BASF SE, COVESTRO AG, LANXESS, and Huntsman International LLC are the major players in the global cast elastomer market
The recent study, titled “Global Cast Elastomer Market – Forecasts from 2018 to 2023” covers an in-depth analysis of the market on the basis of type, end-user industry, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. The report has segmented the global cast elastomer market by type (hot cast, cold cast), end-user industry (automotive, oil and gas, energy and power, others), and geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). Cast Elastomers are tough, elastic material that can be depended upon to retain their original shape and properties for a long service line. The growing use of cast elastomers in end-user industries such as automotive, mining, and oil and gas is driving the market growth. Manufacturers in this market are increasingly launching new products that provide excellent performance for a broader range of applications. For instance, in July 2018, LANXESS has launched new products for cast elastomers as to provide improved industrial hygiene and controlled curing for a variety of applications. Thus, the market is expected to grow at a steady rate owing to its burgeoning use in new industries such as renewable energy, steel, and the sports and leisure industry.
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Hot Cast is expected to grow at a good rate over the forecast period.
Hot cast elastomer is expected to grow at a good rate over the forecast period owing to their increased usage in the mining industry where they are used in mineral processing as separating screens, pipe linings, conveyor scrapper, and various components in flotation processes. They are used in the most rigorous applications where high performance is required. Thus, increased mining activities across the globe are expected to bolster the host cast elastomer market growth.
Oil and Gas holds a significant share in the market
Oil and Gas Industry holds a significant share in the market as the industry utilizes a wide variety of components manufactured from cast elastomers such as plugs, valves, sealing components, etc. The market is expected to grow at a steady pace owing to increased production of petroleum and other liquids across the globe. For instance, in North America, the annual production of petroleum and other liquids has increased from 21,342 thousand bbl/d in 2014 to 22,866 342 thousand bbl/d in 2017 (source: U.S Energy Information Administration).
The Asia Pacific is expected to grow at a good pace over the forecast period.
The Asia Pacific global cast elastomer market is expected to grow at a good rate owing to growing manufacturing activities and significant consumer base in the region. Growing automotive and oil and gas industry in the region is expected to augment the demand for cast elastomers in the region.
Some of the major players discussed in the reports are BASF SE, Covestro AG, LANXESS, Argonics, Inc., Crosslink Technology Inc., Era Polymers Pty Ltd., Chemix, Huntsman International LLC, DeltaChem Middle East LLC, and SAPICI S.p.A.
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