The Cast elastomer market is projected to reach USD 1.8 billion by 2028, at a CAGR of 5.0% from USD 1.4 billion in 2023. The market growth is driven by factors such as increasing demand for high value end industries, superior advantage over conventional materials and increasing manufacturing activities in emerging economies.
The key players in this market are BASF (Germany), Dow (US), Huntsman Corporation (US), Covestro AG (Germany), Lanxess (Germany), Era Polymers (Australia), Mitsui Chemicals, Inc. (Japan), Notedome Ltd. (England), TOSOH Corporation (Japan), Wanhua Chemical Group Co., Ltd. (China) etc. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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BASF is one of the leading chemical companies in the world. The company operates through various business segments: chemical, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The company caters to the needs of various end-use industries such as automotive, construction, electronics, sports & leisure, and household. It offers cast elastomers through its materials segment.
The company has 6 Verbund sites, 241 additional production sites in more than 90 countries, and 3 global research divisions in Europe, APAC, and North America. It primarily operates in Europe and has an active presence in North America, APAC, South America, Africa, and the Middle East.
Dow is a diversified chemical company and one of the leading manufacturers of cast elastomers globally. The company operates through six businesses segments: coatings & performance monomers, consumer solutions, hydrocarbons & energy, industrial solutions, packaging and specialty plastics, and polyurethanes & construction chemicals. These segments are organized into three operating divisions: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The company offers cast elastomer through its polyurethanes & construction chemicals segment, which falls under the Industrial Intermediates & Infrastructure operating division. The company operates 106 manufacturing sites in 31 countries. It serves markets across North America, Latin America, Europe, the Middle East & Africa, and APAC.
In March 2019, DowDuPont Board of Directors approved the separation of materials science division, creating Dow.
Cast Elastomer Market by Type (Hot Cast Elastomer, Cold Cast elastomer), End-use industry (Oil & Gas, Industrial, Automotive & Transportation, Mining), & Region(Asia Pacific, Europe, North America, MEA, South America) - Global Forecast to 2028
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