Fluoroelastomers Market Overview
According to the latest report, the global fluoroelastomers market size in 2019 is witnessed at USD 1,356.4 million and is predicted to reach the market size of USD 1,794.1 million with the highest CAGR of 3.7% during the forecast period 2020-2027.
Fluoroelastomer rubber is a high-performance synthetic rubber that exhibits excellent mechanical and chemical properties like excellent abrasion, good chemical resistance, and radiation resistance. It has exceptional resistance to oils, gases, fluids, and chemicals at high temperatures and severe environments. These are preferred in harsh operational conditions in various industries like aerospace & defense, automotive, oil & gas, chemicals, and others. Synthetic elastomers with superior properties like better chemical resistance, temperature resistance, and flexibility are possible by using the fluoroelastomer material. Dyneon, Viton, DAI-EL, Tecnoflon, AFLAS, and Fluonox are some of the common trade names providing fluoroelastomers industry.
Due to the superior sealing, chemical resistance & oils, high heat stability, and mechanical properties of the fluoroelastomers, it is highly demanded in major end-use industries like automotive, aerospace & defense, and more. It has various benefits like electrical insulation, resistance to heat and degradation is accelerating the growth of the market. Owing to the high demand for products including gaskets and hoses, the aerospace industry is fostering market growth. High chemical resistance including resistance to aliphatic and aromatic hydrocarbons makes it ideal to use in a wide range of materials in the industries which are escalating the market growth. Due to their resistance to withstand extreme weather conditions, fluoroelastomers are preferred in the pharmaceutical and food processing industries. The fluoroelastomers market opportunities are limiting the availability of fluorspar which is the major raw material for the production of fluoroelastomers.
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Fluoroelastomers Market Competitive Analysis
- Chemours Company (US)
- Solvay SA (Belgium)
- 3M (US)
- Asahi Glass Company (Japan)
- Daikin Industries (Japan)
- Gujarat Fluorochemicals Limited (India)
- DuPont (US)
- Halo Polymer OJSC (Russia)
- Shin-Etsu Chemical Co. (Japan).
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Polyurethane Additive Market – Segmentation
The fluoroelastomer market is analyzed into product type, application, and end-use industry.
Product Type Segmentation: The fluoroelastomers based on the product type are trifurcated into fluorocarbon elastomers, fluorosilicone elastomers, and perfluoro elastomers.
Application Segmentation: By application, the fluoroelastomer is classified into O-rings, seals & gaskets, hoses, complex molding parts, and others.
End-use Industry: The fluoroelastomers based on the end-use industry is categorized into various forms such as automotive, chemical processing, aerospace & defense, oil& gas, medical, semiconductor, and others.
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Global Polyurethane Additive Market – Regional Analysis
Based on the recent research, the fluoroelastomer market is regionally divided into five regions like North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Out of these regions, North America is leading the highest market share due to its use in the aerospace& defense industry. Moreover, government initiatives regarding fuel emission coupled with rising demand in the automotive industry are predicted to bolster market growth. Europe is accounting for a significant market share owing to the rising demand for fluorocarbon elastomers in various industries. Apart, the healthy growth of the oil & gas industry is projected to positively impact the market growth.
The fluoroelastomers market industry players are Daikin Industries Ltd, Solvay SA, The Chemours Company, Gujarat Fluorochemicals Limited, Dynamix, Eagle Elastomers, Precision Polymer Engineering, and others.
The constant rise of both construction and automotive industry in this region is projected to continue fetching major share of the Polyurethane Additive demand in the APAC region, which is likely to hike up the demand for the rigid foam, in turn, Fluoroelastomers. Moreover, increasing investments from the countries such as India, China and Japan transpired into the automotive and transportation sector is projected to propel the Polyurethane Additive Market in the region.
Europe is another substantial market in the global Polyurethane Additive market. The automobile industry majorly pulls the demand for the material in this region for making interiors of luxury cars.
Besides, the surging demand for the polyurethane-based products from the well-established, aerospace industry along with the demand for household and electrical insulation to increase energy efficiency associated with the regulatory norms can drive the market growth in the region.
Although North America occupies comparatively a smaller share in the global Fluoroelastomers Market, the growing reconstruction activities and increasing demand from the automotive industry are driving the growth of the regional market.
Other promising markets for polyurethane additive are the Middle East & Africa and Latin America. Among them, the market of Polyurethane Additive in the Middle East & Africa is estimated to grow at a considerable CAGR owing to high investment potential and the availability of raw materials. Besides, the growing demand for household insulation and increasing infrastructure activities are propelling the market growth in the region.
Latin America holds the least share in the global polyurethane additive market; however, the region is projected to witness a significant change in the years to come. The changing lifestyle of people and economic scenario in Latin American countries namely Brazil, and Argentina is estimated to drive the demand for the product, witnessing a positive change. Furthermore, the growing foams manufacturing industry is projected to encourage the growth of the regional market, seeing colossal demand from the construction and automotive industry.
Industry/ Innovation/ Related News:
As per the latest updates, the fluoroelastomers market is anticipated to reach immense growth due to its superior benefits, and characteristics. Moreover, the investments in R&D, expansions, product launches, and acquisitions by the industry players are boosting the market growth.
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