Elastomer is an alternative to natural rubber that can be stretched, twisted or bent and quickly reformed to its original shape, when released.old cast elastomers have high-performance qualities in terms of strength, flexibility, abrasion resistance etc. Moreover, they are easy and fast to produce by the mixing resins with wood, metal or other material, at the room temperatures. These elements support utilization and customization of cost cast elastomers in wide range of chemical and automotive applications across many industries according to the needs of the market.
The growing demand of elastomers from various end user industries on account of emerging economies and rapid industrialization is driving the cold cast elastomers market around the world. Further, the increase in manufacturing activities of oil and gas, automotive and transport sectors are driving the adoption of cold cast elastomer, therefore contributing to the growth of the market across the globe. These factors along with, the conducive environment and government regulations are anticipated to benefit growth of cold cast elastomers market in coming years.
Cold cast elastomers market is anticipated to witness significant opportunities and is estimated to grow at a moderate CAGR over the forecast period i.e. 2019-2027. Cold cast elastomers market is segmented by type into two component and three component, out of which, two component elastomers are anticipated to grow at the highest CAGR on account of its increased utilization of these high performance elastomers in various industries pertaining to heavy duty load areas. On the basis of application, it is segmented into automotive & transportation, consumer goods, industrial, oil & gas and others, out of which, automotive & transportation is expected to hold the largest share in the global cold cast elastomers market over the forecast period, on account of their ability to increase the efficiency and productivity of automobile manufacturing units around the globe. Further, the growing demand of automobiles is expected to propel the demand of cold cast elastomers. According to OICA, a total of 70498388 cars and 25136912 commercial vehicles were produced during 2018. DOWNLOAD SAMPLE REPORT HERE
Cold cast elastomers aid the manufacturing units to increase the production efficiencies owing to its ability to facilitate production at room temperature. These factors, along with, technological advancements have paved way for innovations and increased utilization of these elastomers. These factors are estimated to support the growth of the cold cast elastomers market.
Rise in demand of cold cast elastomers across the industries, on the back of its diverse applications, specifically automobile industry is one of the notable key drivers that is predicted to boost the growth of the cold cast elastomers market over the forecast period. Moreover, rapid industrialization and conducive manufacturing environment with substantial consumption is fueling the demand of cold cast elastomers over the forecast period.
Changing government regulations on account of rising environmental concerns from the manufacturing units producing the cold cast elastomers and fluctuating input cost are anticipated to hamper the growth of the market over the forecast period.
Our in-depth analysis of the cold cast elastomers market includes the following segments:
On the basis of regional analysis, the cold cast elastomers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America is anticipated to grow at highest growth rate over the forecast period on the back of increase in investment and expansion of manufacturing units by existing key players in the market. These factors, along with technological advancements in the region is anticipated to propel the growth. The cold cast elastomers market in Europe is further expected to grow at an incremental rate on account of increased focus on improving productivity and efficiency of cold cast elastomers and also, increase in production of automotive parts in the region. Furthermore, the market in Asia Pacific is anticipated to hold the largest market share on account of the increase in production capacity of existing manufacturing units pertaining to increase in demand from industrial sectors and launch of new products in elastomers market. Moreover, increase in consumption of elastomers pertaining to emerging economies and industrialization is anticipated to support growth of the market in the region over the forecast period.
The cold cast elastomers market is further classified on the basis of region as follows:
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