Rockville , April 12, 2023 (GLOBE NEWSWIRE) -- The global cast elastomers market reached a valuation of US$ 1.4 billion in 2021. Between 2021 and 2031, global cast elastomer sales will rise at a steady CAGR of 5%. By the end of 2031, total market size will reach US$ 1.8 billion.

Adoption of cast elastomers is likely to remain high in automotive sector. The target segment will generate lucrative revenues for the market. This is due to rising usage of cast elastomers for making numerous automotive components.

Cast elastomers are lightweight and offer resistance against heat, ozone, and oil. Hence, they are being increasingly used to produce a wide variety of vehicle components. This includes bumpers, damper springs, engine mounts, bushings, shock absorbers etc.

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As vehicles become sophisticated, need for lightweight and high-quality materials, such as cast elastomers will increase significantly. Cast elastomers are used in the automotive industry to produce components with superior mechanical properties, durability, and temperature resistance.

Rising production and sales of vehicles coupled with high demand for safe, energy-efficient, and reliable cars will bolster cast elastomer sales.

According to the International Organization of Motor Vehicle Manufacturers, global production of cars reached over 61.5 million in 2022. Over the next ten years, this number will significantly improve especially due to rising popularity of electric vehicles. This in turn will fuel cast elastomers demand in the global market.

Rising demand for high-performance materials that offer sustainability and cost-effectiveness has become a key driver for the cast elastomers market.

Cast elastomers are lightweight, durable, and resistant to extreme temperatures. As a result, they are gaining wider popularity across industries such as manufacturing, construction, medical, energy, oil & gas, etc.

Rapid expansion of these industries will create lucrative opportunities for cast elastomer manufacturers. Further, growing usage of cast elastomers for developing several complex and three-dimensional (3D) parts will boost sales.

Demand in the market will remain particularly high for hot cast elastomers. This is because they are processed at high temperatures and pressures, which gives them great strength, flexibility, and durability than other types of elastomers.

They are used in a variety of applications due to their ability to resist extreme temperatures and harsh environmental conditions.

Regionally, Asia Pacific will remain the leading market for cast elastomers. As per Fact.MR, Asia Pacific is likely to hold around 42% share of the global market during the assessment period.

Rising production and sales of lightweight electric vehicles is a key factor driving cast elastomers demand in the region. Similarly, growing awareness about benefits of using cast elastomers is favoring market expansion.

The region has already established itself as a leading manufacturer of various types of elastomers. This includes silicone and thermoplastic elastomers.

Key Takeaways from Cast Elastomers Market:

Germany cast elastomers market will expand at a CAGR of 3% through 2031.

Growth Drivers:

Restraints:

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Competitive Landscape:

Manufacturers are looking to differentiate their products by offering an extensive range of elastomers, with a focus on specialty polymers and polymeric alloys. These companies are also investing in research and development to develop new technologies, meet customer requirements, and stay competitive.

As the industry evolves, innovative strategies such as custom-made products, tailored services, and a comprehensive product portfolio, will remain key for manufacturers.

For instance,

Key Companies Profiled by Fact.MR

More Valuable Insights on Cast Elastomers Market

In the latest study, Fact.MR offers a detailed study on the global cast elastomers market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of cast elastomers through detailed segmentation as follows:

By Type:

By Raw Material:

By End-use Industry:

By Region

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Key Questions Covered in the Cast Elastomers Market Report

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