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Written by amelia jems » Updated on: July 31st, 2024
The global fluoroelastomers market is projected to reach USD 1,794.1 million by 2027, growing at a CAGR of 3.7% over the forecast period. According to a report by Fortune Business Insights titled “Fluoroelastomer Market Size, Share & COVID-19 Impact Analysis, By Type (Fluorocarbon Elastomers [FKM], Fluorosilicone Elastomers [FVMQ], and Perfluorocarbon Elastomers [FFKM]), By End-Use (Automotive, Industrial, Aerospace, Oil & Gas, and Others) and Regional Forecast, 2020-2027,” the increasing demand for products such as gaskets and hoses will drive market growth. The market size was USD 1,356.4 million in 2019.
The Report Lists the Key Players in the Global Market
The fluoroelastomers market report highlights:
Market Driver:
Increasing Demand for Fuel-Efficient Vehicles to Drive Market Growth
The dwindling fossil fuel reserves and fluctuating crude oil prices have heightened the demand for fuel-efficient vehicles among consumers, positively impacting the fluoroelastomers industry. Growing awareness about climate change and carbon emissions has also increased the demand for low-emission vehicles. Automotive manufacturers are heavily investing in research and development to innovate their designs and use lightweight materials to enhance vehicle efficiency. Moreover, original equipment manufacturers (OEMs) are reducing the size of components such as engines and powertrains and incorporating air circulatory systems to improve performance. The compatibility of fluoroelastomers with various chemicals and their resistance to extreme temperatures are expected to boost their demand in the automotive industry. Additionally, the inability of conventional elastomers to withstand high temperatures will further drive the demand for fluoroelastomers in the near future.
Impact of COVID-19 on Manufacturing Activities
The COVID-19 pandemic negatively affected the automotive and aerospace industries, leading to a halt in manufacturing activities, disrupted supply chains, and factory shutdowns. Consequently, the automotive industry faced significant revenue generation challenges. The sudden closure of production facilities disrupted the sector, while aircraft manufacturers reduced production rates due to global lockdowns. The delay in aircraft deliveries and decreased production rates severely impacted the growth of the global fluoroelastomers market during the pandemic.
Rising Investments in the Pharmaceutical Industry to Boost the Market in Asia Pacific
The fluoroelastomers market in Asia Pacific is expected to experience significant growth during the forecast period due to high consumption levels. Increasing investments in the pharmaceutical, food processing, chemical processing, and coating industries in countries like India and China will drive market growth in the region.
North America to Dominate the Market
North America is projected to hold the largest share of the fluoroelastomers market during the forecast period. This growth is attributed to the rising demand from the automotive and aerospace industries, driven by stringent fuel emission regulations.
Rapid Expansion in Europe
Europe is expected to witness substantial growth during the forecast period. The presence of major automotive and aerospace manufacturers, such as Dassault Aviation and Airbus, will bolster the market in the region. Key contributors to market growth in Europe include Germany, the UK, and France.
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