Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) -- The fluoroelastomers market is poised to be valued at over USD 1.7 billion by 2032, as per a recent study by Global Market Insights Inc.
According to a report by KPMG in 2022, sustainability reporting rate has surged, with reporting by N100 companies increasing from 64% in 2012 to 79% in 2022, while G250 companies maintain a consistent 96% reporting rate. The global push towards sustainability and stringent environmental regulations are compelling industries to seek materials that not only perform exceptionally but also adhere to eco-friendly standards. Fluoroelastomers, known for their durability and resistance to environmental degradation, align with the growing sustainability requirements in manufacturing processes.
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Moreover, the medical and pharmaceutical sectors are increasingly relying on fluoroelastomers for their unique combination of chemical resistance, biocompatibility, and thermal stability. These qualities make the material suitable for critical applications such as seals, gaskets, and O-rings in medical devices and pharmaceutical manufacturing equipment.
Demand for perfluoroelastomers for exceptional properties
The fluoroelastomers market from perfluoroelastomers (FFKM) segment is poised to grow at a significant pace through 2032, owing to its chemical resistance and thermal stability, finding extensive applications in industries where extreme operating conditions are the norm. It is widely incorporated across aerospace and semiconductor industries for its unparalleled performance characteristics. The demand for materials that can withstand aggressive chemicals and ensure prolonged equipment lifespan, along with focus among manufacturers toward investment in R&D to enhance FFKM properties will bolster the segment growth.
Minimized downtime with fluoroelastomer’s hoses & tubings
The hoses & tubings application segment is set to generate notable demand till 2032, owing to the material's ability to deliver superior performance in demanding environments. Fluoroelastomer’s resilience to extreme temperatures, chemicals, and abrasion makes it ideal for hoses and tubing in applications such as chemical processing, oil & gas transportation, and automotive fuel systems. Moreover, the flexibility and durability ensure a longer service life for hoses and tubing, reducing maintenance costs and downtime for end-users.
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Booming manufacturing sector to push Asia Pacific market growth
Asia Pacific fluoroelastomers market size is anticipated to grow at a steady pace during 2024 and 2032, propelled by rapid industrialization, coupled with the booming key end-use industries such as automotive, electronics, and manufacturing. China, stands out as a major contributor to market growth, driven by its expanding manufacturing sector and the continuous advancements in automotive technologies. The increased investments in R&D, strategic collaborations, and product innovation are further inducing the regional industry growth.
The major contenders in the fluoroelastomers market include 3M Company, E. I. du Pont de Nemours and Company (DuPont), Asahi Glass Co., Ltd. (AGC), Solvay S.A., Shin-Etsu Chemical Co., Ltd, Zeon Corporation, Daikin Industries, Ltd., and HaloPolymer OJSC.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
