Fluoroelastomers Market
PUBLISHED: 2024 ID: SMRC24978
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Fluoroelastomers Market

Fluoroelastomers Market Forecasts to 2030 - Global Analysis By Product Type (Fluorosilicone Elastomers, Fluorocarbon Elastomers, Perfluoroelastomers and Other Product Types), Monomer Type (Ethylene, Tetrafluoroethylene, Propylene, Hexafluoropropylene, Perfluoromethylvinylether, Vinylidene Fluoride and Other Monomer Types), Application, End User and By Geography

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4.2 (27 reviews)
Published: 2024 ID: SMRC24978

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $1.41 BN

Projected Year Value (2030)

US $1.98 BN

CAGR (2023 - 2030)

4.9%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Fluoroelastomers Market is accounted for $1.41 billion in 2023 and is expected to reach $1.98 billion by 2030 growing at a CAGR of 4.9% during the forecast period. Fluoroelastomer is a class of synthetic rubber that is highly resistant to high temperatures, heat, and chemical changes. Ozone resistance, low gas absorption rate, compression, and other characteristics have made fluoroelastomers popular in a variety of industries, including food processing, petrochemicals, aerospace, and automotive. Fluroelastomers also provide long-term durability even when exposed to corrosive chemicals, so they are adopted in the chemical as well as aerospace industries.

According to the International Energy Agency, in 2019, global electric vehicle production has been reached around 140 million vehicles, excluding two and three-wheelers.

Market Dynamics: 

Driver: 

Chemical resistance

Fluoroelastomers, primarily composed of fluorine, carbon, and hydrogen atoms, exhibit unparalleled resistance to a wide range of aggressive chemicals, corrosive fluids, and solvents. This unique property makes fluoroelastomers highly sought in industries where exposure to harsh chemical environments is common. This chemical resistance not only ensures the durability and longevity of the elastomers but also contributes to the reliability and safety of the equipment and systems in which they are employed. These factors accelerate market demand.

Restraint:

High price of fluoroelastomers

The production of fluoroelastomers involves complex manufacturing processes and the use of specialized raw materials, including fluorinated monomers. The scarcity and high cost of these raw materials, coupled with the intricate synthesis methods, contribute to the elevated production costs of fluoroelastomers. As a result, the market witnesses a higher price point for fluoroelastomer products compared to other elastomers. This poses a significant challenge, particularly for cost-sensitive industries and manufacturers seeking economically viable alternatives.

Opportunity:

Rising focus on lightweight materials in aerospace

As the aerospace sector continually seeks to enhance fuel efficiency and reduce overall weight in aircraft components, fluoroelastomers emerge as valuable materials due to their lightweight nature and high-performance characteristics. These elastomers, known for their excellent chemical resistance and thermal stability, find applications in seals, gaskets, O-rings, and other critical components within aircraft systems. As a result, the focus on lightweight materials in aerospace is a significant factor propelling market growth.

Threat:

Environmental concerns

Fluoroelastomers, while exhibiting exceptional chemical resistance and high-temperature stability, often involve the use of perfluorinated compounds during their manufacturing process. The production of fluoroelastomers may contribute to the release of perfluorinated substances into the environment, posing challenges in terms of sustainability and environmental impact. However, as environmental consciousness grows, industries are under pressure to adopt more eco-friendly alternatives, which impacts market expansion.

Covid-19 Impact

The COVID-19 pandemic initially disrupted the fluoroelastomers market with supply chain interruptions, manufacturing slowdowns, and decreased demand amid economic uncertainty. However, sectors reliant on fluoroelastomers, like healthcare, automotive, and aerospace, continued to demand these materials for critical applications. As industries recovered and adapted to pandemic-induced challenges, the fluoroelastomers market gradually rebounded, witnessing resurgence in demand driven by increased emphasis on high-performance materials, stringent regulatory standards, and the ongoing need for advanced sealing solutions across various industries.

The Fluorosilicone elastomers segment is expected to be the largest during the forecast period

The Fluorosilicone elastomers segment is estimated to hold the largest share. Fluorosilicone elastomers are elastomeric compounds synthesized by incorporating both fluorocarbon and silicone elements into their molecular structure. This unique combination imparts distinct properties, blending the excellent chemical resistance of fluorocarbons with the flexibility and thermal stability of silicones. Fluorosilicone elastomers are particularly valued in aerospace and automotive applications, serving as critical components in seals, gaskets, and O-rings. 

The O-Rings segment is expected to have the highest CAGR during the forecast period

The O-Rings segment is anticipated to have lucrative growth during the forecast period. O-rings play a fundamental role in creating effective seals and preventing fluid or gas leakage in diverse industrial applications. These O-rings exhibit exceptional chemical resistance, thermal stability, and resilience, making them indispensable in industries where harsh operating conditions are prevalent. Moreover, the chemical resistance of fluoroelastomer O-rings makes them ideal for use in the chemical processing industry, safeguarding equipment against corrosive substances.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to robust industrialization, expanding manufacturing activities, and a growing emphasis on technological advancements. The automotive industry in the region, particularly in China and Japan, plays a significant role in driving the demand for fluoroelastomers. Moreover, the region's commitment to sustainable and energy-efficient technologies, including electric vehicles, further fuels the demand for fluoroelastomers.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period, owing to robust industrial landscape and technological innovation. In the automotive industry, particularly in the United States, fluoroelastomers find extensive use in the production of seals, gaskets, and O-rings, where their chemical resistance and thermal stability are crucial. The region's commitment to advancing electric vehicles further propels the demand for fluoroelastomers in cutting-edge applications.

Key players in the market

Some of the key players in the Fluoroelastomers Market include 3M, Eagle Elastomers Inc.,  Asahi Glass Co., Ltd., Shin-Etsu Chemical Co., Ltd, Shanghi Fluoron Chemicals Co., Halopolymer Ojsc, Marco Rubber & Plastics, LLC., Shanghai 3F New Materials Co., Ltd, Dynamix, Gujarat Fluorochemicals Ltd., Precision Polymer Engineering/IDEX, Chemours Company and Solvay SA.

Key Developments:

In April 2023, 3M Health Information Systems (HIS) announces a collaboration with Amazon Web Services (AWS) to accelerate the innovation and advancement of 3M M*Modal ambient intelligence.

In June 2022, Solvay announced that it is introducing to the market a new portfolio of high-performance Tecnoflon peroxide curable fluoroelastomers (FKM) produced without the use of fluorosurfactants. 

Product Types Covered:
• Fluorosilicone Elastomers 
• Fluorocarbon Elastomers 
• Perfluoroelastomers 
• Other Product Types 

Monomer Types Covered:
• Ethylene  
• Tetrafluoroethylene  
• Propylene  
• Hexafluoropropylene  
• Perfluoromethylvinylether  
• Vinylidene Fluoride  
• Other Monomer Types  

Applications Covered:
• Hoses 
• O-Rings 
• Seals and Gaskets 
• Molded Parts 
• Diaphragms 
• Coatings 
• Other Applications 

End Users Covered:
• Automotive 
• Oil and Gas 
• Healthcare 
• Aerospace 
• Electronics 
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary           
            
2 Preface           
 2.1 Abstract          
 2.2 Stake Holders          
 2.3 Research Scope          
 2.4 Research Methodology          
  2.4.1 Data Mining         
  2.4.2 Data Analysis         
  2.4.3 Data Validation         
  2.4.4 Research Approach         
 2.5 Research Sources          
  2.5.1 Primary Research Sources         
  2.5.2 Secondary Research Sources         
  2.5.3 Assumptions         
            
3 Market Trend Analysis           
 3.1 Introduction          
 3.2 Drivers          
 3.3 Restraints          
 3.4 Opportunities          
 3.5 Threats          
 3.6 Product Analysis          
 3.7 Application Analysis          
 3.8 End User Analysis          
 3.9 Emerging Markets          
 3.10 Impact of Covid-19          
            
4 Porters Five Force Analysis           
 4.1 Bargaining power of suppliers          
 4.2 Bargaining power of buyers          
 4.3 Threat of substitutes          
 4.4 Threat of new entrants          
 4.5 Competitive rivalry          
            
5 Global Fluoroelastomers Market, By Product Type           
 5.1 Introduction          
 5.2 Fluorosilicone Elastomers          
 5.3 Fluorocarbon Elastomers          
 5.4 Perfluoroelastomers          
 5.5 Other Product Types          
            
6 Global Fluoroelastomers Market, By Monomer Type           
 6.1 Introduction          
 6.2 Ethylene          
 6.3 Tetrafluoroethylene          
 6.4 Propylene          
 6.5 Hexafluoropropylene          
 6.6 Perfluoromethylvinylether          
 6.7 Vinylidene Fluoride          
 6.8 Other Monomer Types          
            
7 Global Fluoroelastomers Market, By Application           
 7.1 Introduction          
 7.2 Hoses          
 7.3 O-Rings          
 7.4 Seals and Gaskets          
 7.5 Molded Parts          
 7.6 Diaphragms          
 7.7 Coatings          
 7.8 Other Applications          
            
8 Global Fluoroelastomers Market, By End User           
 8.1 Introduction          
 8.2 Automotive          
 8.3 Oil and Gas          
 8.4 Healthcare          
 8.5 Aerospace          
 8.6 Electronics          
 8.7 Other End Users          
            
9 Global Fluoroelastomers Market, By Geography           
 9.1 Introduction          
 9.2 North America          
  9.2.1 US         
  9.2.2 Canada         
  9.2.3 Mexico         
 9.3 Europe          
  9.3.1 Germany         
  9.3.2 UK         
  9.3.3 Italy         
  9.3.4 France         
  9.3.5 Spain         
  9.3.6 Rest of Europe         
 9.4 Asia Pacific          
  9.4.1 Japan         
  9.4.2 China         
  9.4.3 India         
  9.4.4 Australia         
  9.4.5 New Zealand         
  9.4.6 South Korea         
  9.4.7 Rest of Asia Pacific         
 9.5 South America          
  9.5.1 Argentina         
  9.5.2 Brazil         
  9.5.3 Chile         
  9.5.4 Rest of South America         
 9.6 Middle East & Africa          
  9.6.1 Saudi Arabia         
  9.6.2 UAE         
  9.6.3 Qatar         
  9.6.4 South Africa         
  9.6.5 Rest of Middle East & Africa         
            
10 Key Developments           
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures          
 10.2 Acquisitions & Mergers          
 10.3 New Product Launch          
 10.4 Expansions          
 10.5 Other Key Strategies          
            
11 Company Profiling           
 11.1 3M          
 11.2 Eagle Elastomers Inc.          
 11.3 Asahi Glass Co., Ltd.          
 11.4 Shin-Etsu Chemical Co., Ltd          
 11.5 Shanghi Fluoron Chemicals Co.          
 11.6 Halopolymer Ojsc          
 11.7 Marco Rubber & Plastics, LLC.          
 11.8 Shanghai 3F New Materials Co., Ltd          
 11.9 Dynamix          
 11.10 Gujarat Fluorochemicals Ltd.          
 11.11 Precision Polymer Engineering/IDEX          
 11.12 Chemours Company          
 11.13 Solvay SA          
            
List of Tables            
1 Global Fluoroelastomers Market Outlook, By Region (2021-2030) ($MN)           
2 Global Fluoroelastomers Market Outlook, By Product Type (2021-2030) ($MN)           
3 Global Fluoroelastomers Market Outlook, By Fluorosilicone Elastomers (2021-2030) ($MN)           
4 Global Fluoroelastomers Market Outlook, By Fluorocarbon Elastomers (2021-2030) ($MN)           
5 Global Fluoroelastomers Market Outlook, By Perfluoroelastomers (2021-2030) ($MN)           
6 Global Fluoroelastomers Market Outlook, By Other Product Types (2021-2030) ($MN)           
7 Global Fluoroelastomers Market Outlook, By Monomer Type (2021-2030) ($MN)           
8 Global Fluoroelastomers Market Outlook, By Ethylene (2021-2030) ($MN)           
9 Global Fluoroelastomers Market Outlook, By Tetrafluoroethylene (2021-2030) ($MN)           
10 Global Fluoroelastomers Market Outlook, By Propylene (2021-2030) ($MN)           
11 Global Fluoroelastomers Market Outlook, By Hexafluoropropylene (2021-2030) ($MN)           
12 Global Fluoroelastomers Market Outlook, By Perfluoromethylvinylether (2021-2030) ($MN)           
13 Global Fluoroelastomers Market Outlook, By Vinylidene Fluoride (2021-2030) ($MN)           
14 Global Fluoroelastomers Market Outlook, By Other Monomer Types (2021-2030) ($MN)           
15 Global Fluoroelastomers Market Outlook, By Application (2021-2030) ($MN)           
16 Global Fluoroelastomers Market Outlook, By Hoses (2021-2030) ($MN)           
17 Global Fluoroelastomers Market Outlook, By O-Rings (2021-2030) ($MN)           
18 Global Fluoroelastomers Market Outlook, By Seals and Gaskets (2021-2030) ($MN)           
19 Global Fluoroelastomers Market Outlook, By Molded Parts (2021-2030) ($MN)           
20 Global Fluoroelastomers Market Outlook, By Diaphragms (2021-2030) ($MN)           
21 Global Fluoroelastomers Market Outlook, By Coatings (2021-2030) ($MN)           
22 Global Fluoroelastomers Market Outlook, By Other Applications (2021-2030) ($MN)           
23 Global Fluoroelastomers Market Outlook, By End User (2021-2030) ($MN)           
24 Global Fluoroelastomers Market Outlook, By Automotive (2021-2030) ($MN)           
25 Global Fluoroelastomers Market Outlook, By Oil and Gas (2021-2030) ($MN)           
26 Global Fluoroelastomers Market Outlook, By Healthcare (2021-2030) ($MN)           
27 Global Fluoroelastomers Market Outlook, By Aerospace (2021-2030) ($MN)           
28 Global Fluoroelastomers Market Outlook, By Electronics (2021-2030) ($MN)           
29 Global Fluoroelastomers Market Outlook, By Other End Users (2021-2030) ($MN)                  

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above. 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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