Fluoroelastomers (FKM) Market Research Report - Forecast till 2030

Fluoroelastomers (FKM) Market: Information by Product Type (Fluorocarbon Elastomers, Fluorosilicone Elastomers (FVMQ) and Perfluoroelastomers (FFKM)), Application (O-rings, Seals & Gaskets, Hoses, Complex Molding Parts and others), End-Use Industry (Automotive, Aerospace & Defense, Chemical Processing, Semiconductor, Oil & Gas, Medical and others) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2030

ID: MRFR/CnM/7094-HCR | February 2021 | Region: Global | 185 pages         

Fluoroelastomers (FKM) Market

The Fluoroelastomers industry was at USD 1356.4 million in the year 2020 and it is expected to surpass the market value of USD 1794.1 million by the year 2027 while registering a CAGR of 3.7% during the forecast period (2021-2027).

Segmentation

By Product Type Fluorocarbon Elastomers Fluorosilicone Elastomers (FVMQ) Perfluoroelastomers (FFKM)
Application O-rings Seals & Gaskets Hoses Complex Molding Parts Others
End-Use Industry Automotive Aerospace & Defense Chemical Processing Semiconductor Oil & Gas Medical Others

Key Players

  • 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)

Drivers

  • Increasing demand in the automotive industry
  • Excellent mechanical properties of fluoroelastomers
  • Expanding oil & gas industry across the globe Increasing popularity of fluoroelastomers over their counterparts such as silicone elastomer. Stringent norms placed by various governments over the emission of toxic gases. Increasing demand in the medical industry
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Fluoroelastomers (FKM) Market Overview


The fluoroelastomers belong to the synthetic rubber class which has been utilized in a wide range of applications. The significant properties of the fluoroelastomers such as lower gas absorption rates, compression, and ozone resistance propel several industrial verticals to utilize them. The aircraft industry is considered as the primary end-user of the fluoroelastomers industry, as they are utilized in aerospace seals and engines. The supreme resistance of the fluoroelastomers and the polymer composition have propelled the aerospace components manufacturers to utilize them in the O-ring seals, fuel handling systems, and so on.


The increasing industrial activities and the emerging manufacturing companies have boosted the overall Fluoroelastomers market growth in recent years. As they are used in protective gloves, rubber-coated fabrics, protective gloves which are used in the chemical industries. Since some end-user industries involve aggressive fluids and operate in severe environmental conditions, the demand for fluoroelastomers has been increasing rapidly.


COVID 19 Analysis:


The COVID widespread has reduced the key operations in the automotive and aerospace industries which are considered as the key end-user industries of the fluoroelastomers industry. The economic declination has affected the automotive industry across the globe. Moreover, the disruption in the supply chain and the contraction in the gross domestic product in the countries such as Europe and North America have halted the production procedures, especially for passenger vehicles. 

The manufacturing hubs in China have reduced the production rates of the fluoroelastomers which have also affected the Fluroroelastomers market value globally. Moreover, the shutdown of the aircraft manufacturers across China has created a negative influence over the Fluoroelastomers market growth.


Market dynamics:


Market drivers:


The elastomers are replaced with the fluoroelastomers due to the poor resisting capability in the automotive industries. The automotive industries are intensively working in bringing in fuel-efficient vehicles. The vehicle manufacturers are reducing the size of the power train, engines, and other essential components that stress the elastomers deployed in the vehicles, which therefore reduces the life span of those elastomers. Such factors are increasing the fluoroelastomer's market demand in the automotive industry.


The increasing investment in the aerospace industry is presenting a lucrative opportunity for the overall growth of the fluoroelastomers industry. The fluoroelastomers are intensively used for insulation and significant other applications in the aerospace industry. 


Market opportunities:


The vendors are inclined towards developing fluoroelastomers that are industry-specific and designed in a way with the features such as extreme resistance to heat and chemicals. Such endeavors are increasing the overall performance of the fluoroelastomers and thereby increasing the implementation in the end-user industries such as pharmaceutical, food processing industries. 

The increasing development in the automotive industries and increasing investments in the automotive industries are propelling the utilization of the fluoroelastomers in the automotive industry. As they are also deployed in the production of certain components in the vehicles. 


Market restraints:


The incompatibility of the fluoroelastomers with some of the ester solvents such as ethyl acetate, amines, and organic acids which are intensively utilized in the chemical industries is considered as the primary restraint for the overall growth of the fluoroelastomers industry.


The variation in the overall performance concerning the respective application and end-user is also expected to hinder the fluoroelastomers' market growth during the forecast period. Some of the kinds of fluoroelastomers readily decompose and emit hydrogen fluoride gas when subjected to harsh temperatures. Moreover, the non-biodegradable property is considered as the major restraint of the fluoroelastomers market growth.


Market challenges:


The expense of the fluoroelastomers over the conventional rubbers is considered as the major challenge for some of the end-user industries and the emerging market players who are inclined towards the fluoroelastomers. Some of the established manufacturers of the fluoroelastomers have attempted to manufacture the less-expensive ones by incorporating the hydrocarbon elastomers with the fluoroelastomers. However, the product is considered to be incompatible for several end-users.

Some of the unfavorable properties of the fluoroelastomers such as their emission of the hydrogen fluoride gas during their decomposition are highly toxic and are capable of affecting environmental stability. 


Cumulative growth analysis:


The market value of the Fluoroelastomers industry was at USD 1356.4 million in the year 2019 and it is expected to surpass the market value of USD 1794.1 million by the year 2027 while registering a CAGR of 3.7% during the forecast period.

The estimated market growth of the fluoroelastomers industry was primarily due to the potential features of the fluoroelastomers such as excellent sealing properties, chemical resistance, and higher stability under extreme temperatures, and so on. The varied end-user applications such as the aerospace industry, food processing industry, automotive industry, and significant others are impacting the overall growth of the Fluoroelastomers industry. However, some of the environmental concerns and issues that are associated with the manufacturing of these fluoroelastomers are expected to hinder the overall growth of the industry in some countries. 


 
The fluoroelastomers are used intensively in the automotive industry to manufacture the components of the vehicles despite the conventional rubbers, as they are capable of increasing the fuel efficiency of the vehicles. Also, they are used in the fuel handling systems in vehicles. The increasing investments in the automotive industries are expected to boost the overall growth of the Flurorelastomers industry during the forecast period.


Value chain analysis:


The Fluoroelastomers belong to the synthetic rubber class which helps in overcoming the challenges associated with the industrial rubbers. The key properties of the fluoroelastomers include mechanical and sealing properties which are therefore utilized in the food processing industries, chemical industries, and pharmaceutical industries. However other properties such as durability and corrosion resistance are also increasing their utilization in the chemical industries. The gear lubricants and the engine oils could damage the internal parts of the automotive; therefore they are also utilized in the automotive industry. The increasing development in the automotive industries in recent years is presenting lucrative opportunities for the overall growth of the Fluoroelastomers industry. 



The varied end-user applications of the Fluoroelastomers are impacting the fluoroelastomers market growth in recent years. The pharmaceutical industries and the food processing industries are intensively utilizing the fluoroelastomers as they exhibit supreme resistance towards changing harsh environmental conditions. However, the automotive industry is expected to have a higher market share concerning the Fluoroelastomers market share owing to the developments and the increasing investments in the automotive industry.


Segment overview:


Based on Type:



  • Fluorocarbon elastomers

  • Fluorosilicone elastomers

  • Perfluoroelastomers 


Based on end-user application:



  • Automotive

  • Aerospace

  • Oil and gas

  • Energy and power

  • Semiconductor

  • Pharmaceutical and food processing

  • Chemical processing

  • Others 


Based on application:



  • O-rings

  • Seals and gaskets

  • Hoses

  • Complex molding parts

  • Others 


Regional analysis:


Western Europe is considered the second market shareholder in the Fluoroelastomers industry. On the other hand, Japan has been producing fluoroelastomers of nearly 1300 metric tons every year and SRI reports that the country is expected to increase 5% in their annual consumption rate of fluoroelastomers. Some of the key applications of the fluoroelastomers are sealing devices for gas turbine engines, auxiliary power units, air cycle machines, filters, integrated drive generators, and hydraulic servos. Therefore the demand for fluoroelastomers is rapidly increasing in these potential regions. The production rate in China is also increasing owing to the advent of “Made in China 2025” –an initiative support that is expected to increase production by 30 million units by the year 2020.


On the other hand, Europe is also boosting the overall demand for fluoroelastomers owing to the increasing production of electric vehicles across the country. China, owing to its growing economic condition and manufacturing capacity and facilities, is considered as the primary contributor to the Fluoroelastomers market growth. Especially, the growing demand in the aircraft industry is expected to boost the overall growth of the Fluoroelastomers industry. The requirement in the Chinese aircraft industry estimates over 7600 new commercial aircraft with a value of over USD 1.2 trillion for the upcoming decades. Such reports are presenting lucrative opportunities for the Fluoroelastomers market growth.


Competitive landscape:



  • 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). 


Recent Development

October 2021- Hamburg-based, The Biesterfeld Group, has announced a joint venture by acquiring a bulk stake in GME Chemicals, a Singapore-based firm. As per the contract, the final takeover of the rest of the shares will take place in five years. Biesterfeld continues to grow geographically with this major step and lays the groundwork for a targeted and long-term growth of its market rank in one of the world's fastest-growing regions in its core business.

GME Chemicals is a prominent player in performance and industrial chemicals, specialty polymers, pharmaceuticals, food, and elastomers in building sustainable solutions for their customers.

The chairman of Biesterfeld, Dirk Biesterfeld, explained that Asia is a substantially growing market and is of deliberate prominence to the firm. The company wants to boost its presence together with its suppliers. The GME portfolio is a brilliant addition to the Biesterfeld Group, and the company is happy to gain highly qualified employees.

Report overview:


This report has covered:



  • Market overview

  • COVID 19 Analysis

  • Market dynamics

  • Cumulative growth analysis

  • Value chain analysis

  • Segment overview

  • Regional analysis

  • Competitive landscape

  • Recent developments


 


Segmentation Table:


Based on Type:


 



  • Fluorocarbon elastomers

  • Fluorosilicone elastomers

  • Perfluoroelastomers 


Based on end-user application:



  • Automotive

  • Aerospace

  • Oil and gas

  • Energy and power

  • Semiconductor

  • Pharmaceutical and food processing

  • Chemical processing

  • Others 


Based on application:



  • O-rings

  • Seals and gaskets

  • Hoses

  • Complex molding parts

  • Others



Report Scope:
Report Attribute/Metric Details
  Market Size   2028: USD 2.52 Billion2030: Significant Value
  CAGR   3.6%(2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, Application, End-Use and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   The Chemours Company (US) – Viton, DAIKIN INDUSTRIES, Ltd. (Japan) – DAI-EL, Solvay SA (Belgium) – Tecnoflon, 3M (US) – Dyneons, Asahi Glass Co., Ltd (Tokyo) – AFLAS, Gujarat Fluorochemicals Ltd (India) – Fluonox, Halopolymer Ojsc (Russia) – FKM & Elasftor, Shin-Etsu Chemical Co., Ltd (Japan) – SIFEL, Shanghai 3F New Materials Co., Ltd (China), Dynamix (India), Eagle Elastomers Inc (US), Shanghi Fluoron Chemicals Co. (China), Shin-Etsu Chemical Co. (China), Precision Polymer Engineering/IDEX (UK), Marco Rubber & Plastics, LLC (US)
  Key Market Opportunities   Limited availability of fluorspar, the key raw material to produce fluoroelastomers
  Key Market Drivers

  • Increasing demand in the automotive industry.
  • Excellent mechanical properties of fluoroelastomers.
  • Expanding oil & gas industry across the globe.
  • Increasing popularity of fluoroelastomers over their counterparts such as silicone elastomer.
  • Stringent norms placed by various governments over the emission of toxic gases.
  • Increasing demand in the medical industry


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    Frequently Asked Questions (FAQ) :

    fluoroelastomers market is projected to grow at a 3.6% CAGR between 2021-2028.

    fluoroelastomers market is predicted to touch USD 2.52 billion by 2028.

    The Asia Pacific is projected to dominate the fluoroelastomers market.

    Fluorocarbon elastomers will lead the fluoroelastomers market.

    Limited availability and environmental concerns may limit the fluoroelastomers market growth.

    • O-rings • Seals and gaskets • Hoses • Complex molding parts • Others

    • Extreme temperature sustainability • Chemical attack resistance • Mechanical properties • Sealing properties • Durability • Barrier against the evaporative emission

    • Automotive • Aerospace • Oil and gas • Energy and power • Semiconductor • Pharmaceutical and food processing • Chemical processing • Others