Fluoroelastomer Market was valued at USD 1.56 Billion in 2019 is expected to reach USD 1.87 Billion in 2026 and is anticipated to grow at a CAGR of 3.5% between 2020 and 2026
The global demand for the Fluoroelastomer Market was valued at USD 1.56 Billion in 2019 is expected to reach USD 1.87 Billion in 2026 and is anticipated to grow at a CAGR of 3.5% between 2020 and 2026. The global fluoroelastomer market is expected to witness substantial growth owing to increasing use in the automobile industry due to superior sealing and mechanical properties as well as superior heat resistance. Rising demand from the aerospace industry for specialized fluoroelastomer products including hoses and gaskets is expected to propel the global fluoroelastomers market over the next seven years.
Global Fluoroelastomer Market: Overview
A fluorocarbon-based rubber which is a special type of synthetic rubber is known as fluoroelastomer. It possesses the property of wide chemical resistance and very good performance at high temperature. The fluoroelastomer is used for molding the products such as O-rings, shaft seals, manifold gaskets, firewall seals, gaskets, valve stem seals, diaphragms, and others. They are normally compatible with hydrocarbons, however, but not compatible with acetone and acetic acid. They are used in high-performance applications in aerospace, automotive, petrochemical, and other industrial sectors. Fluoroelastomer is also used in chemical industries, semiconductor fabrications, oil fields, and others for low maintenance parts.
Global Fluoroelastomer Market: Growth Factors
Growth in the automobile industries and demand for specialized products like fuel hoses, shaft seals, fuel injector O-ring, and others contribute towards the growth of fluoroelastomer market. Fluoroelastomers are used as a sealant, in the automotive industry thus raising the global fluoroelastomer market growth. The aerospace industry with its development and advancement in aero parts such as O-ring seals in fuels, lubricants, hydraulic systems, firewall seals, clips for jet engines, and others fuels the global market growth. In petrochemical industries, fluoroelastomers are used as sealing and contaminant solutions to deal with extreme conditions. It is extensively used in fiber optic cables as jacketing materials. Pharmaceutical and food processing industries are widely preferring fluoroelastomers to provide protection against corrosion and high temperature. Low volume fluoroelastomers such as FEP and PVDF shows high penetration in construction industries where it used in the coating applications. All these factors are contributing to the growth of fluoroelastomers market.
Global Fluoroelastomer Market: Segmentation
The global fluoroelastomer market is classified based on the applications as oil & gas, chemical processing, automotive, pharmaceuticals and food processing, aerospace, semiconductor, and energy & power. Based on types, the global market is divided into perfluoro elastomers, fluorocarbon elastomers, and fluoro silicone elastomers. The geographical segmentation of the market includes North America, Asia Pacific, Europe, and Rest of the World.
Global Fluoroelastomer Market: Regional Analysis
Asia-Pacific is expected to show a significant growth in the fluoroelastomer market due to increasing consumption of fluoroelastomers from pharmaceutical, automotive, and food processing industries. The increasing disposal income, rapid industrialization, the investment made in the industries by the developing economies such as India and China contributes to the market growth. In North America and Europe countries such as US, UK, Spain, Germany are experiencing significant growth due to increasing demand of the fluoroelastomers from the automotive and aerospace industries. The widespread oil and gas industry in the Middle East and Africa region expects to surge the market demand in the near future.
Global Fluoroelastomer Market: Competitive Players
The major players in the global fluoroelastomer market include Stockwell Elastomerics, Inc., Standard Rubber Products Co., Minor Rubber Co., Inc., Precision Associates, Vanguard Products Corp., Omni Seals, Inc., Daikin Industries, Honeywell International Inc., DuPont, Lauren Manufacturing, and Asahi Glass company Ltd. Other influencing players include Tompkins Industries, Inc., 3M company, I. G. Marston Co., Inc., IGS Industries, Mikron Rubber, Hennig Gasket & Seals, Inc., All Seals, Inc., Chambers Gasket & Manufacturing Co., Northwest Rubber Extruders, Inc., Ames Rubber Manufacturing Company, Accutrex Products, and Garlock.
Global Fluoroelastomer Market: Regional Segment Analysis
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