The 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.
MARKET ANALYSIS
Fluoroelastomers offer superior sealing properties, making them indispensable in manufacturing O-rings, gaskets, and seals for critical applications where leakage can cause severe consequences. Their longevity and durability reduce maintenance and replacement costs. However, their high cost and limited low-temperature flexibility are among the restraints. In the automotive industry, fluoroelastomer seals and gaskets are used in fuel, transmission, and engines. Their ability to withstand heat and exposure to various fuels ensures a tight, long-lasting seal, contributing to vehicle efficiency and safety. Fluoroelastomer hoses also exhibit low gas permeability, reducing the risk of fluid loss or contamination. Their exceptional resistance to oils and fuels makes them suitable for automotive and oil and gas applications.
GROWTH DRIVERS AND CHALLENGES
Rising demand for fluoroelastomers in the automotive industry and the growing oil and gas industry drive the fluoroelastomers market growth. Automotive manufacturers focus on decreasing the size of powertrains, engines, and engine compartments to reduce fuel consumption, in addition to the development of electric vehicles. The advancement in air management systems increases the temperature of components and exposes them to corrosive fluids and fumes. The heat and chemical-resistant properties of fluoroelastomers offer a wide range of applications in fuel, air management, and electric vehicle systems. Fluoroelastomers withstand harsh chemical exposure and offer retention of critical properties under extreme conditions. Hence, the oil & gas sector uses fluoroelastomers in drilling equipment, pipeline systems, seals, and gaskets. Further, the demand for oil and gas is increasing in Asia Pacific. Governments of various countries in Asia Pacific have initiated projects to cater to the rising demand for oil and gas in the region. Rising demand for high-performance materials in the automotive industry and growing number of oil and gas projects fuel the fluoroelastomers market growth.
Environmental regulations related to fluoroelastomers pose a challenge to the fluoroelastomers market. Environmental regulations and concerns over the production and disposal of fluoroelastomers impact its utilization, especially in regions with stringent environmental regulations. The production of fluoroelastomers involves the emission of greenhouse gases. Disposal of fluoroelastomer products as incineration can release toxic by-products. Further, recycling of fluoroelastomers is challenging due to their complex chemical structure. Governments and international organizations have implemented various regulations to control and limit the use of certain fluorinated compounds and substances with fluoroelastomers due to their potential environmental risks. Stringent environmental regulations related to producing and disposing of fluoroelastomers restrain the growth of fluoroelastomers.
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Fluoroelastomers Market: Strategic Insights
Market Size Value in US$ 1,586.06 million in 2022 Market Size Value by US$ 2,523.84 million by 2030 Growth rate CAGR of 6.0% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Fluoroelastomers Market: Strategic Insights
| Market Size Value in | US$ 1,586.06 million in 2022 |
| Market Size Value by | US$ 2,523.84 million by 2030 |
| Growth rate | CAGR of 6.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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REPORT SEGMENTATION AND SCOPE
The "Global Fluoroelastomers Market Analysis and Forecast to 2030" is a specialized and in-depth study focusing significantly on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation based on type, application, end user, and geography. The report provides key statistics on the consumption of fluoroelastomers worldwide, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the fluoroelastomers market performance in major regions and countries. It also includes a comprehensive analysis of the leading players in the fluoroelastomers market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global fluoroelastomers market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
The global fluoroelastomers market is segmented on the basis of 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 market is segmented into automotive, aerospace, oil and gas, semiconductors, energy and power, and others.
Based on type, the fluorocarbon elastomers segment accounted for a significant share of the fluoroelastomers market in 2022. Fluorocarbon elastomers offer superior sealing properties, making them indispensable in manufacturing O-rings, gaskets, and seals for critical applications where leakage can cause severe consequences. Their longevity and durability reduce maintenance and replacement costs. Despite high costs, fluorocarbon elastomers remain indispensable in demanding industries where their unmatched resistance to harsh conditions is a fundamental requirement. Based on application, the O-rings segment accounted for a significant share in 2022. Fluoroelastomer O-rings exhibit excellent resistance to high temperatures, chemicals, and fuels. They can effectively create a tight, durable seal in demanding environments. Based on end-user, the automotive segment accounted for a significant share in 2022. With the industry’s constant drive for innovation, the demand for fluoroelastomers is surging. This is particularly evident in the shift toward electric vehicles (EVs), where the need for superior sealing materials in battery systems, electric drivetrains, and cooling systems has intensified.
Fluoroelastomers Market – by Type, 2022 and 2030
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REGIONAL ANALYSIS
The report provides a detailed overview of the global fluoroelastomers market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for a significant share of the global fluoroelastomers market and was valued at over US$ 750 million in 2022. Asia Pacific marks the presence of major automotive and semiconductor manufacturers and a hub for small-sized businesses operating in the region. China's major industries include mining, manufacturing, construction, chemicals, and power. Asia Pacific is a global hub for producing and exporting technical consumer goods (TCG), including consumer electronics. Europe is expected to reach over US$ 350 million by 2030. The automobile industry is one of the most rapidly growing industries in the European economy. According to the European Commission, Europe is among the world's largest producers of motor vehicles. North America is expected to record a CAGR of ~6% from 2022 to 2030. In North America, passenger vehicles are the most common mode of transportation, and their use is increasing with the rise in per capita income. As the automotive industry continues to evolve and innovate, these high-performance materials are increasingly in demand, contributing to market growth.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Various initiatives taken by the key players operating in the fluoroelastomers market are listed below:
- In September 2023, AGC Chemicals Americas Inc added two new grades to its line of perfluoroelastomers.
- In June 2022, Solvay SA introduced a new portfolio of high-performance Tecnoflon peroxide curable fluoroelastomers (FKM) produced without fluorosurfactants.
IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
Before the COVID-19 pandemic, many countries across the globe reported economic growth. The key manufacturers invested in the research and development of fluoroelastomers. They also focused on expanding geographic reach through mergers and acquisitions to cater to a broad customer base. Before the COVID-19 pandemic, the fluoroelastomers market reported steady growth due to increasing demand from the automotive industry. As per the US International Trade Commission (USITC), vehicle sales in the US decreased by 15% in 2020 compared to 2019, owing to the high vulnerability of the automotive industry. During the pandemic, supply chain disruptions, raw material and labor shortages, and operational difficulties created a demand and supply gap, adversely affecting the growth of the chemicals and materials industry. Manufacturers reported challenges in sourcing raw materials and ingredients from suppliers, impacting the production rate of fluoroelastomers.
Further, disruption in supply chains and shortage of skilled labor reduced production and created a demand-supply gap in many regions, particularly Asia Pacific, Europe, and North America. The demand and supply gap was also recorded in several regions due to fluctuating demand from the automotive industry. In 2021, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for the chemicals & materials industry. The sales of fluoroelastomers increased with the resumption of production & sales operations of companies operating in the automotive industry. The increasing demand for high-quality sealing solutions and gasket materials in these industries has propelled the fluoroelastomers market growth.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
The Chemours Co, AGC Inc, 3M Co, Solvay SA, Daikin Industries Ltd, Shandong Huaxia Shenzhou New Material Co Ltd, Gujarat Fluorochemicals Ltd, Shin-Etsu Chemical Co Ltd, HaloPolymer, and Eagle Elastomer Inc are among the key players operating in the fluoroelastomers market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The major players operating in the global fluoroelastomers market are 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.
Many manufacturers in the fluoroelastomers market are entering into a partnership with suppliers, logistics companies, and end users to streamline the fluoroelastomer supply chain. For instance, in 2021, CDI Energy Products and Corken Inc. announced their plan to enter a long-term partnership for polymer supply. Under this partnership, CDI Energy aimed to supply polymers, fluoroelastomers, and thermoplastics to Corken Inc. in order to increase the latter company’s equipment efficiency, sustainable operations, and competitive capabilities.
Based on type, the fluoroelastomers market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. The fluorocarbon elastomers segment held the largest market share in 2022, and the perfluorocarbon elastomers segment is expected to record the highest CAGR from 2022 to 2030. Fluorocarbon elastomers have exceptional resistance to high temperatures, aggressive chemicals, and a wide range of fluids, which makes them a preferred choice in industries such as aerospace, automotive, and chemical processing..
Asia Pacific accounted for the largest share of the global fluoroelastomers market. The market growth in Asia Pacific is driven by the strong presence of the automotive industry. The demand for fluoroelastomers in Asia Pacific is in parallel with industrialization and vehicular production in the region.
Based on end-user, the fluoroelastomers market is segmented into automotive, aerospace, oil and gas, semiconductors, energy and power, and others. The automotive segment held the largest fluoroelastomers market share in 2022. Fluoroelastomers are indispensable in the automotive industry, serving many critical functions such as acting as a sealant in fuel systems, cooling systems, and intake and exhaust systems.
Fluoroelastomers are used in a wide range of applications in the automotive industry. It is used in fuel system components, seals, gaskets, and hoses due to its high resistance to heat, chemicals, and fuels. According to the report by the European Commission, turnover generated by the automotive industry in Europe represents 7% of the region's total GDP. A report by Germany Trade & Invest stated that Germany is a major automotive market in Europe, and it registered a foreign market revenue of US$ 289 billion in 2021 (a 10% rise from 2020) from passenger car and light commercial vehicle original equipment manufacturers.
The List of Companies - Fluoroelastomers Market
- 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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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