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  • Fluoroelastomers Market Analysis | 2023-2028

    Fluoroelastomers Market Analysis | 2023-2028

    Fluoroelastomers Market Analysis | 2023-2028
    Report code - SR2562 Published On : May,2023 No. of Pages: 155
    Fluoroelastomers Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opp See more...

    Market Highlights

    The Fluoroelastomers Market is projected to grow at a promising CAGR of 5.5%, in the long run, to reach US$ 2.5 billion in 2028.

    Fluoroelastomers Market Forecast

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    What are Fluoroelastomers?

    Fluoroelastomers are fluorinated synthetic rubber polymers that have extraordinary resistance to most fluids at high temperatures while retaining their flexibility, strength, and shape in the most extreme environments. These materials are widely used in industries such as automotive, aerospace, chemical, and oil & gas, where they offer excellent sealing- and corrosion-resistant properties. The global fluoroelastomers market has experienced significant growth over the years and is expected to continue to grow at a steady pace due to increasing demand from various end-use industries.

    Impact of Covid-19

    The COVID-19 pandemic has had a mixed impact on the fluoroelastomers market (decline of -14.5%), with a decline in demand from the automotive, aerospace, and oil & gas industries, but an increase in demand from the semiconductor industry.

    The automotive industry, one of the major users of fluoroelastomers, was severely impacted by the pandemic. Automotive production declined in 2018 as well as in 2019 and was expected to start rebounding from 2020 onwards. However, the sudden outburst of the pandemic trashed the market hopes. As a result of that, there was an enormous decline in the production of automobiles across regions. The grave impact of this was registered across the supply chain including the level of components. The temporary closure of automotive manufacturing plants and the decline in demand for vehicles led to a decrease in the demand for fluoroelastomers used in automotive components such as seals, gaskets, and O-rings.

    Concurrently, seal manufacturers serving the semiconductor segment were extremely overloaded with abundant orders. Overall, the semiconductor industry flourished amid the pandemic and showed growth in the past two years (2021 and 2022) and is expected to continue its growth momentum in the year 2023 and beyond, driven by a host of factors such as increasing high-bandwidth smartphones, increasing demand for wearable devices, and rapid expansion of electric vehicles across the globe.

    However, the fluoroelastomers market gradually rebounded in the year 2021 with the ramp-up in consumer confidence. The market is expected to continue to grow at a steady pace due to increasing demand from various industries.

    Recent Product Developments:

    • In May 2022, The Chemours Company revealed a groundbreaking sustainable process innovation aimed at producing Advanced Polymer Architecture (APA) grade Viton™ fluoroelastomers, eliminating the need for a fluorinated polymerization aid.

    • In June 2022, Solvay S.A. unveiled a new portfolio of high-performance Tecnoflon peroxide curable fluoroelastomers (FKM) produced without the use of fluorosurfactants (a type of PFAS used as process aids).

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Material-Type Analysis

    FKM, FFKM, and FVMQ

    FKM is anticipated to remain the biggest product type segment whereas FFKM is expected to be the fastest-growing segment in the coming years.

    Application-Type Analysis

    Seals, O-Rings & Gaskets, and Others

    O-Rings and Gaskets are expected to remain the dominant as well as fastest-growing applications during the study period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    Asia Pacific is expected to remain the largest market as well as is likely to grow at the fastest rate in the years to come.

     

    By Material Type

    The market is segmented into FKM, FFKM, and FVMQ. FKM is expected to remain the dominant material type in the market during the forecast period, owing to the increasing demand from the automotive industry, where it is used in engine components, transmission systems, and fuel systems. FKM is widely used in these applications due to its excellent resistance to heat, chemicals, and oil. FKM offers superior performance compared to other elastomers such as NBR and EPDM, making it a preferred choice for high-performance automotive applications.

    By Application Type

    The market is segmented into seals, o-rings & gaskets, and others. O-Rings and gaskets are expected to remain the largest application types in the market during the forecast period. The growing demand for O-rings and gaskets in the automotive and aerospace industries is the key factor driving the growth of this segment. In addition, the increasing use of FKM in the semiconductor and chemical processing industries is also fueling the growth of the segments.
    Fluoroelastomers Market by Application type
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    By Regional Analysis

    Asia-Pacific is expected to remain the largest market for fluoroelastomers during the forecast period. The projected persistent expansion of the automotive and electronics industries in the region is the primary reason for this trend. The automotive industry is anticipated to maintain its prominent position as the leading end-user of FKM. Asia-Pacific region is predicted to retain some of the most significant automotive markets worldwide. Furthermore, the electronics industry is expected to continue as a substantial end-user of FKM, with the Asia-Pacific region remaining a crucial center for the global electronics industry.

    Fluoroelastomers Market by Region
     
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    Key Players

    The market is populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the fluoroelastomers market:

    • DuPont de Nemours, Inc.
    • Solvay S.A.
    • The Chemours Company
    • Daikin Industries Ltd.
    • 3M
    • AGC, Inc.
    • Shin-Etsu Chemical Co., Ltd.
    • HaloPolymer
    • James Walker & Co.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s fluoroelastomers market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.

    The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Fluoroelastomers Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQ)

    The fluoroelastomers market is estimated to grow at a CAGR of 5.5% by 2028. Increasing adoption of fluoroelastomers in the automotive and aerospace industries paired with increased demand for lightweight materials is expected to drive the demand for fluoroelastomers.

    DuPont de Nemours, Inc., Solvay S.A., The Chemours Company, Daikin Industries Ltd., 3M, AGC, Inc., Shin-Etsu Chemical Co., Ltd., HaloPolymer, and James Walker & Co. are the leading players in the fluoroelastomers market.

    Asia-Pacific is estimated to remain dominant in the fluoroelastomers market in the foreseeable future. The region has a large and rapidly growing automotive industry, which is one of the major end-users of fluoroelastomers. Expanding aerospace industry is likely to create an additional demand for fluoroelastomers in the region.

    Asia-Pacific is estimated to remain the fastest-growing market during the study period owing to due to its large and rapidly growing end-user industries paired with an increased acceptance of fluoroelastomers.

    O-rings and gaskets are expected to remain the dominant application types in the market till 2028. The growing demand for O-rings and gaskets in the automotive and aerospace industries is the key factor driving the growth of both segments.

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