NEWARK, Del, Jan. 13, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global fluoroelastomer market reached US$1,467.6 million in 2022 and it is expected to surpass a valuation of US$ 2,374.8 million by 2032. Furthermore, the overall sales of fluoroelastomers are poised to rise at 4.9% CAGR throughout the forecast period (2022–2032).
Rising adoption across end-use industries such as automotive, oil & gas, energy, and aerospace is a key factor driving demand for fluoroelastomers globally.
Similarly, rapid shift towards lightweight and fuel-efficient vehicles is expected to boost the global fluoroelastomer market during the assessment period.
Automotive industry has witnessed drastic changes over the last few years. Implementation of environmental regulations and vehicle norms across the world has promoted the use of lightweight and polymeric automotive components to increase fuel efficiency of the vehicle. Thanks to this shift in automotive industry, fluoroelastomer sales are growing at a healthy pace and the trend is likely to continue during the projection period.
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Fluoroelastomers possess various specific properties including high fluorine-to-hydrogen proportion, outstanding oil resistance, and strong heat stability due to the lack of saturation. Hence, they find application in diverse end-use industries.
The fluoroelastomer market is expected to be driven by rising end-user demand for materials with excellent mechanical qualities including lightweight and high resistance to heat and chemicals.
Advancements in existing fluoroelastomers for better performance are anticipated to create lucrative opportunities for fluoroelastomer manufacturers during the forthcoming decade.
“Upsurge in new aircraft production coupled with rising demand for lightweight and energy-efficient vehicles will create growth prospects for the global fluoroelastomer market projection period,” said an analyst at FMI.
Key Takeaways from Fluoroelastomer Market Study
- The global market for fluoroelastomers is estimated to witness a growth rate of 4.9% CAGR during the forecast period.
- By product type, fluorocarbon segment currently holds a share of 73.7% in the global fluoroelastomer market.
- Based on end-use industry, automotive segment dominates the global market, holding a value share of 46.8%.
- The North America fluoroelastomer market is projected to grow at 4.4% CAGR through 2032.
- Demand for fluoroelastomers across the Europe is likely to increase at 4.1% CAGR between 2022 and 2032.
- India’s fluoroelastomer market is forecast to grow at 6.2% CAGR during the assessment period.
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Who is Winning?
Leading players operating in the global fluoroelastomers industry include The Chemours Company, 3M, Daikin Industries, Gujarat Fluorochemicals Limited, Zhejiang Fluorine Chemical New Materials Co., Ltd, Halopolymer OJSC, James Walker & Co, Shin-Etsu chemicals, AGC Chemical Inc., and Solvay SA.
Key fluoroelastomer manufacturing companies are concentrating on growing their regional market and are actively engaged in establishing their direct presence in the local markets through mergers and acquisitions with regional players. They are also focused on increasing their investments in research and development to uncover new application areas of fluoroelastomers.
More Insights into the Fluoroelastomer Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global fluoroelastomer market, providing historical data from 2017 to 2021 and forecast statistics for the forecast period of 2022 and 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type, end-use industry, and region.
Fluoroelastomer Industry Segmentation
By Product Type:
- Fluorosilicone
- Fluorocarbon
- Perfluoroelastomers
By End-use Industry:
- Aerospace
- Automotive
- Chemicals
- Consumer Electronics and Wearables
- Oil and Gas
- Energy
- Pharmaceutical and Food
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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About FMI – Chemicals and Materials
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Material Innovation / Development Trends
4. Key Success Factors
4.1. Material Adoption / Usage Analysis
4.2. Material USPs / Features
4.3. Strategic Promotional Strategies
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About Future Market Insights, Inc.
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