Perfluoroelastomer (FFKM) Products Market

Perfluoroelastomer (FFKM) Products Market Outlook

The global perfluoroelastomer (FFKM) products market size was estimated at USD 463.3 Million in 2021 and is anticipated to reach USD 640.4 Million by 2030, expanding at a CAGR of 3.8% during the forecast period, 2022-2030.

Perfluoroelastomer (FFKM) is an elastomeric form of polytetrafluoroethylene (PTFE). It combines the properties of fluoroelastomer (FKM) and polytetrafluoroethylene to enhance its applications as a sealing solution in hazardous industries.

This material is extensively used to make O-rings and gaskets, for gas inlets, chamber lids, and slit valve doors, among others. These elastomers are typically made from fillers, processing aids, and other additives. Examples of common fillers include carbon black, and mineral fillers such as silica, talc, clay, and polymeric fillers.

Perfluoroelastomer (FFKM) Products Market Macro-economic Factors

Supply Chain Disruptions

Manufacturing of elastomeric materials involves blending of 10 to 20 ingredients for the final product. It means a shortage of one ingredient can create a demand-supply gap. Moreover, the volatility in the prices of feedstock also impacts the price of the final product.

Additionally, if a sudden shortage of perfluoroelastomer occurs, the effects on price are significant. Prices for the FFKM products such as O-rings, gaskets increase, as there are no alternate for FFKM. Thus, supply chain disruptions impact the market significantly.

Raw Material Prices

Prices for rubber materials are rising, due to geopolitical and pandemic-related factors as well as increased demand. Moreover, factors such as high labor costs and transportation charges result in high costs for rubber elastomers.

The production of fluoroelastomers requires a significant amount of petrochemical and non-petrochemical feedstocks. These elastomers represent the most expensive rubber commercially available. Thus, raw material prices affect the market.

Perfluoroelastomer (FFKM) Products Market Dynamics

Major Driver 

Growing Demand in the Chemical Industry

Perfluoroelastomer (FFKM)-based seals are extensively demanded in the chemical industry. Moreover, the chemical industry is consistently growing, attributed to the technological development and R&D activities.

FFKM is used to make seals, due to its high thermal resistivity and chemical sustainability. It is typically used in equipment such as reactors, columns, pipelines, and pipe connections as well as heat exchangers and process vessels.

The seals made from perfluoroelastomer are suitable for machines that handle chemical liquids. Essentially, they are used to prevent the leakage of fluids in rotating equipment, such as engines, compressors, turbines, and others. These seals prevent lubricants, such as oil and grease, from leaking into the environment.

Increasing usage of these equipment is supporting the market growth. Most of the chemicals are highly sensitive to the external environment. These chemicals require a specific packaging to maintain the quality and standard.

In order to increase the shelf life of these chemicals, sealings and gaskets are mostly made from materials that are long lasting and have the ability to withstand in hazardous chemical exposure. Thus, growing demand for high-end seals and gaskets from the chemical industry is driving the market for FFKM products.

Growth in the Pharmaceutical industry

The pharmaceutical industry is considered to be one of the largest and most rapidly growing global industry. The pharmaceutical and bio-pharmaceutical industries have to comply with international regulatory standards that are essential for public health & safety.

Most of the pharmaceutical manufacturers prefer FFKM for sealing applications, owing to its superior chemical and thermal properties. FFKM provides durable, high-performance and precisely engineered sealing solutions that meets industry standards.

According to the estimates provided by IQVIA, 15 largest pharmaceutical companies have invested USD 133 billion in R&D expenditure in 2021, which is an increase of 44% since 2016. This expenditure is expected to rise in near future.

These costs are incurred for a range of activities, including the development of incremental innovations such as product extensions, the discovery & testing of novel medications, and clinical testing for marketing or safety monitoring.

Requirement of reliable sealing systems is rises with an increasing spending on development of new drugs and medicines. The purity requirements for the product and the process are specifically high in the pharmaceutical industry as it contains a blend of a variety of sensitive chemicals. These factors boost the market.

Major Restraints

FFKM is one of the most expensive elastomer. Raw material that is required to prepare FFKM are significantly expensive, which increases the costs of the final FFKM product. For instance, a kilogram of FFKM is more expensive than a conventional FKM compound.

The process to manufacturing FFKM is complex and time consuming. It involves processing of compounds, intermediates, and feedstocks. Feedstocks are the components used for making the intermediates for polymers, such as polyvinylidene fluoride (PVDF), a fluoride plastic used in lithium batteries, and FKM.

Vanadium fluoride (VF2) intermediate, which can be used to make either FKM or PVDF, is created from R142B feedstock. Additionally, production of fluoroelastomer involves handling of a number of hazardous raw materials under conditions that are required to be controlled closely. Thus, high costs of these materials is estimated to restrain the market during the forecast period.          

Scope of Perfluoroelastomer (FFKM) Products Market Report  

The report on the Global Perfluoroelastomer (FFKM) Products Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Perfluoroelastomer (FFKM) Products Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Base Year	2021
Historic Data	2015–2020
Forecast Period	2022–2030
Segmentation	Product Type (Gasket, O-rings, Other Seals), Function (Static, Dynamic), End-Use Industry (Chemical Processing, Oil & Gas, Food & Pharmaceutical, Semiconductor, Aerospace, Others)
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered	Dupont, PARKER HANNIFIN CORP, Trelleborg AB, Greene Tweed, TRP Polymer Solutions Ltd, Freudenberg Sealing Technologies, Precision Polymer Engineering/IDEX, Fluorez Technology Inc., Horiaki India Pvt. Ltd., and M.C.M. S.p.A.

Perfluoroelastomer (FFKM) Products Market Segment Insights

Product Type Segment Analysis

Based on product type, the global Perfluoroelastomer (FFKM) market is segmented into gaskets, O-rings, and other seals.

The O-rings segment held a major share of the market and is expected to expand at a CAGR of 4.0%. The growth of the segment is attributed to the properties of O-rings such as simple design, flexibility, superior sealing, and availability in diverse sizes. O-rings are crucial components in most industrial equipment, including aircraft manufacturing and medical equipment.

Gaskets are typically used in extreme temperatures. The need for gaskets is anticipated to increase, due to the development of lightweight and highly functional gaskets made out of innovative composite materials. Other seals made from FFKM include oval rings, square rings, D-rings, V-rings, and diaphragms, among others.

Function Segment Analysis

Based on function, the global Perfluoroelastomer (FFKM) market is segmented into static and dynamic. Static seals are installed in a motionless environment. This makes static seals durable for a long time, particularly when the appropriate material chosen endures various conditions in different applications.

O-rings are majorly used for static or slowly moving machine parts. Dynamic seals are exposed to movement and friction; thus, their lifespan is shorter as compared to static seals. Dynamic seals require frequent maintenance. Moreover, these seals degrade at a faster rate as compared to static seals.

End-use Industry Segment Analysis

Based on the end-use industry, the market is categorized as chemical processing, oil & gas, food & pharmaceutical, semiconductor, aerospace, and others. The semiconductor industry is expected to hold a major share of the market, owing to high demand for FFKM from the semiconductor manufacturing industry.

Requirements of high purity in wafer manufacturing drives the segment. Moreover, the demand for semiconductors is rising, due to high growth in consumer electronics in developing as well as developed countries.

Regional Analysis

On the basis of regions, the global Perfluoroelastomer (FFKM) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period, owing to the increasing demand for axial fans due to the growing demand for cooling and ventilation systems in this region.

North America dominate the market in 2021, as most of the equipment manufacturing companies for semiconductor and chemical processing industries are located in the region.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Perfluoroelastomer (FFKM) 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 Axial Fans Market Performance

Segments

Product Type

• Gasket
• O-rings
• Other Seals

Function

• Static
• Dynamic

End-Use Industry

• Chemical Processing
  • Pumps & Valves
  • Meters & dosing
  • Mixers
  • Reactors
  • Conveyors
  • Inspection glasses
  • Varnish production and handling
  • Ink/printing systems
  • Instrumentation
  • Tank systems
  • Other Mechanical Seals
• Oil & Gas
  • Production and Completion Equipment
  • Drilling Equipment
  • Hot water/Steam systems
  • High pressure gas applications
  • Amine-based Treatment
  • Oil & Gas Transportation Pipelines
  • Others
• Food & Pharmaceutical
  • Seals in contact with media in food & pharma applications
  • High purity processes
  • Hot water/steam systems (CIP/SIP)
  • Rubber-metal bonded parts
  • Others
• Semiconductor
  • Plasma processing
  • Gas processing
  • Ion Implantation
  • Thermal processing
  • Wet processing
  • UPDI-Water
  • Others
• Aerospace
  • Steering Systems
  • Turbines
  • Fuel Systems
  • Others
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Market Players Profiled in the Report

• Dupont
• Trelleborg AB
• PARKER HANNIFIN CORP
• Greene Tweed
• TRP Polymer Solutions Ltd
• Freudenberg Sealing Technologies
• Precision Polymer Engineering/IDEX
• Fluorez Technology Inc.
• Horiaki India Pvt. Ltd.
• M.C.M. S.p.A.

Competitive Landscape

Manufacturers operating in the Global Perfluoroelastomer (FFKM) Market include Dupont, PARKER HANNIFIN CORP, Trelleborg AB, Greene Tweed, TRP Polymer Solutions Ltd, Freudenberg Sealing Technologies, Precision Polymer Engineering/IDEX, Fluorez Technology Inc., Horiaki India Pvt. Ltd., and M.C.M. S.p.A.