FKM Rubber Market Size, Share, Analysis & Forecast [2031]

Report Description

Market Outlook:

The Global FKM Rubber Market was estimated at USD 1,573.5 Million in 2022 and is anticipated to reach USD 2,465.4 Million in 2031 expanding at a CAGR of 5.2% during the forecast period.

Fluoroelastomers were first developed by DuPont in 1957 to meet the needs of the aerospace industry requiring high-performance sealing applications. Advances in gas turbine engines force fluoroelastomers to their thermal limits. Aircraft, ships, and vehicles require durable components that are reliable, operate safely, and last long, as these are becoming increasingly energy efficient and powerful. FKM is appropriate for explosive decompression, sterilization in place (SIP), cleaning in place (CIP), and Food and Drug Administration (FDA) applications. It is suitable for applications involving the transportation and handling of fuels and chemicals as well as explosive environments and high-temperature such as the oil & gas industry, automotive industry, and aerospace industry.

Get Free Sample Report

Fluoroelastomers have outstanding resistance to chemical attack by acids, oxidation, and fuels. They are able to withstand ketones and strong bases as well as aromatic hydrocarbons, acids, oils, and steam.

Macro-economic Factors

Supply Chain Disruption

Manufacturing of elastomeric materials involves blending of 10 to 20 ingredients for the final product. Therefore, shortage of one ingredient creates a demand-supply gap. Moreover, the volatility in the prices of feedstock also impacts the price of the final product. A shortage of fluoroelastomer effects on the price significantly. Prices for the FKM products such as O-rings, gaskets increased. Thus, supply chain disruptions impact the market significantly.

Government Regulations

Government regulations affect factors such as company business structure, location, environmental practices, employee practices, and others. In the case of rubber manufacturing, environmental concerns are the prime factor considered by government. Many governments across the globe impose stringent laws regarding production regulations to control the emissions and effluents generated by the rubber industry. This limits the capacity of the manufacturing units. For instance, polymer manufacturers evaluate the compliance of their materials with Food and Drug Administration (FDA) regulations, which impacts the market.

Market Dynamics

Market Driver- Investments in the Aerospace & Defense Sector

Airlines and space organizations are seeking efficient and cost-effective ways to develop their fleet to accommodate the growing demand for air travel. Moreover, demand and strategies to keep planes in the air for long periods of time with few maintenance issues are increasing. This results in a high demand for next-generation and fuel-efficient aircraft with specific engine designs, fuel systems, and hydraulic systems. These systems require rubber O-rings, seals, gaskets, and hoses to function at high temperatures while being subjected to synthetic oils and gases. O-rings made from FKM are widely used in auxiliary power units, connectors, line fittings, hydraulic actuators, pumps, valves, oil reservoirs, and others. Rising geopolitical tensions resulted in increased defense spending by several countries across the globe. The space sector has registered substantial growth in investment activity over the past decade. Total annual investment reached to more than USD 10 billion from USD 300 million between 2012 and 2021. Additionally, increasing technological advancements along with the rising population across the globe are expected to boost commercial air travel in the coming years. Thus, rising investments in the aerospace & defense sector are driving the market for FKM rubber.

Market Driver- Development of Specialty Grade FKM for the Semiconductor Industry

Demand for FKM products, such as seals and O-rings, is increasing rapidly from semiconductor manufacturers, as these compounds are one of the crucial materials used while manufacturing chips. Demand for ultraclean processing is increasing, as several chip makers are mounting tiny transistors on the chips. Impurity in the compounds results in defective microchips. Thus, it requires materials that have high chemical stability and heat tolerance. FKM seals are incorporated throughout a broad range of critical equipment in key process areas of the semiconductor fabs, including etch, deposition, aqueous, and electrochemical, which is known as electroplating.

According to the semiconductor industry outlook 2022, the semiconductor industry is expected to grow in the coming years, owing to the increasing use of efficient chips offering to enhance connectivity. The Semiconductor Industry Association (SIA) announced that global semiconductor industry sales were USD 573.5 billion in 2022, which is an increase of 3.2% compared to a total of USD 555.9 billion in 2021. Consistent growth in the electronics industry is also driving the demand for semiconductor chips. FKM rubber manufacturers are actively developing new grades of FKM suitable for processing in the semiconductor industry. This boosts the demand for FKM rubber, thus propelling the market.

Market Restraint- Toxicity of the Material and Availability of Parallel Materials

The non-biodegradable characteristic of the FKM is anticipated to hinder the market. The FKM contains higher amounts of fluorine as compared to normal elastomers. The fluorine content in the material makes it toxic, which is hazardous to the environment.

The availability of a wide range of materials to make O-rings, gaskets, and seals for industrial applications further restrains the market. These materials include FFKM, nitrile, high-density polyethylene, and rubber blends. Thus, the non-biodegradable nature of the product and the availability of possible substitutes hamper the market during the forecast period. FFKM is a material that offers better chemical resistance as compared to FKM, which makes it a preferable choice in applications with harsh chemical environments. Conventional rubber materials are cheaper than FKM, which decreases the adoption rate of FKM, thus hampering the market.

Market Opportunity- Advancements through Sustainable Product Development

In May 2022, the Chemours Company announced an industry-leading sustainable process innovation to produce Advanced Polymer Architecture (APA) grade Viton fluoroelastomer, without the use of a fluorinated polymerization aid. The company has the potential to create the full Viton fluoroelastomer portfolio using a non-fluorinated surfactant. This is attributed to the launch of new technology and increasing research & development in material science. Sustainable manufacturing technology promoted by the key manufacturers in the market is expected to provide new opportunities which involves production of flueroelastomers with minimum environmental impact. Increasing environmental awareness concerning sustainable development goals is expected to enhance the product further. Rapid product advancements owing to high demand from major industries, such as chemical, pharmaceutical, oil & gas, and aerospace, are expected to support the market during the forecast period.

Scope of the Report  

The report on the global FKM rubber market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

On the basis of type, the FKM rubber market is categorized as copolymer, terpolymer, low temperature polymer, and others. The copolymer segment held a XX.X% market share in 2022, due to increased industrialization, technological advancements, and the rising need for specialized synthetic rubbers.

The terpolymer segment is expected to expand at a XX.X% of CAGR during the forecast period. The demand for FKM rubber is increasing in the automotive and aerospace industries, due to its resistance to high temperature, oil, and chemicals. Low temperature polymer segment is anticipated to hold XX.X% of share in 2031, due to the surge in oil and gas extraction processes as well as its application in creating components in extreme conditions. The others segment held a 10.3% market share in 2022. The others segment includes penta polymers and type 4 FKMs. The increasing demand from end-use industries are driving the market growth.

Get Free Sample Report

Based on grade, the FKM rubber market is categorized as general grade and high-performance grade. The general grade segment is expected to hold XX.X% of share in 2031, due to the increasing demand from the aerospace and other industries. The increasing demand for lightweight materials in vehicle is expected to drive the demand for general grade FKM rubber. The high-performance grade segment is expected to expand at a XX.X% of CAGR during the forecast period. The increasing demand for high performance grade as an alternative to perfluoroelastomer is driving the market.

Get Free Sample Report

Based on application, the FKM rubber market is categorized as seals, gasket, hose, O-rings, and others. The other seals segment held a XX.X% market share in 2022, due to the use of advanced sealing systems and components that enhance the production efficiency and sustainability of plants. The gasket segment is expected to hold XX.X% of share in 2031. The gaskets adapt to changes in pressure, temperature, bolt tension, and creep. The O-ring segment held a XX.X% market share in 2022. The O-ring segment is expected to grow rapidly during the forecasted period. The hose segment is expected to expand at a XX.X% of CAGR during the forecast period, due to the increasing demand from commercial fuel manufacturers.

Get Free Sample Report

Based on end-use industry, the market is categorized as automotive, aerospace, semiconductor, energy & power, chemical processing, oil & gas, and others. The automotive segment is expected to hold XX.X% of share 2031, due to the increasing demand for fuel-efficient vehicles. Automotive manufacturers are increasingly investing in R&D and focusing on product development to cater the various consumer demands. The aerospace and defense segment held XX.X% of share in 2022, as FKM rubber offers consistent protection and thermal insulation, in extreme environmental conditions. Sealing elements for metal composite parts are needed in the aerospace applications. The semiconductor segment is expected to expand at a XX.X% of CAGR, owing to the extensive application of FKM seals in semiconductor equipment. O-rings used in applications such as Chemical Mechanical Polishing (CMP) in semiconductor manufacturing are required to be composed of a material that resistant to abrasion and high-pH chemical. The chemical processing industry segment is expanding at CAGR of XX.X%. This growth is attributed to an extensive use of FKM seals to mitigate major safety concerns in the chemical industry. The energy & power segment is expected to hold a XX.X% of share in 2031, due to the increasing demand for sealing materials in nuclear power plants. The oil & gas segment is expected to hold a market value of USD XX.X million in 2031. The price of oil is anticipated to rise in the coming years, as the oil and gas industry adopts long working hours and high expenditure to extract precious resources from the earth. The others segment held XX.X% of share in 2022. The FKM rubber is also used in the food & beverage industry. Sealing solutions are crucial to the performance of the food equipment processing, as these impact the quality of the end product, thus affecting the commercial success of the product.

Get Free Sample Report

On the basis of distribution channel, the market is divided into manufacturers (direct sales) and wholesalers/distributors. The manufacturers (direct sales) segment held a XX.X% share of the market in 2022. Buying products directly from manufacturers is beneficial to the customer, as these are convenient, reliable, and cost-effective source of products. On the basis of distribution channel, the market is divided into manufacturers (direct sales) and wholesalers/distributors. The manufacturers (direct sales) segment held a 68.4% share of the market in 2022. Buying products directly from manufacturers is beneficial to the customer, as these are convenient, reliable, and cost-effective source of products.

Get Free Sample Report

Regional Outlook

Based on regions, the market is separated into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific held a significant share of the market during the forecast period.

North America held XX.X% of the market share in 2022, due to the increasing demand from automotive industry in the region. The automotive industry is a significant contributor to the economy of the region. Europe accounted for XX.X% of the market share in 2022. Expansion of the automotive and aerospace industries, coupled with rising awareness for energy-efficient systems, are driving the FKM rubber market in this region. Asia Pacific accounted for XX.X% market share in 2022. The market in Asia Pacific is expected to develop at a rapid rate during the forecast period, due to the high growth of the semiconductor industry in the region. Emerging economies such as India are focusing on increasing the production of electronics and their components. The increasing number of chemical processing industries in the region are driving the demand for FKM rubber. Asia Pacific accounts for high production of chemicals. The market in Latin America and the Middle East & Africa held USD XX.X Mn and USD XX.X Mn, respectively, in 2022. The expansion of the automotive industry has increased the demand for FKM rubber in these regions. Growing pharmaceutical sector is supporting the market growth in the region.

Get Free Sample Report

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global FKM Rubber Market

• Historical, Current and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global FKM Rubber Market Performance