Market Trends of Cast Elastomer Industry
This section covers the major market trends shaping the Cast Elastomer Market according to our research experts:
Growing Demand of Cast Elastomers from Automotive Industry
- Cast Elastomers are elastic like polymers that stretch significantly more than different kinds of materials and come back to shape when the power is expelled, like a spring. At the point when twisted by outer powers, cast elastomers oppose stream like a thick fluid, opposing movement much like a damper or dashpot.
- Cast elastomers are used in manufacturing of motor and transmission mounts, suspension pads, damper springs, bushing, drive belt, Dunn age, bed liners, filters, wheels, tires, tire fill and rollers, etc. in automotive Industry.
- Owing to a huge growth in population, as well as economic development in countries, like China, India, and other ASEAN countries, the automotive industry in Asia-Pacific region is expected to grow significantly.
- Cast elastomers are dependable elastomers that combine some of the performance advantages of high-tech plastics, metals and ceramics along with the resiliency and flexibility of rubber.
- Hence, owing to the above-mentioned factors, the market for cast elastomers from automotive industry is likely to dominate during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for cast elastomers during the forecast period. The rising demand of cast elastomers from automotive industry with growing population in developing countries like India and China is expected to drive the demand for cast elastomers in this region.
- The largest producers of cast elastomers are located Asia-Pacific region. Some of the leading companies in the production of cast elastomers are BASF SE, Covestro AG, Huntsman International LLC, Era Polymers Pty Ltd and LANXESS among others.
- The Indian government aims to make automobile manufacturing the main driver of 'Make in India' initiative, as it expects the passenger vehicles market to triple to 9.4 million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016-2026.
- Owing to the above-mentioned factors, the market for cast elastomers in the Asia-Pcific region is projected to grow significantly during the study period.
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