The global fluoroelastomer market size is expected to reach USD1,794.1 million by 2027, exhibiting a CAGR of 3.7% during the forecast period.The increasing demand for products including gaskets and hoses will createlucrative opportunities for the market, states Fortune Business Insights, in areport, “Fluoroelastomer Market Size, Share & COVID-19 Impact Analysis, ByType (Fluorocarbon Elastomers [FKM], Fluorosilicone Elastomers [FVMQ], andPerfluorocarbon Elastomers [FFKM]), By End-Use (Automotive, Industrial,Aerospace, Oil & Gas, and Others) and Regional Forecast, 2020-2027.” Themarket size stood at USD 1,356.4 million in 2019.
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The fluoroelastomers marketreport emphasizes on:
· Superiorinsights into all market
· Valuabledata about eminent players
· Emergingtrends
· Regionalinsights
· Marketdrivers and restraints
· Latestdevelopments
Market Driver:
Surging Demand for FuelEfficient Vehicles to Incite Development
The depletingfossil fuel reserves and fluctuations in crude oil prices have led to highdemand for fuel-efficient vehicles among consumers, which, in turn, will augurwell for the fluoroelastomers industry. Similarly, increasing awareness about climate change and carbon emissions amongconsumers has further demand for low-emission vehicles. Automotivemanufacturers are investing hefty funds in research and development totransform their existing designs and utilize lightweight materials to achieve thedesired efficiency in cars. Moreover, OEMs reduce the size of components suchas engine and powertrain and incorporate air circulatory systems to improveproficiency. The compatibility of fluoroelastomers with a wide variety ofchemicals and resistance to extensive temperature range is projected to spurits demand in the automotive industry. Also, conventional elastomers' inabilityto sustain high temperatures will fuel the demand for fluoroelastomers in thenear future.
Halton Manufacturing Activities to Reduce Demand Amid COVID-19
COVID-19 pandemic had a negative impact on theautomotive and aerospace industries. The pandemic resulted in an abrupt halt onmanufacturing activities, supply chains, and factories' shutdown. As a result,theautomotive industry is struggling with the generation of revenue. The sudden shutdownof production facilities disrupted the automotive sector. Moreover, theaircraft manufacturers reduced their production rates due to global lockdown.The delayed aircraft deliveries and diminished production have severelyaffected the global fluoroelastomers market growth during the global pandemic.
RegionalAnalysis:
Risinginvestments in the pharmaceutical Industry to Favor Market in Asia Pacific
The fluoroelastomersmarket in Asia Pacific is expected to growexponentially during the forecast period due to its high consumption. Risinginvestments in the pharmaceutical, food processing, chemical processing, andcoating industries in India and China will propel the market's growth. Themarket in North America is expected to hold the largest fluoroelastomer market shareduring the forecast period. The growth is attributed to the increasing demandfrom the automotive and aerospace industries because of fuel emissionregulations. Europe is expected to expand radically during the forecast period.The presence of major automotive, and aerospace manufacturers such as DassaultAviation, and Airbus will boost the market in Europe. Countries includingGermany, UK, and France were the major contributors in the region.
Key Development:
October 2019: Solvayexpanded its production capacity of Tecnoflon FKM peroxide curable fluoroelastomer by 30% at its plant in Spinetta Marengo,Italy, to cater to the rising demand for high-performance sealing applicationsin the automotive, oil & gas, and semiconductor industries.
TheReport Lists the Key Players in the Global Market
· Solvay S.A. (Belgium)
· The Chemours Company (U.S.)
· Daikin Industries Ltd. (Japan)
· 3M (U.S.)
· AGC, Inc. (Japan)
· Shin-Etsu Chemical Co., Ltd. (Japan)
· Eagle Elastomer Inc. (U.S.)
· HaloPolymer (Russia)
· James Walker & Co. (UK)
· Air Boss Rubber Solutions (Canada)
· Dynafluon (India)
· Other Players
Information Source:
https://www.fortunebusinessinsights.com/fluoroelastomer-market-104714
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