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. 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.
Various automotive automobile manufacturers are changing their vehicle designs and focusing on lightweighting through the substitution of materials to cope up with the growing demand for more fuel-efficient vehicles. IHenceHence, vehicle manufacturers are reducing the size of powertrain, engine, and engine compartments. Apart from these, the advanced air management system is also integrated to improve fuel efficiency. These changes result in issues, such as elevation of temperature and involvement of corrosive fluids and fumes. These factors reduce the life of components made from elastomers, such as o- – rings, gaskets, and hoses.
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Fluorocarbon type segment estimated to lead the fluoroelastomers market in 2019
Fluorocarbon (FKM) accounted for the largest share in the overall fluoroelastomers market. The basic grades of fluorocarbon elastomers are based on VDF and HFP monomers and are referred to as FKM in ASTM standards and FPM in ISO standards. It is used widely to manufacture O-rings and seals & gaskets, owing to their low cost and high resistance to oxygen, ozone, and elevated temperatures.
The automotive industry estimated to be leading consumer of fluoroelastomers
The automotive industry led the overall fluoroelastomers market in 2019, both in terms of value and volume. The reason for the industrial segment leading the market is due to the growing demand for more fuel-efficient vehicles, stringent emission norms adopted by the auto industry, and products that can perform better than conventional rubber.
APAC projected to account for the largest share of fluoroelastomers market
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.
The Chemours Company (US), Solvay SA (Belgium), and 3M (US), Asahi Glass Company (Japan), Daikin Industries (Japan), and Gujarat Fluorochemicals Limited (India) are the key players operating in the fluoroelastomers market. Expansions, acquisitions, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the fluoroelastomers market.
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