Fluoroelastomers Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Fluoroelastomers Market Analysis
The fluoroelastomers market is estimated to witness healthy growth, with an estimated CAGR of greater than 6% during the forecast period.
Due to the COVID-19 outbreak, there were nationwide lockdowns around the world, disruptions in manufacturing activities and supply chains, and production halts that negatively impacted the market. However, the conditions started recovering, restoring the market's growth trajectory during the forecast period.
- The major factors driving the market's growth are rising usage in sealing applications and the surge in applications in the automotive industry.
- Environmental laws that are getting stricter and dangerous working conditions are likely to slow the growth of the market.
- In the coming years, the market should be able to take advantage of new ways to use perfluorocarbon elastomers.
- The Asia-Pacific region is expected to dominate the market and to register the highest CAGR during the forecast period.
Fluoroelastomers Market Trends
Increasing Demand for Fluorocarbon Elastomers
- Fluorocarbon elastomers are carbon-based polymers that have a lot of fluorine added to them. They are used in places where they need to be resistant to harsh chemicals and ozone. There are, however, specialty-grade fluorocarbons that can provide high fluorine content with low-temperature properties.
- Fluorocarbon elastomers have become of vital importance in seal manufacturing. Due to its wide chemical compatibility, wide temperature range, low compression set, and excellent aging characteristics, fluorocarbon rubber is the most significant single elastomer developed over the years.
- Fluorocarbons are more resistant to a wider range of chemicals and work better at high temperatures than elastomers. Because of this, O-rings and other custom seals made from fluorocarbons are used more often than other types of elastomers around the world.
- These elastomers are very resistant to swelling and breaking down when they are exposed to gasoline, UV light, and ozone. Fluorocarbon elastomers can get hard at 4 °F, but they can still be used at low temperatures. However, these compounds are not ideal for applications that need good flexibility at low temperatures.
- Additionally, some of the other materials are also present with a differing composition of monomers and fluorine content (65-71% for improved resistance against low and high temperatures or chemicals). Fluorocarbon elastomers provide low gas permeability, making them suitable for vacuum service applications and many other industrial applications.
- The Ministry of Defense uses fluorocarbon elastomers to build high-performance machinery that needs premium quality components to provide stability in extreme endurance conditions. Fluorocarbon elastomers also offer a solution to the aerospace and automotive industries.
- In the United States, the number of aircraft increased in 2021; the general aviation fleet was 204,405 and the for-hire carrier fleet decreased to 5,815 aircraft. The United States has one of the world's largest aviation markets. More people are transported by U.S. airlines than by airlines from any other nation, and about half of the top ten revenue-generating airlines in the globe are based in the United States.
- A thriving domestic Chinese commercial aviation industry is the result of rising incomes, tourism, and business activity, which are all driving factors in domestic and international travel. The Civil Aviation Administration of China says that by 2035, there will be a total of 450 large commercial service airports. This means that commercial aviation is expected to keep growing.
- By June 2021, there were 3,066 general aviation aircraft operating in China, an increase of four percent compared to 2020. Since 2014, the number of general aviation aircraft in China has grown steadily by nearly 103 percent.
- Owing to all these factors, the market for fluoroelastomers is expected to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market. China and India are among the region's largest economies. The country's manufacturing sector has become one of the biggest production houses in the world, thus providing huge demand for fluoroelastomers.
- Fluoroelastomers are used in the industrial and chemical processing industries to make things like hydraulic O-ring seals, check valve balls, diaphragms, industrial roll covers, V-ring packers, and so on.
- According to the National Bureau of Statistics, China's manufacturing output grew to CNY 31.4 trillion (USD 4.64 trillion) in 2021, up from around 30% of the global manufacturing sector.
- The Chinese aircraft industry has depicted significant growth over the years. According to Boeing, Chinese airlines will need 8,700 new airplanes, 1.2% more than its previous prediction of 8,600 planes made the previous year. These would be worth USD 1.47 trillion by 2040.
- Nearly 60% of the world's cars are made in this area, making it the biggest center for making cars.According to OICA, the total production of vehicles stood at 80.15 million units in 2021, an increase of 3% compared to the previous year.
- Due to all these factors, the fluoroelastomers market in the region is expected to have steady growth during the forecast period.
Fluoroelastomers Industry Overview
The fluoroelastomers market is partially consolidated in nature. Some of the major players (not in any particular order) in the market include 3M, Daikin Industries Ltd, Solvay, The Chemours Company, and AGC Inc.
Fluoroelastomers Market Leaders
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3M
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DAIKIN INDUSTRIES, Ltd.
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Solvay
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The Chemours Company
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AGC Inc.
*Disclaimer: Major Players sorted in no particular order
Fluoroelastomers Market News
- January 2022: AGC Chemicals Americas Inc. (AGCCA) announced an expansion at its Thorndale, Pennsylvania, production facility that will add up to 50% more manufacturing, quality control lab, and office space. The multi-use facility will be configured to meet the growing needs of the current business and accommodate future production increases and new capabilities.
- June 2022: Solvay announced that it is introducing to the market a new portfolio of high-performance Tecnoflon peroxide curable fluoroelastomers (FKM) produced without the use of fluorosurfactants. The company aims to transition Tecnoflon® FKM to NFS by the first quarter of 2024.
Fluoroelastomers Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Rising Usage in Sealing Applications
- 4.1.2 Surging Applications in the Automotive Industry
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4.2 Restraints
- 4.2.1 Increasingly Stringent Environmental Regulations and Hazardous Working Conditions
- 4.2.2 Other Restraints
- 4.3 Industry Value-chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Product Type
- 5.1.1 Fluorocarbon Elastomers
- 5.1.2 Fluorosilicone Elastomers
- 5.1.3 Perfluorocarbon Elastomers
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5.2 Application
- 5.2.1 Diaphragms
- 5.2.2 Valves
- 5.2.3 O-rings, Seals, and Sealants
- 5.2.4 Other Applications (Fuel Hoses, Joints)
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5.3 End-user Industry
- 5.3.1 Automotive
- 5.3.2 Aerospace
- 5.3.3 Oil and Gas
- 5.3.4 Industrial
- 5.3.5 Other End-user Industries (Chemical, Defense)
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 Italy
- 5.4.3.4 France
- 5.4.3.5 Rest of Europe
- 5.4.4 Rest of the World
- 5.4.4.1 Brazil
- 5.4.4.2 Saudi Arabia
- 5.4.4.3 South Africa
- 5.4.4.4 Rest of the World
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 AGC Inc.
- 6.4.3 All Seals Inc.
- 6.4.4 Daikin Industries Ltd
- 6.4.5 Eagle Elastomer Inc.
- 6.4.6 Freudenberg Sealing Technologies
- 6.4.7 GARLOCK
- 6.4.8 Gujarat Fluorochemicals Limited
- 6.4.9 HaloPolymer
- 6.4.10 KUREHA CORPORATION
- 6.4.11 LANXESS
- 6.4.12 Minor Rubber Products
- 6.4.13 Parker Hannifin Corp.
- 6.4.14 Precision Associates, Inc.
- 6.4.15 Shanghai Fluoron Chemicals Co.Ltd.
- 6.4.16 Solvay
- 6.4.17 Stockwell Elastomerics Inc.
- 6.4.18 The Chemours Company
- 6.4.19 Trp Polymer Solutions Limited
- 6.4.20 Zhonghao Chenguang Research Institute of Chemical Industry
- 6.4.21 Zrunek Gummiwaren GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Novel Applications of Perfluorocarbon Elastomers
Fluoroelastomers Industry Segmentation
Fluoroelastomers are saturated rubbers that can't be cured with sulfur but need to be vulcanized with bisphenol. Because they can withstand heat and chemicals so well, they are often used in harsh environments. Market segments for fluoroelastomers include product type, applications, end-user industry, and geography. By product type, the market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. By application, the market is segmented into diaphragms, valves, o-rings, seals and sealants, and other applications. By end-user industry, the market is segmented into automotive, aerospace, oil and gas, industrial, and other end-user industries. The report also covers the market size and forecasts for the fluoroelastomers market in 14 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).
| Product Type | Fluorocarbon Elastomers | |
| Fluorosilicone Elastomers | ||
| Perfluorocarbon Elastomers | ||
| Application | Diaphragms | |
| Valves | ||
| O-rings, Seals, and Sealants | ||
| Other Applications (Fuel Hoses, Joints) | ||
| End-user Industry | Automotive | |
| Aerospace | ||
| Oil and Gas | ||
| Industrial | ||
| Other End-user Industries (Chemical, Defense) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | Rest of the World | Brazil |
| Saudi Arabia | ||
| South Africa | ||
| Rest of the World |
Fluoroelastomers Market Research FAQs
What is the current Global Fluoro Elastomers Market size?
The Global Fluoro Elastomers Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Global Fluoro Elastomers Market?
3M, DAIKIN INDUSTRIES, Ltd., Solvay, The Chemours Company and AGC Inc. are the major companies operating in the Global Fluoro Elastomers Market.
Which is the fastest growing region in Global Fluoro Elastomers Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Fluoro Elastomers Market?
In 2024, the Asia-Pacific accounts for the largest market share in Global Fluoro Elastomers Market.
What years does this Global Fluoro Elastomers Market cover?
The report covers the Global Fluoro Elastomers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Fluoro Elastomers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Fluoroelastomer Industry Report
Statistics for the 2024 Fluoroelastomer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fluoroelastomer analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
