According to the report, Asia-Pacific excluding Japan (APEJ) will maintain its dominance in the cold cast elastomers market, owing to widespread demand from the region’s industrial sectors. Leading cold cast elastomers market stakeholders have launched a slew of new products in recent years, sensing significant chances in APEJ.
The market for cold cast elastomers is still consolidated, with the top companies controlling more than 40% of the market. Regional and developing players, on the other hand, control 20-25 percent and 10-15 percent of the cold cast elastomers market, respectively. To meet the expanding demand for high-functioning elastomers, leading players continue to expand their production facilities, streamline their manufacturing processes, and develop new high-performance elastomer product lines. The following are some noteworthy advances in the cold cast elastomers market:
Huntsman Corporation’s SUPRASEC family of cold cast elastomers, and BASF’s Elasturan cold cast elastomers are some of the significant product introductions seen in APEJ, which has been augmenting its leadership in the cold cast elastomers market. APEJ accounted for more than 30% of global volume sales of cold cast elastomers in 2018.
Demand for Cold Cast Elastomers to Remain Robust in Industrial Applications
According to a new Fact.MR analysis, cold cast elastomer sales in industrial applications would approach 21 million tonnes in 2019. This is due to the intrinsic property-based benefits of cold cast elastomers, such as convenience and time-effective manufacturing application, which result in lower operational costs. The ease of creating cold cast elastomers at room temperature, as well as the lack of a need for heat for curation, continue to push their use in industrial applications around the world.
Cold cast elastomers have all of the attributes necessary in manufacturing and production facilities, including high load bearing capacity, abrasion and impact resistance, resilience, insulation, and strong bonding. Cold cast elastomers are also seeing increased use in the construction industry for concrete moulds and concrete rehabilitation. Furthermore, due to their water and abrasion resistance, cold cast elastomers are increasingly being employed in consumer and sporting goods manufacture. Aviation, automotive, and oil & gas are some of the other industries where cold cast elastomers are useful. Cold cast elastomers are in high demand all around the world, thanks to steady expansion in each of these industries.
Cold Cast Elastomer Sales Remain Influenced by Growing Polyurethane Production
Polyurethane resins are extremely versatile and are used in a wide range of industries, including medical, construction, furniture, packaging, electronics, automotive, and textiles. It’s a good material for electronic appliances because of its appealing looks and high insulation. Furthermore, the process of producing polyurethane is cost-effective, making it a profitable venture for chemical companies.
Polyurethane is one of the few substances that can be produced in an environmentally friendly manner. Chemical industry is predicted to experience a slow decline as environmental concerns grow and stringent policies for environmental conservation are implemented. However, the possibility of making polyurethane from polyols and other natural resources is predicted to outweigh the problems associated with chemical-based competitors’ falling output.