The global fluoroelastomer market size is expected to reach USD 1,794.1 million by 2027, exhibiting a CAGR of 3.7% during the forecast period. The increasing demand for products including gaskets and hoses will create lucrative opportunities for the market, states Fortune Business Insights, in a report, “Fluoroelastomer Market Size, Share COVID-19 Impact Analysis, By Type (Fluorocarbon Elastomers [FKM], Fluorosilicone Elastomers [FVMQ], and Perfluorocarbon Elastomers [FFKM]), By End-Use (Automotive, Industrial, Aerospace, Oil Gas, and Others) and Regional Forecast, 2020-2027.” The market size stood at USD 1,356.4 million in 2019.
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The fluoroelastomers market report emphasizes on:
· Superior insights into all market
· Valuable data about eminent players
· Emerging trends
· Regional insights
· Market drivers and restraints
· Latest developments
Market Driver:
Surging Demand for Fuel Efficient Vehicles to Incite Development
The depleting fossil fuel reserves and fluctuations in crude oil prices have led to high demand for fuel-efficient vehicles among consumers, which, in turn, will augur well for the fluoroelastomers industry. Similarly, increasing awareness about climate change and carbon emissions among consumers has further demand for low-emission vehicles. Automotive manufacturers are investing hefty funds in research and development to transform their existing designs and utilize lightweight materials to achieve the desired efficiency in cars. Moreover, OEMs reduce the size of components such as engine and powertrain and incorporate air circulatory systems to improve proficiency. The compatibility of fluoroelastomers with a wide variety of chemicals and resistance to extensive temperature range is projected to spur its demand in the automotive industry. Also, conventional elastomers' inability to sustain high temperatures will fuel the demand for fluoroelastomers in the near future.
Halt on Manufacturing Activities to Reduce Demand Amid COVID-19
COVID-19 pandemic had a negative impact on the automotive and aerospace industries. The pandemic resulted in an abrupt halt on manufacturing activities, supply chains, and factories' shutdown. As a result,the automotive industry is struggling with the generation of revenue. The sudden shutdown of production facilities disrupted the automotive sector. Moreover, the aircraft manufacturers reduced their production rates due to global lockdown. The delayed aircraft deliveries and diminished production have severely affected the global fluoroelastomers market growth during the global pandemic.
Regional Analysis:
Rising investments in the pharmaceutical Industry to Favor Market in Asia Pacific
The fluoroelastomers market in Asia Pacific is expected to grow exponentially during the forecast period due to its high consumption. Rising investments in the pharmaceutical, food processing, chemical processing, and coating industries in India and China will propel the market's growth. The market in North America is expected to hold the largest fluoroelastomer market share during the forecast period. The growth is attributed to the increasing demand from the automotive and aerospace industries because of fuel emission regulations. Europe is expected to expand radically during the forecast period. The presence of major automotive, and aerospace manufacturers such as Dassault Aviation, and Airbus will boost the market in Europe. Countries including Germany, UK, and France were the major contributors in the region.
Key Development:
October 2019: Solvay expanded its production capacity of Tecnoflon FKM peroxide curable fluoroelastomer by 30% at its plant in Spinetta Marengo, Italy, to cater to the rising demand for high-performance sealing applications in the automotive, oil gas, and semiconductor industries.
The Report Lists the Key Players in the Global Market
· Solvay S.A. (Belgium)
· The Chemours Company (U.S.)
· Daikin Industries Ltd. (Japan)
· 3M (U.S.)
· AGC, Inc. (Japan)
· Shin-Etsu Chemical Co., Ltd. (Japan)
· Eagle Elastomer Inc. (U.S.)
· HaloPolymer (Russia)
· James Walker Co. (UK)
· Air Boss Rubber Solutions (Canada)
· Dynafluon (India)
· Other Players
Information Source:
https://www.fortunebusinessinsights.com/fluoroelastomer-market-104714
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