Bio-Based Raw Materials Are Used By Cast Elastomer Market Players To Reduce Environmental Impact As Per The Business Research Company's Cast Elastomer Global Market Report 2022
TBRC’s market research report covers cast elastomer market size, cast elastomer market forecasts, major cast elastomer companies and their market share, key strategies to undertake, and more.
LONDON, Feb. 17, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the cast elastomers market, the increasing use of bio-based raw materials is gaining popularity in the cast elastomers market trends. Companies in the cast elastomers sector are stepping up initiatives to develop bio-based products that will assist industry stakeholders in reducing their environmental impact and carbon footprint.
For instance, in August 2020, Lanxess, a Germany-based specialty chemicals company, developed a new line of MDI polyether prepolymers called Adiprene Green, which is made from renewable and bio-based raw materials. The products can be used to make highly durable polyurethane (PU) elastomers in place of conventional fossil-based polyether prepolymers. The overall goal of Adiprene Green's development was to establish a line of bio-based prepolymers that would allow PU processors to generate products with a lower CO2 footprint.
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Major players in the cast elastomer industry are Argonics, BASF, Chemline Incorporation, Coim Group, Covestro, DuPont, Era Polymers Pty Ltd, Huntsman International LLC, Lanxess AG, Mitsui Chemicals Inc., Notedome Limited, Synthesia Technology, The Dow Chemical Company, Tosoh Corporation, and Carlisle Polyurethane Systems.
The global cast elastomers market size is expected to grow from $1.26 billion in 2021 to $1.37 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The cast elastomers market share is expected to reach 1.68 billion in 2026 at a CAGR of 5.2%.
The rise in cast elastomers market opportunities in various end-use industries is expected to propel the growth of the market in the coming years. Cast elastomers are utilized in a variety of applications in the industrial sector, including seals and gaskets, forklift wheels, coupling elements, conveyor belts, and more. These materials are then employed in a variety of sectors, including construction, heavy industry, paper, and so on. For instance, in 2020, Pacific Urethanes, an Australia-based company that specializes in the development and production of polyurethane systems, developed UrePac Spraycast elastomers, which are operated through a dual-component spray machine. UrePac Spraycast elastomers have high elasticity, high chemical resistance, and high tensile strength. These are generally used as protective linings for utility vehicles, truck bed linings, and architectural moldings.
The global cast elastomer market is segmented by type into hot cast elastomer, cold cast elastomer; by distribution into online, offline; by end-use industry into mining, automotive and transportation, industrial, oil and gas, others.
In 2021, North America was the largest region in the cast elastomer market. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cast elastomer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Cast Elastomer Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide cast elastomer market overviews, cast elastomer market analyze and forecast market size and growth for the whole market, cast elastomer market segments and geographies, cast elastomer market trends, cast elastomer market drivers, cast elastomer market restraints, cast elastomer market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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