The global fluoroelastomer market demonstrated substantial growth, reaching a valuation of US$ 1,467.6 million in 2022, as reported by Future Market Insights. Projections indicate a robust upward trajectory, with an expected surpassing of US$ 2,374.8 million by 2032. This optimistic outlook is underpinned by a projected compound annual growth rate (CAGR) of 4.9% in fluoroelastomer sales throughout the forecast period spanning 2022 to 2032. The consistent rise in demand for fluoroelastomers underscores their significance across various industries, reflecting a promising and dynamic market landscape.
Rising adoption across end-use industries such as automotive, oil & gas, energy, and aerospace is a key factor driving demand for fluoroelastomers globally.
Similarly, rapid shift towards lightweight and fuel-efficient vehicles is expected to boost the global fluoroelastomer market during the assessment period.
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Automotive industry has witnessed drastic changes over the last few years. Implementation of environmental regulations and vehicle norms across the world has promoted the use of lightweight and polymeric automotive components to increase fuel efficiency of the vehicle. Thanks to this shift in automotive industry, fluoroelastomer sales are growing at a healthy pace and the trend is likely to continue during the projection period.
Fluoroelastomers possess various specific properties including high fluorine-to-hydrogen proportion, outstanding oil resistance, and strong heat stability due to the lack of saturation. Hence, they find application in diverse end-use industries.
The fluoroelastomer market is expected to be driven by rising end-user demand for materials with excellent mechanical qualities including lightweight and high resistance to heat and chemicals.
Advancements in existing fluoroelastomers for better performance are anticipated to create lucrative opportunities for fluoroelastomer manufacturers during the forthcoming decade.
“Upsurge in new aircraft production coupled with rising demand for lightweight and energy-efficient vehicles will create growth prospects for the global fluoroelastomer market projection period,” said an analyst at FMI.
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Key Takeaways from Fluoroelastomer Market Study
- The global market for fluoroelastomers is estimated to witness a growth rate of 9% CAGR during the forecast period.
- By product type, fluorocarbon segment currently holds a share of 7% in the global fluoroelastomer market.
- Based on end-use industry, automotive segment dominates the global market, holding a value share of 8%.
- The North America fluoroelastomer market is projected to grow at 4% CAGR through 2032.
- Demand for fluoroelastomers across the Europe is likely to increase at 1% CAGR between 2022 and 2032.
- India’s fluoroelastomer market is forecast to grow at 6.2% CAGR during the assessment period.
Who is Winning?
Leading players operating in the global fluoroelastomers industry include The Chemours Company, 3M, Daikin Industries, Gujarat Fluorochemicals Limited, Zhejiang Fluorine Chemical New Materials Co., Ltd, Halopolymer OJSC, James Walker & Co, Shin-Etsu chemicals, AGC Chemical Inc., and Solvay SA.
Key fluoroelastomer manufacturing companies are concentrating on growing their regional market and are actively engaged in establishing their direct presence in the local markets through mergers and acquisitions with regional players. They are also focused on increasing their investments in research and development to uncover new application areas of fluoroelastomers.
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Fluoroelastomer Industry Segmentation
By Product Type:
- Fluorosilicone
- Fluorocarbon
- Perfluoroelastomers
By End-use Industry:
- Aerospace
- Automotive
- Chemicals
- Consumer Electronics and Wearables
- Oil and Gas
- Energy
- Pharmaceutical and Food
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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