Fluoroelastomers (FKM) market global size growth latest application share recent trends and better investment opportunities by forecast to 2030

Fluoroelastomers (FKM) market

According to MRFR analysis, Fluoroelastomers Market is projected to be worth USD 2.52 billion by 2028, registering a CAGR of 3.6% during the forecast period (2021–2028), The market was valued at USD 1.71 billion in 2020.

Market Drivers:

The Fluoroelastomers (FKM) Market growth is mainly driven by the growth in demand for the product in major end-use industries like aerospace & defense and automotive. This rise in demand is primarily because of superior mechanical and sealing properties possessed by the product. Furthermore, the robust growth viewpoint of the oil & gas industry, mainly in regions like the Middle East & Africa, and North America, and the growing chemical industry in Asia-Pacific is also anticipated to enhance the fluoroelastomers market share through the projected era.

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Market Competitive Landscape:

The list of the prominent players in the fluoroelastomers market profiled are:

• Shanghai 3F New Materials Co., Ltd (China),
• Gujarat Fluorochemicals Ltd (India) — Fluonox,
• 3M (US) — Dyneons,
• DAIKIN INDUSTRIES, Ltd. (Japan) — DAI-EL,
• Shin-Etsu Chemical Co., Ltd (Japan) — SIFEL,
• Asahi Glass Co., Ltd (Tokyo) — AFLAS,
• The Chemours Company (US) — Viton,
• Halopolymer Ojsc (Russia) — FKM & Elasftor,
• Solvay SA (Belgium) — Tecnoflon,
• Marco Rubber & Plastics, LLC (US),
• Shin-Etsu Chemical Co. (China),
• Eagle Elastomers Inc (US),
• Precision Polymer Engineering/IDEX (UK),
• Shanghi Fluoron Chemicals Co. (China)
• Dynamix (India)

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Market Restraints:

However, certain challenges are likely to impact the growth of the global fluoroelastomers market. The rise in concerns related to the use of fluoroelastomers is anticipated to impede the growth of the market. Moreover, the inadequate availability of fluorspar for the manufacturing of fluoroelastomers is also one of the major hurdles for market growth.

COVID-19 Impact:

The aerospace and automotive industry are the major consumers of fluoroelastomers globally, and because of the impact of the current COVID 19 crises on these industries have witnessed a major decline. The automotive industry is fighting with a widespread and abrupt stoppage of economic activity due to the closing of factories, and supply chains grind to a halt, and workers are told to stay at home. It is projected that factory closures in regions like North America and Europe have caused millions of passenger vehicles to be discarded from production schedules, which has a pouring effect impacting the material suppliers and OEMs. All of this has impeded the growth of the fluoroelastomers market.

Market Scope

Fluoroelastomer rubber (FKM rubber) refers to a high-performance synthetic rubber, which contains fluorine. It possesses brilliant chemical and mechanical properties like radiation resistance, excellent abrasion, and good chemical resistance. Also, they have excellent resistance to a broad range of fluids, gases, and oils, and chemicals in severe environments and at higher temperatures. Fluoroelastomers are manufactured in harsh operational conditions in several end-use industries like chemicals, oil & gas, automotive and aerospace & defense, among others. The advancements in technological terms developed in the US to meet the need for enhanced flexibility, temperature resistance, and chemical resistance from synthetic elastomers are achieved using fluoroelastomer material. Some of the commonly available fluoroelastomers in the market are Fluonox, AFLAS, Tecnoflon, DAI-EL, Dyneon, and Viton.

Segment Analysis

Based on the type of product, the market is classified as perfluoro elastomers, fluorosilicone elastomers, and fluorocarbon elastomers. Among all of these types, the Fluorocarbon Elastomers segment held the maximum market share in 2018, attributed to its excellent resistance to weather and temperature.

Based on the application segment, the market is divided into complex molding parts, hoses, seals & gaskets and o-rings, among others like wire tubing, washers, etc.

Based on the end-user segment, the market is bifurcated into semiconductor, medical, oil & gas, chemical processing, aerospace & defense, automotive, and several others. The automotive sector is anticipated to lead the market with the largest share in the global fluoroelastomers (FKM) market among all these end-use sectors.

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Regional Analysis

By geography, the market is divided into regions like the Middle East & Africa, Asia-Pacific, North America, Latin America, and Europe. The North American fluoroelastomers (FKM) market is likely to dominate the global market with maximum market share in the forecasted era attributed to the growing use of fluoroelastomers in the aerospace & defense industry. The European market also held a noteworthy share in the global market in 2018 because of the elevation in demand from the automotive industry. Furthermore, the evident growth of the oil & gas industry is also likely to propel the growth of the fluoroelastomers (FKM) market in the region.