-Excellent properties of cast elastomers such as good tensile strength, great tear resistance, and others will bring tremendous growth opportunities for the cast elastomers market during the forecast period
- The cast elastomers market is prognosticated to record a CAGR of ~5 percent across the assessment period of 2020-2030
ALBANY, N.Y., May 3, 2021 /PRNewswire/ -- The durability and the properties of cast elastomers will serve as a prominent growth factor for the cast elastomers market during the tenure of 2020-2030. The use of cast elastomers across a wide range of end-users such as building and construction, energy, oil and gas, power, industrial process, agriculture, 3D printing, healthcare, material handling, and others will bring good growth prospects between 2020 and 2030.
Cast elastomers are elastic materials that can be stretched to a certain extent and return to their original position after the removal of the force. These products have phenomenal properties such as load-bearing and abrasion resistance. Thus, all these factors bring exponential growth opportunities for the cast elastomers market.
The projections made by the team at Transparency Market Research (TMR) suggest that the global cast elastomers market is expected to expand at a CAGR of ~5 percent during the forecast period of 2020-2030. The global cast elastomers market is extrapolated to exceed US$ 2 bn by the end of the forecast period that is 2030.
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The expanding industrialization levels in various regions around the world will bring expansive growth prospects for the cast elastomers market during the assessment period. Consistent technological developments through intense research activities will bring great growth opportunities for the cast elastomers market. The rising presence of major players in the cast elastomers market in a diverse number of countries will also prove to be a significant growth contributor.
Key Findings of the Report
Booming Automotive Industry to Bring Immense Growth Prospects for the Cast Elastomers Market
The automobile industry, barring the lockdown effect at the start of the COVID-19 pandemic has shown a positive growth trajectory over the years. The technological advancements in the automotive sector and the expanding usage of cast elastomers in almost all vehicles will serve as a growth booster for the cast elastomers market.
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The COVID-19 pandemic has increased the sales of passenger vehicles to a certain extent. Many individuals prefer private transport instead of public transport to avoid the transmission of COVID-19. The growing threat of COVID-19 is further expected to boost the sales of passenger vehicles. Cast elastomers are used extensively in tires, suspension parts, air filters, damper springs, and others. These factors will help in increasing the growth rate of the cast elastomers market.
Fluctuating Raw Material Prices and Tightened Environmental Regulations Pose a Risk for the Growth of the Cast Elastomers Market
The demand for raw materials used in cast elastomers is adversely impacted by the ever-fluctuating prices. This factor will hamper the growth prospects of the cast elastomers market to a substantial extent. Furthermore, the initiatives and regulations imposed by the government bodies of numerous countries to curb environmental pollution will serve as a major growth restraint.
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Cast Elastomers Market: COVID-19 Impact
The COVID-19 pandemic changed the growth projections of a large number of industries and sectors around the world. The cast elastomers market is no exception. Various countries were forced to impose stringent restrictions to break the chain of COVID-19 transmission. All the non-essential manufacturing facilities and production units were shut. These factors led to a decrease in the production and demand of cast elastomers.
Nevertheless, the relaxations in lockdown restrictions after a brief period have served as a boon for the players in the cast elastomers market.
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