Fluoroelastomers Market Size, Industry Trends Report | 2031

Report Description

The global fluoroelastomers market size was USD 1.67 Billion in 2022 and is likely to reach USD 2.09 Billion by 2031, expanding at a CAGR of 2.5% during 2023–2031. The growth of the market is attributed to the increasing demand from end-user industries for wide range applications and rising usage in sealing processes.

Fluoroelastomer is a fluorocarbon-based synthetic rubber, also known as fluorocarbon compound. The fluoroelastomers are used in a wide variety of high performance applications in aerospace and automotive industries.

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The fluoroelastomers are considered to be a vital polymer owing to its long term reliability and minimum change to the environmental conditions. Therefore, the fluoroelastomers are specifically designed to be highly resistant to elevated temperatures and aggressive chemical changes. Fluoroelastomers have great compression, sunlight & ozone resistance.

The fluoroelastomers have wide range of applications due to its low gas absorption rate. The performance of fluoroelastomers in aggressive chemicals depends on the compounding ingredients and nature of the base polymer. The performance can vary significantly due to varying quantity and quality of rubber used in the polymer. Fluoroelastomers are highly compatible with hydrocarbons, but incompatible with ketones. In automotive industry the fluoroelastomers are widely used to reduce emissions, increase fuel efficiency, eliminate fluid leaks, and improve the efficiency of their systems.

The fluoroelastomers are used in chemical plants for sealing materials with above average fluid resistance and long-term operability. The oil & gas industries utilize the fluoroelastomers for manufacturing equipment used in drilling processes. The fluoroelastomers are also used in production of consumer goods and wearables that are soft, flexible, non-reactive. In aerospace industry the fluoroelastomers are use for applications associated with high operating temperatures and high altitudes that require superior heat resistance and low-temperature performance.

The COVID-19 pandemic had a dramatic impact on the dynamics of various industries including automotive and aerospace industry. The outbreak had negatively affected the growth and expansion of the fluoroelastomers market. The pandemic situation had witnessed the stringent regulations and worldwide lockdowns.

The pandemic situation resulted into the consequent disruption in supply-chain, production, transportation, and research & development activities. Therefore, automotive and aerospace industries struggled with the generation of revenues. Several manufacturing companies were temporarily shut down. The aircraft manufacturers reduced the production rates, which further affected the OEMs that use fluoroelastomers as raw material.

Fluoroelastomers Market Trends, Drivers, Restraints, and Opportunities

• Growing demand from automotive and aerospace industry is the key factor anticipated to fuel the growth of the market during the forecast period.

• Increasing demand for more fuel-efficient vehicles and rising adoption of advanced air management system are projected to spur the market growth in the coming years.

• Novel applications of per fluorocarbon elastomers and stringent emission norms are propelling the market expansion during the projected timeline.

• High price of fluoroelastomers, hazardous working conditions, and rising environmental concerns are anticipated to hamper the market growth in the coming years.

• Increasing industrial investments and growing applications of fluoroelastomers are expected to offer immense opportunities for the market players in the long run.

Scope of Fluoroelastomers Market Report

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

Fluoroelastomers Market Segment Insights

Fluorocarbon elastomers segment is anticipated to register at a substantial CAGR

On the basis of types, the market is segregated into fluorocarbon elastomers, perfluorocarbon elastomers, fluorosilicone elastomers, and others. The fluorocarbon elastomers segment is anticipated to register at a substantial CAGR during the projected period owing to its usage in the production of components that can be used in an extreme environmental conditions and cheaper cost.

Moreover, the excellent resistance to a broad range of chemicals, such as hydraulic fluids, oil, gasoline, bases, hydrocarbon solvents, and acids is anticipating the growth of the market segment in the coming years. However, the fluorosilicone elastomers segment is expected to register at a rapid pace during the forecast period owing to the rising product innovation, technological breakthroughs, rising investments in research & development activities, and effective allocation of resources.

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O-rings, seals & sealants segment is projected to hold a significant market share

Based on applications, the market is segmented into diaphragms, O-rings, seals & sealants, valves, and others. The O-rings, seals & sealants segment is projected to hold a significant market share during the forecast period due to the growing demand from aircraft and aerospace seals in engines and fuel handling systems. On the other hand, the diaphragms segment is anticipated to expand at a considerable pace owing to the growing demand from industries for water treatment. Moreover, fine quality, easy operation, and light weight of diaphragm pumps is expected to grow the market segment during the forecast period.

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Automotive segment is expected to constitute a major market share

On the basis of end-user industries, the market is categorized as industrial, aerospace, automotive, oil & gas, and others. The automotive segment is expected to constitute a major market share during the forecast period due to the increasing adoption of fluoroelastomers for manufacture vehicle components that are used in drive trains and fuel handling systems.

Moreover, the significant reduction in emission and increased fuel efficiency associated with the usage of fluoroelastomers are projected to expand the market segment in the coming years. However, the aerospace segment is projected to account for a key market share owing to the increasing applications of fluoroelastomers in aerospace industry due to excellent fuel and heat resistance.

Asia Pacific market is anticipated to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period owing to the increasing manufacturer of combustion vehicles on commercial basis. Moreover, the region is expected to continue its dominance in the market due to the growing production of EVs in developing nations. 

Furthermore, the increasing technological advancements in aviation sector, easy access to the industrial goods, and growing manufacturing of automobiles are anticipated to propel the growth of the market in the coming years. On the other hand, the market in North America is expected to grow at a significant rate during the forecast period due to the stringent fuel emission regulations and consequent increasing demand from aerospace & automotive industries.

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