The global fluoroelastomers market size is projected to grow from USD 1.6 billion in 2020 to USD 1.8 billion by 2025, at a CAGR of 2.5%% between 2020 and 2025. Fluoroelastomers possess high chemical and thermal resistance due to high fluorine content. They are also known for their low permeability and non-flammability. The growth is attributed to increasing demand for more fuel-efficient vehicles, strict emission norms in the auto industry, and growth in major end-use industries.
New product launches and increasing distribution networks through expansions and joint ventures were the key strategies adopted by the leading players to strengthen their positions in the fluoroelastomers market between 2014 and 2016. Some of the leading players operating in the fluoroelastomers market are Asahi Glass Co. (Japan), Daikin Industries (Japan), DuPont (US), Solvay (Belgium), Chemours (US), and 3M (US). These companies also adopted strategies such as new product developments, expansions, and joint ventures to expand their product portfolios and extend their reach to new customers.
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Chemours has a strong position in the fluoroelastomers market. The company produces and markets fluoroelastomers under the brand name, Viton. These fluoroelastomers are used in automotive, consumer electronics, chemical processing, oil and gas, petroleum refining and transportation, and aircraft and aerospace applications. The company has entered into a joint venture with Zhonghao Chenguang Research Co. (China), by the name, Chemours Chenguang Fluoromaterials (Shanghai) Co. in February 2015. This company is involved in marketing fluoroelastomer products under the Chenguang and Viton brands. This increased the company’s reach in the Asia Pacific market. Also, in August 2015, Chemours launched a new grade Viton, VTR-9307 with high temperature and chemical resistance along with high acid resistance. This has increased its usability in automotive applications such as EGR sensors, Positive Crankcase Ventilation (PCV), and diesel particulate filters, in addition to O-rings and sleeves for air flow elements.
Daikin Industries is a group of 213 companies worldwide, and has a presence in 140 countries with production facilities in 80 locations. The chemicals segment manufactures fluorochemicals such as fluorocarbons, fluoroplastics, fluoroelastomers, fluoropaints, and flouro coating agents. The company provides a wide range of fluoroelastomers to cater various end-use industries. Daikin established a new subsidiary, Daikin Chemical Southeast Asia Co., in Bangkok, Thailand. It is expected to start operations towards the beginning of 2018. This extension of Daikin in South East Asia is aimed at catering the rapidly growing automotive and electronics industries of the region.
The new product development strategy enables industry players tap new customer bases, while expansions and joint ventures help in increasing market reach and meet the rising demand from the global market. The Asia Pacific market is experiencing high growth due to rising opportunities in emerging economies such as China and India. Many international and domestic industry players are investing in the region, making it the fastest-growing market for fluoroelastomers during the forecast period.
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APAC is projected to have the largest share in the global fluoroelastomers market, in terms of volume, from 2020 to 2025. APAC has some of the leading vehicle manufacturing countries such as China, India, and Japan. Apart from that, these countries also have a huge chemical industry. These factors make the region the largest consumer of fluoroelastomers.
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