Hot Cast Elastomers Market: Overview
Hot cast elastomers are materials having the ability to stretch and recuperate rapidly on release. These elastomers are centered on either polyesters and/or polyethers. Hot cast elastomers hold excellent physical and chemical properties including load bearing and abrasion resistance characteristics. Furthermore, hot cast elastomers also are more tear resistant and have high tensile strength. Properties of hot cast elastomers acts as a bridge between rubber and plastics. Hot cast elastomers are utilized in various applications in bumpers, bushings, bearings, shock absorbers, slide plates, wear strips and machine parts.
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Hot Cast Elastomers Market: Dynamics
The manufacturing sector is on a rise globally. With the rapidly increasing industrialization, the adoption rate for hot cast elastomers has experienced an upward trend. Companies in the emerging economies have expanded their cast elastomers production capacities owing to the increasing manufacturing activities in these regions. The hot cast elastomers market has witnessed a significant adoption rate with rising usage in end-use industries including automotive, industrial, oil & gas and mining. The stabilizing oil & gas industry coupled with the rising automotive output is expected to drive the demand for hot cast elastomers in the short-term forecast, however, other emerging niche applications are expected to commercialize in the long-term forecast. Continuous technological developments and constantly changing working environments leads to the development of specialty materials like hot cast elastomers. Furthermore, compliance of stringent regulations and standards and fluctuation in prices of raw materials are the major challenges in the hot cast elastomers market. These elastomers can pose to be a threat both, to the environment and human health. This is the major factor hampering the hot cast elastomers market.
Hot Cast Elastomers Market: Segmentation
The global hot cast elastomers market can be segmented by end-use industry and region. In terms of end-use industry, the cast elastomers market can be divided into automotive & transportation, industrial, mining, oil & gas and others. Industrial is estimated to be the major end-use segment of the cast elastomers market. The market share of the segment is large due to the extensive use of hot cast elastomers in applications, such as industrial wheels, rollers and machinery. Hot cast elastomers are used in these applications, such as industrial wheels, rollers, and machinery they offer tough abrasion resistance and high load-bearing capacity.
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Hot Cast Elastomers Market: Regional Overview
The global hot cast elastomers market can be segmented by regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa (MEA). South Asia is expected to have a significant market for hot cast elastomers owing to the rising demand for industrial applications in the various end-use industry. After South Asia, East Asia is the second largest market for hot cast elastomers owing to the requirements for advanced electrically powered construction equipment. Also, MEA is expected to cater to untapped opportunities in the coming years with rapid urbanization and industrializations. Latin America market for hot cast elastomers is also surging at a considerable rate due to rapid economic growth, which results in the large industrial applications owing to the demand for advanced industrial raw materials in these regions over the coming period.
Hot Cast Elastomers Market: Key Players
Prominent players in the global hot cast elastomers market are Covestro AG, Huntsman International LLC., LANXESS, The Dow Chemical Company, Mitsui Chemicals, Inc., Tosoh Corporation, DowDuPont, BASF SE, Era Polymers Pty Ltd and Coim Group among other players. The global players are expected to strengthen their market positions by offering loyalty schemes and competitive prices. Several small-sized players also have a presence in the hot cast elastomers market globally.
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