According to the research report titled ‘Global Cast Elastomer Market Size study, by Type (Hot cast elastomer, Cold cast elastomer), by End-use Industry (Industrial, Automotive & Transportation, Oil & gas, Mining, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global cast elastomer market was valued at USD 1.3 billion in 2020 and is anticipated to reach USD 1.8 billion registering a steady y-o-y growth rate of 5% over the forecast timeframe 2021-2027. 
 

As per the report findings, rising industrial infrastructure in emerging economies, as well as surging demand from high-value end-use sectors will majorly drive the worldwide cast elastomer market growth in the forthcoming years.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4285179/
 

Additionally, rapid technological advancements in the field will create new growth opportunities for industry partakers in the upcoming years. For instance, Lanxess AG launched a new line of MDI polyether prepolymers made from bio-based raw materials in 2020, which was marketed under the brand name Adiprene Green and had qualities similar to the company's fossil-based polyether prepolymers.
 

For the unversed, cast elastomers are materials that can be stretched and do not regain their original shape instantly when released. These materials are thermosetting like synthetic and natural rubbers.
 

Based on product type, the market is fragmented into hot and cold cast elastomer. Whereas by end-user scope, the business vertical is split into industrial, automotive & transportation, oil & gas, mining, and others.
 

From a regional perspective, as per the report, global cast elastomer market size spans across North America (U.S., Canada), Europe (U.K., Germany, Spain, France, Italy), Asia Pacific (Japan, China, South Korea, India), and Latin America (Mexico and Brazil).
 

Among the listed regions, Asia Pacific holds the largest market share and will continue to grow substantially over the forecast period, owing to developing manufacturing sectors in nations like India and China. Moreover, rising demand for industrial machinery and equipment, fast-paced urbanization, population growth, and escalating investments in sectors like oil & gas, power, construction, metal processing, and mining are expected to support the regional market expansion.
 

Considering the competitive landscape, Wanhua Chemical Group Co. Ltd., Tosoh Corp., Notedome Ltd., Mitsui Chemicals Inc., ERA Polymers Pty Ltd., BASF SE, Dow Inc., Dow Jones Industrial Average, Lanxess AG, Huntsman Corp., and Covestro AG are among the major contributors to global cast elastomer market remuneration.
 

These key players are reinforcing their market positions by launching a slew of strategic initiatives aimed at fueling technological improvements in the forthcoming years.