Westford USA, April 16, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Fluoroelastomers market will attain a value of USD 1057.77 billion by 2030, with a CAGR of 4.50% over the forecast (2022-2030). To meet consumer demand for fuel-efficient vehicles and achieve the necessary economy, automotive manufacturers are investing heavily in research and development to adapt their current designs and focus on lightweight materials. As a result, manufacturers are shrinking the size to increase proficiency and engine and powertrain components, as well as air circulatory systems, are being used. These dimensional shifts reveal that the vehicle components are subjected to high temperatures as well as corrosive fluids and gases. It is expected to see an increase in demand due to its chemical resistance and resilience to a wide temperature range.
According to the SkyQuest's, Fluoroelastomers are expected to grow in demand over the forecast period due to their excellent chemical and heat resistance properties in certain application sectors. Companies are improving the chemistry of their existing products in order to improve their performance in specific application areas and under adverse conditions. Several companies have launched food-grade and pharmaceutical-grade products that the FDA has approved for use by regulatory agencies.
Browse in-depth TOC on "Fluoroelastomers Market"
- Pages - 242
- Tables - 95
- Figures - 67
Fluoroelastomers are highly fluorinated carbon-based polymers that are widely used in sealing, chemical resistance and lubricants, among other applications. This market is experiencing high demand from the automobile industry due to its exceptional mechanical qualities. Furthermore, its advantageous properties such as electrical insulation, heat resistance, and deterioration would contribute to the market's growth.
Prominent Players in Fluoroelastomers Market
- Solvay S.A.
- The Chemours Company
- Daikin Industries Ltd.
- 3M
- AGC, Inc.
- Shin-Etsu Chemical Co., Ltd.
- Eagle Elastomer Inc.
- HaloPolymer
- James Walker & Co.
- Air Boss Rubber Solutions
- Dynafluon
- Dow, Inc.
- DuPont de Nemours, Inc.
- Fluoron Chemicals
- Greene, Tweed & Co., Inc.
- Gujarat Fluorochemicals Limited
- HaloPolymer OJSC
- James Walker UK Ltd.
- Marco Rubber & Plastic Products, Inc.
- Polycomp B.V.
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FKM Segment Held the Dominant Share of the Market Attributed to Its Extensive Usage in Automobiles and Aircraft Components
Fluorocarbon Elastomers were the market leaders in 2021. The popularity of the FKM segment can be attributed to its widespread use in automotive and aerospace components. FKM's chemical and heat resistance, low compression set, and good ageing properties have made it an important component in the manufacture of seals. The Fluoroelastomers market is expected to see significant demand from the automotive and aerospace industries due to its ability to withstand fuels and solvents at varying temperatures. Perfluorocarbon Food, pharmaceutical and food processing industries all have a high demand for elastomers. A chemical compound is FFKM. This product is used to provide minimal contamination when FDA compliance is required.
North America region is expected to see positive market growth because of the increasing technological advancement in the aerospace and defence industries, particularly in the United States. Fluoroelastomer adoption for the aerospace industry is increasing due to high heat-carrying capacity, and a surge in manufacturing facilities for this industry will boost demand for fluoroelastomers over the forecast period.
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Automotive Segment Grow at The Fastest Rate Due to Increase in The Fuel Efficiency of the Vehicle
The automotive segment is expected to have the largest market share during the forecast period. The majority of fluoroelastomers are used in the production of automobile components. Vehicle components include drive trains and fuel handling. Fluoroelastomer is used in systems to improve fuel efficiency and lower emissions. All of the factors mentioned above will contribute to the growth of the automobile industry. The increased use of O-rings, seals, gaskets and hoses in aircraft fuel systems, where they serve as an emission barrier as well as fuel resistance is fueling growth in the aerospace sector. The oil and gas sector are expected to grow significantly as a result of effective oil resistance and sealing applications.
Due to the region's major consuming countries, Asia Pacific has the largest Fluoroelastomers market share. Rising investment in the pharmaceutical, food processing, chemical processing and coating industries by developing countries such as India and China will drive its expansion.
A comprehensive analysis of the major players in the Fluoroelastomers market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Fluoroelastomers Market
- In July 2022, Chemours develops fluoroelastomer manufacturing method, Chemours announced the development of a process technology to create APA grades of Viton fluoroelastomers. According to Chemours, the process eliminates the use of fluorinated polymerisation aids, increasing the sustainability of the fluoroelastomer production process.
- In October 2022, Synthetic rubber* futures prices fell over the previous trading week, led by styrene-butadiene rubber and fluoroelastomers, which fell more than 3% week on week. EPDM, halobutyl, polybutadiene, and nitrile rubbers all fell 1% to 1.7% over the same forecast period, while butadiene prices fell 1.3% week on week after a significant drop the previous week.
Key Questions Answered in Fluoroelastomers Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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