Group (Italy)
- Taiwan PU Corporation (China)
- Era Polymers (Australia)