According to a recently published Fact.MR report, global sales of cold cast elastomers exceeded 64 Mn tons in 2018, and are poised to record growth at nearly 5% through 2019. The report opines that Asia-Pacific excluding Japan (APEJ) will retain its supremacy in the cold cast elastomers market, undergird by pervasive demand from industrial sectors in the region. Sensing potential opportunities in APEJ, there has been an influx of new product launches by leading cold cast elastomers market stakeholders in recent years.
New stabilizers from LANXESS that seek applications in both cold and hot cast elastomer production, recent launch of SUPRASEC range of cold cast elastomers by Huntsman Corporation, and BASF’s Elasturan cold cast elastomers are some of key product launches witnessed in APEJ, which has been complementing its sovereignty in the cold cast elastomers market. In 2018, APEJ accounted for over 30% of overall volume sales of cold cast elastomers worldwide.
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Demand for Cold Cast Elastomers to Remain Robust in Industrial Applications
The recent Fact.MR study estimates that cold cast elastomers sales in industrial applications is expected to exceed 21 million tons in 2019. This can be primarily attributed to inherent property-based benefits of cold cast elastomers, such as convenience and time-effective production application, thereby reducing operational costs as a consequence. Convenience of manufacturing cold cast elastomers at room temperature, and deprival of heat requirement for curation purposes, continue to drive their sales in industrial applications worldwide.
In light of their high load bearing capacity, abrasion and impact resistance, resiliency, insulation, and strong bonding properties cold cast elastomers provide all the qualities required in manufacturing and production facilities. Cold cast elastomers also seek increasing usage in the concrete molds and concrete repair in the construction industry. In addition, the cold cast elastomers are increasingly being used in the consumer goods, and sports goods manufacturing due to its water and abrasion resistant properties. Other industries where cold cast elastomers are finding high utility include aviation, automotive, and oil and gas industries. Steady growth in each of these industries is fuelling the demand for cold cast elastomers around the world.
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Cold Cast Elastomer Sales Remain Influenced by Growing Polyurethane Production
Polyurethane resins are versatile in nature and find application in an assortment of end-use industries which include medical, construction, furnishing, packaging, electronics, automotive, and textiles. Attractive aesthetics and high insulation make it an ideal material for electronic appliances. In addition, the process of manufacturing polyurethane is economical, making it a lucrative entity for chemical manufacturers.
Polyurethane is one of the few chemicals that can be sustainably manufactured. With environmental concerns on the rise and application of stringent regulations for environment conservation, chemical manufacturing is expected to witness a gradual decline. However, potential of manufacturing polyurethane using polyols, and other natural resources are expected to offset challenges associated with declining production of their chemical-based counterparts. Additionally, adoption of plant and other bio-based raw material for the manufacturing of polyurethane will make the process more economical and sustainable.
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Polyurethane manufacturing accounts for relatively lower environmental footprint. Due to the growing demand for polyurethane, and constant innovation in sustainable manufacturing processes, the polyurethane industry is estimated to see steady growth which will consequently boost the production of cold cast elastomers.
The Fact.MR report offers forecast of the cold cast elastomers market for the period 2018-2027. According to the report, the cold cast elastomers market is projected to record5.1% CAGR through 2027.
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