Fluoroelastomers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fluoroelastomers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global fluoroelastomers market is estimated to witness a healthy growth, at an estimated CAGR of over 6%, over the forecast period. The major factors driving the growth of the market studied are rising usage in sealing applications and applications in a wide range of end-user industries.

Key Highlights

• Hazardous working condition is likely to hinder the markets growth.
• Novel applications of per fluorocarbon elastomers are likely to create opportunities for the market in the coming years.
• Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market TrendsIncreasing Demand for Fluorocarbon Elastomers

• Fluorocarbon elastomers are highly fluorinated carbon-based polymers used in applications to resist harsh chemical and ozone attack. There are, however, specialty grade fluorocarbons that can provide high fluorine content with low-temperature properties.
• Fluorocarbon elastomers become of vital importance in seal manufacturing. Owing to the wide of chemical compatibility, temperature range, low compression set, and excellent aging characteristics, fluorocarbon rubber is the most significant single elastomer developed over the years.
• Fluorocarbons are resistant to a broader range of chemicals along with the excellent high-temperature properties than any of the other elastomers. Due to which, it is the most preferred elastomer for sealing in the use of O-rings and other custom seals over different types of elastomers, globally.
• These elastomers are highly resistant to swelling and degradation when exposed to gasoline or UV light and ozone. With exposure to low temperatures, fluorocarbon elastomers can become hard (-4 °F) but can be serviceable at low temperatures, although these compounds are not ideal for applications requiring good low-temperature flexibility.
• Additionally, some of the other materials are also present with the differing composition of monomers and fluorine content (65% to 71%) for improved resistance against low, high temperature, or chemicals. Fluorocarbon elastomers provide low gas permeability, which make them suitable for hard vacuum service applications and many other industrial applications.
• Owing to all these factors, the market for fluoroelastomers is likely to grow across the world during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
• The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
• Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
• China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
• The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
• Due to all such factors, the market for fluoroelastomers in the region is expected to have a steady growth during the forecast period.

Competitive Landscape

The fluoroelastomers market is partially consolidated in nature. Some of the major players in the market include 3M, Asahi Glass Co., Ltd., DAIKIN INDUSTRIES, Ltd., The Chemours Company, and Solvay, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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