The global fluoroelastomers market is projected to reach USD 1,794.1 million by 2027, growing at a CAGR of 3.7% during the forecast period. According to Fortune Business Insights' report titled "Fluoroelastomer Market Size, Share & COVID-19 Impact Analysis," the market saw a size of USD 1,356.4 million in 2019. The report highlights key aspects such as:
Comprehensive Market Insights: Providing detailed analysis and understanding of the fluoroelastomers market landscape.
Key Player Data: Offering valuable information on prominent companies shaping the market.
Emerging Trends: Identifying current and future trends influencing market growth.
Regional Insights: Analyzing regional dynamics and their impact on market trends and growth.
Market Drivers and Restraints: Examining factors driving market growth and challenges affecting industry development.
Latest Developments: Reporting on recent advancements and innovations within the fluoroelastomers sector.
The report categorizes fluoroelastomers into types such as fluorocarbon elastomers (FKM), fluorosilicone elastomers (FVMQ), and perfluorocarbon elastomers (FFKM), while also assessing their application across industries including automotive, industrial, aerospace, oil & gas, and others. This comprehensive analysis aims to provide stakeholders with strategic insights into navigating the fluoroelastomers market landscape from 2020 to 2027.
The Report Lists the Key Players in the Global Market
Solvay S.A. (Belgium)
The Chemours Company (U.S.)
Daikin Industries Ltd. (Japan)
3M (U.S.)
AGC, Inc. (Japan)
Shin-Etsu Chemical Co., Ltd. (Japan)
Eagle Elastomer Inc. (U.S.)
HaloPolymer (Russia)
James Walker & Co. (UK)
Air Boss Rubber Solutions (Canada)
Dynafluon (India)
Other Players
Market Driver:
Surging Demand for Fuel Efficient Vehicles to Incite Development
The depleting fossil fuel reserves and fluctuations in crude oil prices have led to high demand for fuel-efficient vehicles among consumers, which, in turn, will augur well for the fluoroelastomers industry. Similarly, increasing awareness about climate change and carbon emissions among consumers has further demand for low-emission vehicles. Automotive manufacturers are investing hefty funds in research and development to transform their existing designs and utilize lightweight materials to achieve the desired efficiency in cars. Moreover, OEMs reduce the size of components such as engine and powertrain and incorporate air circulatory systems to improve proficiency. The compatibility of fluoroelastomers with a wide variety of chemicals and resistance to extensive temperature range is projected to spur its demand in the automotive industry. Also, conventional elastomers' inability to sustain high temperatures will fuel the demand for fluoroelastomers in the near future.
Halt on Manufacturing Activities to Reduce Demand Amid COVID-19
COVID-19 pandemic had a negative impact on the automotive and aerospace industries. The pandemic resulted in an abrupt halt on manufacturing activities, supply chains, and factories' shutdown. As a result, the automotive industry is struggling with the generation of revenue. The sudden shutdown of production facilities disrupted the automotive sector. Moreover, the aircraft manufacturers reduced their production rates due to global lockdown. The delayed aircraft deliveries and diminished production have severely affected the global fluoroelastomers market growth during the global pandemic.
Information Source: https://www.fortunebusinessinsights.com/fluoroelastomer-market-104714
Regional Analysis:
Rising investments in the pharmaceutical Industry to Favor Market in Asia Pacific
The fluoroelastomers market in Asia Pacific is expected to grow exponentially during the forecast period due to its high consumption. Rising investments in the pharmaceutical, food processing, chemical processing, and coating industries in India and China will propel the market's growth. The market in North America is expected to hold the largest fluoroelastomer market share during the forecast period. The growth is attributed to the increasing demand from the automotive and aerospace industries because of fuel emission regulations. Europe is expected to expand radically during the forecast period. The presence of major automotive, and aerospace manufacturers such as Dassault Aviation, and Airbus will boost the market in Europe. Countries including Germany, UK, and France were the major contributors in the region.