Fluor elastomers possess numerous specific properties, such as outstanding oil resistance, high fluorine-to-hydrogen proportion, and strong heat stability because of a lack of saturation. Novel applications of fluorocarbon elastomers and stringent emission norms have positively impacted the market's growth. Furthermore, swelling demand for more fuel-efficient vehicles and increasing adoption of advanced air management systems will likely spur the growth of the fluoroelastomer market in the coming years.
Data Bridge Market Research shows that the Fluoroelastomer Market accounted for USD 36.70 billion in 2021, expected to reach USD 46.5 billion by 2030. The market is expected to grow with a CAGR of 3.00% from 2022 to 2029.
"Growing demand of fluoroelastomer in various sectors is expected to drive the market growth"
The fluoroelastomer market is likely driven by increasing demand for materials from end-users with excellent mechanical qualities such as high resistance to chemicals and heat and lightweight. Fluorocarbon elastomers are highly fluorinated carbon-based polymers due to which it is used in various end-user industries. Furthermore, fluorocarbon elastomers have become important in seal manufacturing because of their wide chemical compatibility, low compression set, temperature range, and excellent aging characteristics. Also, fluoroelastomer is widely used in the automotive sector to manufacture vehicle components used in fuel handling systems and drive trains. As a result of all these factors, increase the market growth.
What restraints the growth of the fluoroelastomer market?
"High cost associated with fluoroelastomer"
The high cost of fluoroelastomer is expected to hamper the growth of the market during the forecast period. According to current research, the price of fluoroelastomer is increased majorly to the future mild recession and China's current dismantling of the zero COVID policy. A result of all these factors hampers the market growth.
Segmentation: Global Fluoroelastomer Market
The fluoroelastomer market is segmented on the basis of product type, end-user industry, and application.
- On the basis of product type, the fluoroelastomer market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, perfluorocarbon elastomers, and other product types.
- On the basis of end-user industry, the fluoroelastomer market is segmented into automotive, aerospace, oil and gas, industrial, and other end-user industries.
- On the basis of application, the fluoroelastomer market is segmented into diaphragms, valves, O-rings, seals and sealants, and other applications.
Regional Insights: Asia-Pacific is expected to dominate the fluoroelastomer market
Asia-Pacific is expected to dominate the market and is expected to grow significantly because of high capital investments in the coatings industry in this region. Moreover, increasing application industries such as pharmaceutical, automotive, and food processing will further boost the growth of the fluoroelastomer market in this region.
In addition, the North America is likely to register the highest growth rate during the forecast period of 2022 to 2029 because of the huge demand for fluoroelastomer from the automotive and aerospace industries in this region. Furthermore, growing stringent regulatory policies will further boost the market growth in this region.
Recent Developments: Global Fluoroelastomer Market
- In 2022, AGC Chemicals Americas Inc. announced the development of its production facility at Thorndale, Pennsylvania, which will add up to 50 percent more manufacturing, office spa, and quality control lab. The multi-use facility will be configured to fulfill the increasing requirements of the current business.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-fluoroelastomer-market
The Prominent Key Players Operating in the Fluoroelastomer Market Include:
- AGC Inc. (Japan)
- Daikin Industries LTD, (Japan)
- Shandong Yue'an Chemical Co., Ltd (China)
- Gujarat Fluorochemicals Ltd. (India)
- Dongyue Group Co. Ltd. (China)
- Honeywell International Inc. (U.S.)
- The Chemours Company (U.S.)
- DuPont (U.S.)
- Shin-Etsu Chemical Co., Ltd. (China)
- 3M (U.S.)
- Solvay (Belgium)
- HaloPolymer, OJSC (Russia)
- Zhejiang Fluorine Chemical New Materials Co., Ltd (China)
Above are the key players covered in the report, to know about more and exhaustive list of fluoroelastomer market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Fluoroelastomer Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
