Fluoroelastomers Market is expected to reach US$ 2,523.84 million by 2030

Growing Oil and Gas Industry Drives Global Fluoroelastomers Market Growth

According to the latest market study on “Fluoroelastomers Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by type, application, and end-user,” the global fluoroelastomers market size was valued at US$ 1,586.06 million in 2022 and projected to reach US$ 2,523.84 million by 2030; it is anticipated to record a CAGR of 6.0% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Fluoroelastomers, also known as FKM or fluorocarbon rubber, are a class of synthetic elastomers renowned for their exceptional resistance to high temperatures, chemicals, and aggressive fluids. Fluoroelastomers exhibit remarkable heat stability, able to withstand extreme temperatures ranging from -20°C to well over 200°C. The fluoroelastomers market has witnessed significant growth and evolution in recent years, driven by their indispensable role in various high-performance industries. Many processes in the oil and gas industry require high temperatures, pressure, and various chemicals. Fluoroelastomers withstand harsh chemical exposure and offer retention of critical properties under extreme conditions. Hence, the oil and gas sector uses fluoroelastomers in drilling equipment, pipeline systems, seals, and gaskets. Moreover, using fluoroelastomers reduces operational costs and downtime in the oil and gas industry. Fluoroelastomers maintain overall operational efficiencies and offer protection against operational failures.

Global Fluoroelastomers Market Breakdown – by Region

According to the Pipeline and Hazardous Materials Safety Administration, approximately 2.6 million miles of pipelines in North America deliver hundreds of billions of tons of liquid petroleum products and trillions of cubic feet of natural gas yearly. According to the Canada Energy Regulator, most of the crude oil produced in Canada is shipped using pipelines from western provinces to refineries in the US, Ontario, and Quebec. The Energy Research Company, a division of the Brazilian Ministry of Energy, published the Transport Gas Pipeline Plan 2022–2026 to serve as a proposal for investments in the construction of gas pipelines at a national level. Under this plan, the Energy Research Company planned to invest US$ 4 billion in the construction of five gas pipelines focusing on gas flow from the Sergipe and Alagoas basins and gas from the pre-salt field.      

The Chemours Co, AGC Inc, 3M Company, Solvay SA, Daikin Industries Ltd, Shandong Huaxia Shenzhou New Material Co Ltd, Gujarat Fluorochemicals Ltd, Shin-Etsu Chemical Co Ltd, HaloPolymer, Eagle Elastomer Inc are among the key players in the global fluoroelastomers market.

Impact of COVID-19 Pandemic on Global Fluoroelastomers Market Growth

During the COVID-19 pandemic, disruptions in chemical and materials manufacturing operations significantly impacted global supply chains and hindered product manufacturing activities, delivery schedules, and sales. Various chemicals and materials companies reported product delivery delays and sales slump in 2020. Moreover, restrictions on international travel imposed by governments of various European and Asia Pacific countries compelled manufacturers and suppliers to temporarily discontinue their business strategies, such as partnerships. All these factors hampered many sectors during the pandemic and restrained the growth of the chemicals and materials industry. During the pandemic, supply chain disruptions, raw material and labor shortages, and operational difficulties created demand and supply gaps, adversely affecting the growth of fluoroelastomers market.

In 2020, supply chain shortages, increased labor costs, and high demand for raw materials resulted in price inflation of materials required in the automotive industry across various regions. In 2021, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to a conducive environment for automobile producers, oil and gas, semiconductor, and aerospace industries. The developments in the fluoroelastomers market were witnessed with the resumption of production and sales operations of companies operating in the automotive industry by the end of 2021.

The "Global Fluoroelastomers Market Analysis  to 2030" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global fluoroelastomers market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global fluoroelastomers market is segmented based on type, application, and end-user. Based on type, the market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. Based on application, the market is segmented into O-rings, seals and gaskets, hoses, molded parts, and others. Based on end-user, the fluoroelastomers market is segmented into automotive, aerospace, oil & gas, semiconductors, energy & power, and others. Fluorocarbon elastomers, often known by their trade name Viton, are a remarkable class of synthetic rubber compounds. Fluorosilicone elastomers are also notable for their low gas permeability and excellent compression set properties, ensuring long-term sealing and durability. Perfluorocarbon elastomers, or perfluoroelastomers or FFKMs, represent a highly specialized class of synthetic rubber-like materials with extraordinary resistance to extreme temperatures, aggressive chemicals, and challenging operating conditions.

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