Global Fluoroelastomer Market Size To Grow At A CAGR Of 4.20% In The Forecast Period Of 2023-2028

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Fluoroelastomer Market

The ‘Global Fluoroelastomer Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global fluoroelastomer market, assessing the market on the basis of its segments like product type, application, end-use, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

The key highlights of the report include:

Market Overview (2018-2028)

  • Historical Market Size (2022): USD 1.59 billion
  • Forecast CAGR (2023-2028): 20%
  • Forecast Market Size (2028): USD 2.03 billion

The fluoroelastomer market is being driven by the versatility and durability of fluoroelastomers, resulting in a growing demand from significant end users such as automotive, aerospace, industrial, and oil and gas. As fluoroelastomers offer high strength and resistance to chemicals and harsh environments, they are suited for industrial applications. The chemical resistance of fluoroelastomers to a wide range of chemicals, bases, acids, and oils is also increasing their use in chemical processing, particularly for dangerous chemicals. Fluoroelastomers can withstand high temperatures without losing their mechanical properties due to which they are commonly used in high temperature environments, leading to enhanced fluoroelastomer market growth. As they are weather resistant, fluoroelastomers can reliably be used in outdoor environments.

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In automotives, fluoroelastomers are extensively used in components such as O-rings, gaskets, and seals, due to the high temperature stability of fluoroelastomer. Accordingly, the increasing production of vehicles is likely to augment the demand for fluoroelastomers in automotive applications. In the oil and gas industry, fluoroelastomers are used for their resistance to chemicals, heat, and oil-based drilling fluids enabling seamless operations. Meanwhile, in the aerospace sector, fluoroelastomers are used in crucial applications such as fuel system components, aircraft engine seals, and O-rings. Rising investments in aerospace and increasing importance of reliable components is bolstering the demand for the fluoroelastomer market.

Fluoroelastomer Industry Definition And Major Segments

Fluoroelastomer is a synthetic rubber polymer that offers resistance to corrosion, nonflammability, durability, and resistance to high temperatures. It is created through a copolymerisation process and is commonly used in applications where exposure to harsh environments is likely. Fluoroelastomers are also excellent in compression, have a low gas absorption rate, and are resistant to UV exposure.

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Based on product type, the market is divided into:

  • Fluorocarbon Elastomers
  • Fluorosilicone Elastomers
  • Perfluorocarbon Elastomers

On the basis of application, the market is segmented into:

  • Diaphragms
  • Valves
  • O-Rings, Seals and Sealants
  • Others

Based on end-use, the market is classified into:

  • Automotive
  • Aerospace
  • Oil and Gas
  • Industrial
  • Others

By region, the market is categorised into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Fluoroelastomer Market Trends

Expansion of production capacities for fluoroelastomers and improvements in processing technologies are anticipated to provide lucrative opportunities to the fluoroelastomer market in the coming years. Usage of technologies such as continuous vulcanisation are being adopted to create fluoroelastomers with improved consistency and properties while reducing manufacturing costs.

Various manufacturers are offering custom formulations to create fluoroelastomers with modified properties that meet specific application requirements. Increasing development of bio-based fluoroelastomers is a key trend in the market, amidst the growing focus on sustainability and environment preservation. Bio-based fluoroelastomers are made with renewable resources thereby reducing the environmental impact of fluoroelastomers. Rising investments in research and development of sustainable and efficient fluoroelastomers are also projected to aid market growth.

At a regional level, the Asia Pacific is expected to witness rapid growth in the fluoroelastomer market over the forecast period, fuelled by the presence of a robust manufacturing base in countries such as India and China. The increasing production of automotives, aerospace, and various industrial products in the Asia Pacific is augmenting the demand for fluoroelastomers. With rising disposable income, there is a growing demand for end use products of fluoroelastomers. Meanwhile, expanding production capacities for fluoroelastomers regionally are also aiding the market growth for fluoroelastomers.

Key Market Players

The major players in the global fluoroelastomer market report are The Chemours Company LLC, Solvay S.A., Daikin Industries, Ltd., 3M Company, AGC, Inc, Shin-Etsu Chemical Co., Ltd., Gujarat Fluorochemicals Limited, Eagle Elastomer Inc, HaloPolymer, OJSC, James Walker Group Limited, and Dynafluon, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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