WESTFORD, USA, April 16, 2023 (GLOBE NEWSWIRE) — SkyQuest projects that the Fluoroelastomer market will reach a value of USD 1,057,770 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, automakers are investing heavily in research and development to adapt their current designs and focus on lightweight materials. As a result, manufacturers are downsizing to increase competition, and engine and powertrain components as well as air circulation systems are used. These dimensional changes reveal that the vehicle components are subjected to high temperatures, as well as corrosive fluids and gases. An increase in demand is expected due to its chemical resistance and resilience to a wide range of temperatures.
According to SkyQuest, the demand for fluoroelastomers is expected to grow during the forecast period due to their excellent chemical and thermal 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 released food grade and pharmaceutical grade products that have been approved by the FDA for use by regulatory agencies.
Explore In-Depth TOC on “Fluoroelastomer 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 great demand from the automotive industry for its exceptional mechanical qualities. In addition, its advantageous properties such as electrical insulation, heat resistance and deterioration would contribute to the growth of the market.
Prominent Players in Fluoroelastomers Market
- Solvay SA
- The Chemours company
- Daikin Industries Ltd.
- 3M
- AGC, Inc.
- Shin-Etsu Chemical Co., Ltd.
- Eagle Elastomer Inc.
- halo polymer
- 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 BV
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The FKM segment had the dominant market share attributed to its wide use in automobile 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 and good aging properties have made it an important component in seal manufacturing. The fluoroelastomer market is expected to see significant demand from the automotive and aerospace industries due to their ability to withstand fuels and solvents at various temperatures. Perfluorocarbon The food, pharmaceutical and food processing industries have a high demand for elastomers. A chemical compound is FFKM. This product is used to provide minimal contamination when FDA compliance is required.
The North America region is expected to witness positive market growth due to the increasing technological advancement in the aerospace and defense industries, especially in the United States. The adoption of fluoroelastomers for the aerospace industry is increasing due to high heat transport capacity, and an increase in manufacturing facilities in this industry will increase the demand for fluoroelastomers during the forecast period.
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The automotive segment is growing at the fastest pace due to increasing vehicle fuel efficiency
The automotive segment is expected to hold the largest market share during the forecast period. Most fluoroelastomers are used in the production of automotive components. Vehicle components include powertrains and fuel handling. Fluoroelastomer is used in systems to improve fuel efficiency and reduce emissions. All the factors mentioned above will contribute to the growth of the automobile industry. The growing use of O-rings, seals, gaskets and hoses in aircraft fuel systems, where they serve as an emission barrier and fuel resistance, is fueling growth in the aerospace sector. The oil and gas sector is expected to grow significantly as a result of oil resistance and effective sealing applications.
Due to the major consuming countries in the region, Asia Pacific holds the largest market share for fluoroelastomers. Increasing investment in the pharmaceutical, food processing, chemical processing and coatings industries by developing countries such as India and China will drive its expansion.
A comprehensive analysis of the major players in the Fluoroelastomer market has recently been conducted in a report. The report covers various aspects such as partnerships, mergers, innovative business policies and strategies, providing valuable insights into key market trends and developments. In addition, the report analyzes the market share of the main segments and presents a detailed geographical analysis. Finally, the report highlights the major players in the industry and their efforts to develop innovative solutions to meet the growing demand.
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Key developments in the fluoroelastomer market
- In July 2022, Chemours develops a method of manufacturing fluoroelastomers, 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 polymerization aids, increasing the sustainability of the fluoroelastomer production process.
- October 2022 synthetic rubber* futures prices fell in the previous trading week, led by styrene-butadiene rubber and fluoroelastomers, which fell more than 3% weekly. EPDM, halobutyl, polybutadiene and nitrile rubbers fell between 1% and 1.7% over the same forecast period, while butadiene prices fell 1.3% weekly after a significant decline the previous week
Key Questions Answered in Fluoroelastomer Market Report
- What specific growth factors are expected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they achieved their positions of influence?
- How do regional trends and patterns differ within the global market, and how might these differences shape future market growth?
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