Rising demand for fluoroelastomer for gaskets, seals, and hoses in fuel systems, air intake systems, and engines is driving the market growth. Owing to excellent sealing properties, durability, resistance to chemicals and superior mechanical properties are fueling the fluoroelastomer demand. Stringent regulation regarding carbon emissions is also boosting the market growth. The rising application of fluoroelastomer from wafer fabrication, chemical processing, automotive, aerospace, and pharmaceutical sector is again pushing the market growth.
As per the latest report added by Value Market Research, the Global Fluoroelastomer Market revenue was valued at around USD 2.62 MN in 2022 and is expected to reach around USD 3.43 MN in 2030, growing at a CAGR of 3.4%
FKM Dominated The Type Segment
In 2022, FKM dominated the segment and accounted for a major market share. Strict regulation regarding carbon emission is driving the segment demand. The use of FKM to meet demands of oxygenate-rich gasoline, and harsh engine oils is again boosting the segment growth.
Automotive Led The Application Segment
By application, automotive dominated the segment in 2018. Rising demand for seals, hoses, gaskets in fuel system and engines are driving the segment demand. Resistance to a wide range of chemicals such as diesel fuels, mineral oil, greases, petrol, silicone oil, and others is boosting its application in automotive engines.
Asia Pacific Emerged As The Leading Regional Market
Asia Pacific dominated the regional market in 2022 owing to an increase in demand from the automotive, aerospace, and pharmaceutical industries. Also, the rise in disposable income, followed by robust urbanization is also fueling the regional market growth.
Major Players Of The Market
The prominent players of the market include DUPONT, Daikin, 3M, Solvay, AGC, Shin-Etsu, Dow Corning, Momentive, and Wacker.
As per this study the Global Fluoroelastomer Market was valued USD 2.62 BN (by revenue) in 2022 and is anticipated to reach USD 3.43 BN by 2030 with a CAGR of 3.4%. Regarding volume, the market was calculated XX Ton in 2022 and forecast to touch XX Ton by 2030 with a CAGR of XX% during 2023-2030.
Fluoroelastomer is a fluoro-carbon based high-quality synthetic rubber. These fluoroelastomer are self-extinguishing compounds and have outstanding resistance to abrasion, chemicals, gases, oils and other fluids at high temperature. Owing to excellent properties it is used in automotive, oil & gas, chemical and other industries for sealing and fluid transport application.
Market Dynamics
Owing to stable performance at elevated temperature and harsh environment, fluoroelastomer is used across automotive, aerospace, oil & gas industries. High demand for specialized products such as shaft seals, O-rings, etc. from the automotive industry is directly contributing in the growth of the fluoroelastomer market. In addition to this, stringent regulation imposed by the government regarding harmful emission is pushing the market growth uphill. On the flip side, the high cost of fluoropolymer is likely to restrain the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of fluoroelastomer.
Market Segmentation
The broad fluoroelastomer market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Fluorocarbon
- Fluorosilicone
- Perfluoroelastomers
By Application
- O-rings
- Seals & Gaskets
- Hoses
- Others
By End-use Industry
- Automotive
- Aerospace
- Chemicals
- Oll & Gas
- Energy & Power
- Pharmaceutical & Food
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for fluoroelastomer in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Fluoroelastomer Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the fluoroelastomer market include The Chemours Company (US), Solvay SA (Belgium), and 3M (US), Daikin Industries (Japan) and Gujarat Fluorochemicals Limited (India). Asahl Glass Company (Japan), Dongyue Group (China). Halopolymer OJSC (Russia) James Walker & Co. (UK) and Shin-Etsu Chemicals (Japan). An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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