The Fluoroelastomer Market Is Estimated To Witness High Growth Owing To Increasing Demand From Automotive Industry

The Fluoroelastomer Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Fluoroelastomers are a family of synthetic rubber that are known for their exceptional high temperature stability, chemical inertness and resilience. They are used in sealing applications, hoses, O-rings and gaskets in various end use industries like automotive, aerospace, petrochemical and pharmaceutical.

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Major Players Are:

✤ E. I. Du Pont De Nemours and Company (U.S)
✤ 30+.
✤ Asahi Group Holdings Ltd.
✤ Daikin Industries Ltd.
✤ Solvay AG
✤ 3M Company (U.S.)

Market Dynamics:

The growth of the Fluoroelastomer market is driven by increasing demand from the automotive industry. Fluoroelastomers are increasingly being used to manufacture parts like oil and fuel hoses, seals, radiator and dash board seals in vehicles due to their superior resistance to heat, oils and fuels. This is positively impacting the market growth. Another factor propelling the market is growing demand from aerospace industry. components for aircraft engines and hydraulic pumps extensively use Fluoroelastomers due to their ability to withstand extreme pressure and high temperatures.

Fluoroelastomer Market Drivers and Scope

Growing Demand for Fluoroelastomers in Automotive Industry

Fluoroelastomers find wide applications in automotive industry due to its excellent properties such as heat resistance, chemical resistance and weatherability. They are used to manufacture fluid sealing components including oil seals, O-rings, gaskets, fuel lines, hoses, belts and tubes which require high-temperature resistance. The increasing automotive production across the world especially in Asian countries including China and India is driving the demand for fluoroelastomers. According to International Organization of Motor Vehicle Manufacturers, automotive production increased from 90 million units in 2017 to 93 million units in 2018 reflecting steady growth in the sector. This growing automotive production is expected to boost consumption of fluoroelastomers over the forecast period.

Rising Usage of Fluoroelastomers in Electronics Industry

Fluoroelastomers have high thermal stability, high chemical resistance and durability making them suitable for various applications in electronics industry. They are extensively used for manufacturing wire and cable insulation, jacketing, connectors, seals and gaskets. The expanding electronics sector globally driven by increasing demand for smartphones, laptops, computers and other consumer electronic devices is presenting growth opportunities for fluoroelastomer suppliers. According to World Economic Forum, the global electronics production reached 1.85 trillion dollars in 2017 and is projected to grow further. This expanding electronics industry is anticipated to fuel the demand for fluoroelastomers in the coming years.

Stringent Government Regulations on Use of PVC

Polyvinyl chloride or PVC is one of the major competitors of fluoroelastomers. However, PVC faces regulatory challenges over health and environmental issues related to production and disposal of PVC products. Many countries have imposed stringent regulations on use of PVC in applications that come into direct contact with human skin or those used in construction industry due to presence of toxic additives like phthalates and lead compounds. This is encouraging end users to shift towards safer alternatives like fluoroelastomers presenting growth prospects for the fluoroelastomer market.

Fluoroelastomer Market Restraint

Volatility in Raw Material Prices

Fluoroelastomers are produced from fluoropolymers such as vinylidene fluoride (VDF), hexafluoropropylene (HFP) and tetrafluoroethylene (TFE) which are obtained from crude oil. Prices of crude oil and fluoropolymers have witnessed fluctuations over the past years due to uncertain global economic and political factors. This volatility in raw material prices increases the production cost of fluoroelastomers. Any sudden rise in crude oil or fluoromonomer prices can hamper the growth and profitability of fluoroelastomer manufacturers. Though manufacturers try to offset high raw material costs by increasing product prices, but this may limit the demand from price-sensitive end-use industries to some extent.

Fluoroelastomer Market Opportunity

Growing Demand from Aerospace Industry

Advanced fluoroelastomers with high temperature resistance up to 260°C find increasing applications in aerospace industry. They are utilized in aircraft components such as landing gear seals, ignition cables, fuel system components, fire protection systems and hydraulic system seals where excellent chemical and weather resistance is required even at high temperatures. Global aerospace industry has witnessed strong

Segmentation

On the basis of type of product type, the global market is classified into:

Fluorocarbon elastomer
Perfluorocarbon elastomer
Fluorosilicone elastomer

On the basis of application, the global market is classified into:

O rings
Gaskets
Hoses
Seals

On the basis of end use industry, the global market is classified into:

Automotive
Energy and power
Chemicals
Oil & Gas
Aerospace

Regional Analysis for Fluoroelastomer Market:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Why Choose This Report:

→» A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
→» Data on market value for each section and sub-segment
→» Indicates the region and market segment that is likely to expand the fastest and dominate the market.
→» The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
→» The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.

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FAQ's

What are the key factors hampering growth of the Fluoroelastomer Market?
What are the major factors driving the Market growth?
Which is the leading component segment in the Market?
Which are the major players operating in the Market?
Which region will lead the Market?

Table of Content (TOC):

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global Fluoroelastomer Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Fluoroelastomer Industry Impact

Chapter 2 Global Fluoroelastomer Competition by Types, Applications, and Top Regions and Countries
2.1 Global Fluoroelastomer (Volume and Value) by Type
2.3 Global Fluoroelastomer (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Fluoroelastomer Sales, Consumption, Export, Import by Regions (2018-2023)
Chapter 5 North America Fluoroelastomer Market Analysis
Chapter 6 East Asia Fluoroelastomer Market Analysis
Chapter 7 Europe Fluoroelastomer Market Analysis
Chapter 8 South Asia Fluoroelastomer Market Analysis
Chapter 9 Southeast Asia Fluoroelastomer Market Analysis
Chapter 10 Middle East Fluoroelastomer Market Analysis
Chapter 11 Africa Fluoroelastomer Market Analysis
Chapter 12 Oceania Fluoroelastomer Market Analysis
Chapter 13 South America Fluoroelastomer Market Analysis
Chapter 14 Company Profiles and Key Figures in Fluoroelastomer Business
Chapter 15 Global Fluoroelastomer Market Forecast (2023-2030)
Chapter 16 Conclusions
Research Methodology
Continued....

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