Cast elastomer market forecast with a CAGR of 5 percent through 2034

Rockville, MD – Worldwide revenue from the Cast Elastomers Market reached $1.45 billion in 2023 and is projected to increase at a CAGR of 5% to climb to US$ 2.49 billion by the end of 2034 according to FactMR.

The elastomer industry is witnessing a surge in demand for customized solutions driven by advancements in technology and manufacturing processes. Manufacturers are innovating to meet the diverse needs of clients, such as improved mechanical and chemical properties. Cast elastomers, particularly in automotive applications, are evolving with enhanced durability and reliability, propelled by innovations such as nanofillers and smart manufacturing techniques.

Cast elastomers have superior wear and tear resistance compared to many traditional materials (rubber, plastic, and metals). This leads to exceptional durability, potentially lasting longer in harsh environments compared to commonly used alternatives. Furthermore, demand for cost-effective and lasting elastomers is rising in developing economies such as China and India. This emerging trend reflects a significant change in direction toward environment-friendly strong materials, driving growth and breakthroughs within major domains such as healthcare and construction.

The global cast elastomer market is valued at $1.53 billion in 2024 and is projected to grow at 5% CAGR through 2034.
The market created an opportunity of $249.2 million expanding at a CAGR of 4.9% between 2019 to 2023
East Asia is a prominent region that is estimated to hold a market share of 43.2% in 2034.
Leading market players include ASF SE, Covestro AG, Dow, Huntsman International LLC, and LANXESS AG.
Hot cast elastomer sales are estimated to increase at a CAGR of 5.2%, creating an absolute $ opportunity of $464 million between 2024 and 2034.
North America and East Asia are calculated to create an absolute $ opportunity of US$ 653.5 million collectively by 2034.
“Innovations such as nanofillers and smart manufacturing techniques will enhance the durability and reliability of cast elastomers,” says a Fact.MR analyst.

Key industry participants like Argonics, Inc.; BASF SE; Coim Group; Covestro AG; Dow; Era Polymers Pty Ltd.; Huntsman International LLC; LANXESS AG.; Mitsui Chemicals, Inc.; Notedome Limited; Tosoh Corporation; Wanhua Chemical Group Co. Ltd. Nova Chocolate; Dr. John’s Healthy Sweets; See’s Candy Shop, Inc.; Other Prominent Players are driving the cast elastomer industry.

Several manufacturers of cast elastomers have invested substantially in research and development to improve the performance and quality of their products, which can lead to increased demand and higher sales. Market players are expanding their presence in emerging markets such as South Asia and Latin America, which are experiencing high growth rates due to the increasing demand for high-quality products in the medical industry.

In June 2024, Covestro announced its investment in BioBTX, a Dutch company specializing in innovative chemical recycling technology, enabling the construction of a demonstration plant in the Netherlands for converting 20 kilotons of mixed plastic waste per year.

In March 2024, Dow announced the commercialization of a polyolefin elastomer (POE)-based artificial leather option for the automotive seating market, offering benefits such as ultra-soft tactility, color stability, and being animal-free and eco-friendly.