The Fluoroelastomers market was at USD 1356.4 million in the year 2020 and it is expected to surpass the market value of USD 1794.1 million by the year 2027 while registering a CAGR of 3.7% during the forecast period (2021-2027).
Fluoroelastomer is a high-performance synthetic rubber that contains fluorine. It demonstrates remarkable resistance to heat, the elements, and corrosive substances. Fluoroelastomers rubber (FKM rubber) is regarded to work best between 26 and 230 degrees Celsius. During the study period, the expansion of the global fluoroelastomers (FKM) market is projected to be fueled by the rising demand in end-use sectors including automotive and aerospace & defence. The limited supply of raw materials, however, is anticipated to impede the expansion of the global market.
Regional Analysis :
North America during the review period, there will be a sizable demand for fluoroelastomers as a result of the rising medical and oil & gas sectors’ positive economic growth.
The rising demand for fuel-efficient automobiles is the primary factor driving the expansion of the European fluoroelastomers market.
A growing demand in the end-use industries is predicted to make Asia-Pacific the region with the quickest rate of growth throughout the forecast period.
A growing demand in the end-use industries is predicted to make Asia-Pacific the region with the quickest rate of growth throughout the forecast period.
During the research period, the demand for fluoroelastomers is anticipated to increase as a result of the expanding automotive sector in Latin American nations, particularly in Brazil.
Over the course of the projection period, the Middle east and African region’s market for fluoroelastomers is anticipated to rise as a result of rising oil and gas production.
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Market Segmentation :
Based on the type
of product, In 2018, this market’s share was over 89.5%. Due to the growing use of fluorosilicone, the category is anticipated to see the lowest CAGR throughout the projection period. These are amorphous cross-linked polymers that include fluorine.
Fluorovinylmethylsiloxane is another name for fluorosilicone elastomers. It offers excellent resistance to dilute acids and non-polar fluids like crude oil, hydrocarbon fuels, silicone oils, and diester. It also has excellent mechanical and physical properties.
Tetrafluoroethylene is a copolymer that is used to make perfluoro elastomers. Due to its strong performance qualities in comparison to other varieties, the category is anticipated to post the greatest CAGR over the forecast period.
On the basis of application, the types can be explained briefly.
O-rings are utilised in a number of end-use industries, including oil & gas, aerospace & defence, and automotive. During the projection period, it is anticipated that the strict emission regulations in developing nations would increase demand for fluoroelastomer O-rings and accelerate the segment’s growth.
Engine components, pumps, and rotating shafts are the main uses for seals and gaskets. The strong demand for seals and gaskets in the aerospace and defence industries will probably fuel the segment’s expansion.
Vehicles use hoses to transport fluid for hydraulic, lubricating, and cooling functions. They are also employed in the oil and gas sector to move fluids, such as crude oil, from one location to another.
The automotive industry makes extensive use of complex moulding parts like pads, boots, and bumpers.
Others include washers and wire tubing.
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by end-use sector
Consequently, it is anticipated that during the anticipated period, the regional market will develop in response to the rising demand for passenger automobiles and commercial vehicles. For instance, Solvay intends to increase Tecnoflon production at its Spinetta Marengo, Italy, manufacturing facility by about 30%. Advanced applications like cutting-edge turbocharger designs that reduce fuel consumption and CO2 will be made possible by the expanded capacity.
During the assessment period, the growth of the global market is anticipated to be boosted by the rising demand for commercial aircraft against the backdrop of rising air passenger traffic and commercial jet deliveries. Boeing predicts that the demand for air travel would grow by five times in 20 years, helping to double the number of jet aircraft by 2038.
During the forecast period, market growth is anticipated to be aided by the rising demand for a variety of commodities, basic chemicals, and specialty chemicals, particularly in Asia-Pacific.
The production of oil & gas in the US, Saudi Arabia, and Russia, among other oil-exporting nations, is anticipated to be fueled by the rising demand for fossil fuels and other petrochemicals around the world. During the projected period, this is anticipated to boost the market.
Medical: The demographic shifts and rising spending on medical facilities are likely to fuel the expansion of the global market.
Fluorocarbon and perfluoro elastomer components are utilised in semiconductor equipment to process at high temperatures between 25°C and 300° and to work in severe conditions.
Others: The consumer products, semiconductor, and food processing sectors are included in this group.
Key Players :
The major companies that are involved are Chemours Company (US), Solvay SA (Belgium), 3M (US), Asahi Glass Company (Japan), Daikin Industries (Japan),Gujarat Fluorochemicals Limited (India), DuPont (US), Halo Polymer OJSC (Russia), and Shin-Etsu Chemical Co. (Japan).
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