Fluoroelastomers (FKM) Market Research Report - Forecast till 2028

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 2028

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

Fluoroelastomers (FKM) Market Overview


According to MRFR analysis, Fluoroelastomers Market is projected to be worth USD 2.52 billion by 2028, registering a CAGR of 3.6% during the forecast period (2021 - 2028), The market was valued at USD 1.71 billion in 2020.


Fluoroelastomer rubber (FKM rubber) is a high-performance synthetic rubber that contains fluorine. It exhibits excellent mechanical and chemical properties such as good chemical resistance, excellent abrasion, and radiation resistance. Also, fluoroelastomers have exceptional resistance to a wide range of oils, gases, fluids as well as chemicals at higher temperatures and in severe environment. Fluoroelastomers are engineered for use in harsh operational conditions in various end-use industries such as aerospace & defense, automotive, oil & gas, and chemicals, among others. The technological advancements evolved in the US to meet the need for better chemical resistance, temperature resistance, and flexibility from synthetic elastomers are met with the use of fluoroelastomer material. Some of the common trade names under which fluoroelastomers are offered are Viton, Dyneon, DAI-EL, Tecnoflon, AFLAS, and Fluonox.


The fluoroelastomers (FKM) market growth is favored by growing demand for the product in major end-use industries such as automotive and aerospace & defense across the globe. This is mainly attributed to the superior sealing and mechanical properties of the product. Moreover, the healthy growth outlook of the oil & gas industry, especially in North America and Middle East & Africa, and expanding chemical industry in Asia-Pacific are also expected to boost the fluoroelastomers market share during the forecast period. For instance, according to the data published by the US Energy Information Administration (EIA), the total production of oil in 2018 was 100.85 million barrels per day.


However, the growing environmental concerns regarding the use of fluoroelastomers is likely to hinder the fluoroelastomers' market growth.


Trade Analysis


The HS Code for the FKM is “39046990”.


The overall export of fluoropolymer in its primary form increased by around 7.5% from USD 2,170.0 million in 2017 to USD 2,333.2 million in 2018, whereas the import of the product increased by around 9% from USD 2,442.9 million in 2017 to USD 2,662.6 million in 2018.


Key Players



  • 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)


 Regulatory Analysis


The stringent fuel emission standards placed under EU6 and EU7 have regulated the amount of evaporative emissions by automobiles. It has become increasingly important to understand and develop permeation measurement techniques that allow the use of accurate characteristics of fluoroelastomers in parts such as fuel line hose, filler neck hose, chemical transport hose, injector o-rings, and sender seals, among others. The changing emission standards will likely help fluoroelastomer manufacturers.


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

  • Increasing demand in the medical industry owing to their resistance to withstand extreme weather conditions

  • Stringent norms placed by various governments over the emission of toxic gases


Market Restraints



  • Environmental concerns associated with use of fluoroelastomers

  • Limited availability of fluorspar, the key raw material to produce fluoroelastomers


Segmentation


By Product Type



  • Fluorocarbon Elastomers: The segment held the largest share of the global fluoroelastomers (FKM) industry in 2018. Fluorocarbon elastomers possess excellent resistance to temperature and weather. They are used in fuel hoses, shaft seals, fuel injectors, and o-rings, among others.



  • Fluorosilicone Elastomers: The segment held the second-largest share of the global fluoroelastomers (FKM) market in 2018. Fluorosilicone elastomers are mainly used in the automobile and aircraft fuel systems.



  • Perfluoro Elastomers: This segment held the least share of the global fluoroelastomers (FKM) market in 2018. They have superior fluid resistance properties, which play a vital role in the manufacturing of paints & coatings as well as oil & gas recovery.


By Application



  • O-rings: They are circular sealing elements with circular cross-section. These are mainly used in static and dynamic applications. Dynamic applications include rotating pump shafts and hydraulic cylinder piston and static applications include fluid or gas sealing uses.



  • Seals & Gaskets: Seals & gaskets are used to fill the space between two or more mating surfaces. The gasket prevents leakage from joints under compression. Seals & gaskets are majorly used in the automotive & aerospace & defense industries.



  • Hoses: They are flexible hollow tubes used to transport fluids from one location to another. Hoses are majorly used in oil & gas industries to transfer oil and natural gas from one place to another place.



  • Complex Molding Parts: Complex molding parts are manufactured through molding processes, including injection molding, blow molding, and compression molding, among others. Complex molding parts are in high demand in the automotive industry which is expected to fuel the global fluoroelastomer industry.



  • Others: Washers, wire tubing, etc.


By End-Use Industry



  • Automotive: Fluoroelastomers are used in drive train and fuel handling system components. The industry uses O-rings in fuel systems to reduce fuel emissions. Besides, various norms have been imposed in developing and developed regions to control the fuel emissions, which is expected to fuel the demand for the product in the industry.



  • Aerospace & Defense: Fluoroelastomer-based O-rings, seals, hoses, and gaskets are used in fuel and hydraulic systems as these systems tend to operate at elevated temperatures. The aerospace & defense industry is witnessing high demand for advanced chemicals such as fluorocarbon elastomer for use in high-temperature applications.



  • Chemical Processing: The product is used in areas where high-temperature ranges and chemical attacks are encountered. Seals & gaskets are used in system components. These components are used to perform the chemical reactions such as mixing and separation.



  • Oil & Gas: Hoses, seals, gaskets, and other parts manufactured with fluoroelastomers are used during the conversion of crude oil & gas into the final product. Thus, the growing demand for fossil fuel is expected to fuel the demand for fluoroelastomers during the forecast period.



  • Medical: Fluoroelastomers are used in sealing and fluid handling systems that offer protection for sensitive applications.



  • Semiconductor: Fluoroelastomers are used as seals on semiconductor wafer processing equipment.



  • Others: The other end-use industries include consumer goods, semiconductor, and food processing.


By Region



  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa


Regional Analysis



  • North America: The regional market held a prominent share of the global fluoroelastomers (FKM) market owing to their use in the aerospace & defense industry. Additionally, the strict fuel emission norms posed by the government along with high demand in the automotive industry are further expected to drive the regional market growth.



  • Europe: The European market held a significant market share in 2018, which is mainly due to the increasing demand for fluorocarbon elastomers in the automotive industry. Additionally, healthy growth of the oil & gas industry is expected to favor the regional market growth during the forecast period.



  • Asia-Pacific: The market for fluoroelastomers in Asia-Pacific held the largest market share in 2018 and is expected to maintain its dominance during the forecast period. The key factor favoring the growth of this regional market is the increasing automotive production supported by the favorable government policies in major economies such as India, China, South Korea, and Thailand.



  • Latin America: The growing automotive industry in the region is expected to fuel the regional market growth during the forecast period.



  • Middle East & Africa: The growing demand for crude oil in the US, China, India, and Japan has increased the production in the region, which is expected to boost the growth of the fluoroelastomers market in the region.



Report Scope:
Report Attribute/Metric Details
  Market Size   2028: USD 2.52 Billion
  CAGR   3.6%(2021-2028)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  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


  • 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.