According to ChemAnalyst report, “Fluoroelastomers (FKM) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Company Share, 2015-2032”, Over the coming decade, the Fluoroelastomers (FKM) market is expected to grow significantly, reaching approximately 51 thousand tonnes in 2032 at a CAGR of 3.45%. The FKM market will undoubtedly grow throughout the projected period to fulfil the rising demands for FKM from the Automotive, Chemicals & Petrochemicals, Industrial, Aerospace, and other end-use sectors.
Vinylidene fluoride serves as a monomer in all fluoroelastomers. This elastomer is immune to acid, oxidation, fuel, and oil chemical attacks. It can easily be operated in temperatures of -20 and 200 degrees Celsius. Fluoroelastomers stay intact even on attack by strong bases, oils, aromatic hydrocarbons, and steam, making them a better material for manufacturing the components of automobiles.
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FKM is used for packaging in the oil, gas, and food industries due to its exceptional properties, of chemical resistance and stability in severe environments. Since the chemical, food, and oil industries are constantly expanding, this has helped the FKM market expand globally. Additionally, fluoroelastomers are a great alternative to traditional rubber in the automotive industry. Fluoroelastomers are preferred over regular rubber for making automotive parts because they successfully reduce emissions while enhancing fuel efficiency.
The Fluoroelastomers market is segregated based on end-use, sales channel, and region. Most of the FKM production companies are situated in China. China is the leading producer of FKM globally. Around half of the world's demand for FKM was satisfied in 2021 by Chinese enterprises. In the coming years, it is anticipated that China will continue to dominate the market as a manufacturer of FKM.
Based on demand by region, Asia Pacific was the dominant region for the consumption of FKM in 2021 and is anticipated to maintain this position in the forecast time of 2032 with a CAGR of 3.8%. The second largest consumer was Europe back in 2021 and is expected to maintain its position in the coming decade.
Based on end-uses, the Fluoroelastomers market is segregated into Automotive, Chemicals & Petrochemicals, Industrial, Aerospace, and others. The highest demand for Fluoroelastomers is by the automotive sector, and it is anticipated to stay the biggest shareholder in the coming decade with a CAGR of 3.5%. The second largest consumer of Fluoroelastomers is the Aerospace sector. Fluoroelastomers are used for manufacturing the components of the automotives and the aerospace industry like electrical connectors, shaft seals, lather cut gaskets, O-ring seals, valve stem seals, valve liners, and much more.
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“Fluoroelastomers Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Company Share, 2015-2032”, the significant players functional in the Global FKM are Shandong Huaxia Shenzhou New Material Co. Ltd., Dongyue Group, Inner Mongolia 3F Wanhao Fluorochemical Co. Ltd., Changshu 3F Zhonghao, Gujarat Fluorochemicals Limited (GFLC), Solvay SA, and Juhua Group Corporation.
“The rapidly increasing demand for fluoroelastomers products materials from the flourishing oil & gas, and Automotive industry is expected to drive the market of FKM Elastomers. Consistently growing demand for Fluoroelastomers due to its resistance to chemicals, acids, bases, and harsh environments makes it a perfect material for manufacturing parts of the automobiles and aerospace industry. Flouroelastomers are a great alternative to traditional rubber more reliable and durable, driving the market in the upcoming years “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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