The global fluoroelastomer market was valued at around USD 1,467.6 million in 2022 and it is forecast to expand at a steady CAGR of 4.9% during the forecast period of 2022 and 2032. Overall fluoroelastomer sales are anticipated to total a market valuation of USD 2,374.8 million by 2032.
Robust growth of end-use industries such as aerospace, automotive, consumer electronics, and oil & gas is a key factor providing impetus to the global fluoroelastomer industry.
Fluoroelastomers also known as fluorinated elastomers are a type of synthetic rubber that is widely used for very high-temperature operations across diverse industries, owing to its exceptional resistance to heat, oil, and chemicals.
Fluoroelastomers are extremely heat, high-temperature, and chemical change resistant. These fluoro rubber materials (fluoroelastomers) are manufactured by copolymerizing numerous combinations of vinylidene fluoride, hexafluoropropylene, tetrafluoroethylene, and chlorotrifluoroethylene.
In recent years, fluoroelastomers have emerged as ideal alternatives to conventional rubbers due to their superior mechanical and chemical properties. They are being increasingly used in applications such as sealing.
The global fluoroelastomer market is predicted to grow considerably over the projection period as a result of fluoroelastomers’ widespread utilization in the automobile industry owing to their superior mechanical, sealing, and heat resistance characteristics.
The aircraft industry is expected to witness high demand for specialist fluoroelastomer products during the forecast period, including hoses and gaskets. Similarly, market development is anticipated to be fueled by growing demand for products with outstanding mechanical properties, such as resistance to high temperatures and degradation, and great electrical insulating properties.
Thanks to their outstanding chemical resistance, including resistance to aromatic and aliphatic hydrocarbons, fluoroelastomers have become the most widely used materials across industries such as automotive and aerospace.
Fluorocarbon elastomers are widely utilized in applications to withstand ozone attacks and harsh chemicals. Specialty-grade fluorocarbons, on the other hand, can offer high fluorine content with low-temperature characteristics.
Right from making highly efficient seals and envelope for cables to preventing corrosion, the application area of fluoroelastomers keeps widening, and this in turn is accelerating growth in the global market.
Viton Extreme ETP-600S is one of the popular fluoroelastomers which possess great resistance to bases, hydrocarbons, alcohol, esters, ketones, and other solvents. It also exhibits compression sets and physical qualities and is very resistant to high temperature, steam, and difficult process conditions.
| Attribute | Key Insights |
|---|---|
| Fluoroelastomer Market Base Value (2021A) | USD 1,408.2 million |
| Estimated Market Value (2022E) | USD 1,467.6 million |
| Projected Market Value (2032F) | USD 2,374.8 million |
| Value-based CAGR (2022 to 2032) | 4.9% |
| Collective Value Share: Top 3 Countries (2022E) | 47.6% |
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Fluoroelastomer sales increased at a CAGR of 2.4% between 2017 and 2021. During the historical period, the fluoroelastomer business was significantly impacted due to the shutdown of the aviation and electronics sectors and constrained supply chains caused by the pandemic.
However, with the resumption of functioning of industries such as aerospace, electrical & electronics, oil & gas, energy, and others, fluoroelastomers demand is anticipated to expand at a CAGR of 4.9% over the forecast period.
Growing usage of fluoroelastomers in a variety of commercial processes, including gaskets, and O-ring seals in the petroleum, automobile, and food production sectors will boost the market during the assessment period.
Similarly, novel uses for perfluorocarbon elastomers are anticipated to open up a lot of market prospects over the next several years.
A significant factor positively influencing fluoroelastomer sales is the surging demand for fuel-efficient automobiles. Numerous automakers are altering their design strategies and emphasizing lightweight through material substitution to satisfy the growing demand for more fuel-efficient vehicles which will spur demand for materials such as fluorinated elastomers during the forecast period.
Increasing Automotive Production and Rising Demand for fuel-efficient Vehicles to Boost Market
Globally, the production of automobiles has increased dramatically during the past several years and the trend is expected to further escalate during the assessment period. Polymer composites will be more in demand due to their key characteristics, such as low weight, high strength, and elasticity.
To minimize fuel consumption, leading automakers are focusing on practical ways to shrink powertrains, engines, and engine compartments. These firms are also concentrating on different types of materials to fulfill the requirements of electric car parts.
Products from fluoroelastomers used in automotive components, such as seals, hoses, high-voltage cables, gaskets, and O-rings offer high flexibility and elasticity in higher temperatures compared to products made from other rubbers. Fluoroelastomer-based products maintain their significant properties when exposed to synthetic lubricants and harsh chemicals as well as to powertrain fluids and fuels.
Government requirements on automobile fuel economy are becoming more stringent, which is pressuring OEMs to create lightweight cars. This is increasing demand for composite materials such as fluoroelastomers. Hence, the rapid growth of the automobile industry worldwide coupled with growing demand for lightweight and fuel-efficient vehicles will play a key role in fostering fluoroelastomer sales over the projection period.
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Complete Dependency on Petrochemical Feed Stocks to Constraint Market Development
Vital raw materials for the production of fluoroelastomers are petroleum-based feedstock products. Volatility in the prices of feedstock will result in price fluctuations in polymers, which, to a large extent, will directly impact the final price of the product. These raw materials, which are extensively used by end-use industries, are often generated from refinery processes and petrochemical feedstock. The production of fluoroelastomers requires a significant amount of both petrochemical and non-petrochemical feedstock.
In Europe, owing to fluctuations in crude oil & gas prices, a rise in raw material costs has been witnessed in the polymer sector in the last couple of years. This may act as a restraint for petrochemical feedstock, thereby hampering the growth of the fluoroelastomer market. Key manufacturers are facing price adjustments and restructuring to maintain profit margins and strengthen their market position.
To reduce emissions and effluents generated by the chemical industry, many governments have imposed closures and production regulations, thereby limiting the availability of pigment intermediates. This will affect the supply chain, leading to price escalations.
Robust Growth of Automotive and Aerospace Industries Propelling Fluoroelastomers Demand in the USA
According to Future Market Insights (FMI’s) latest analysis, the USA fluoroelastomer market is projected to expand at 4.4% CAGR during the forecast period (2022 to 2032). Currently, the USA holds around 21.5% of the total value share in the global market.
Increased investment in enhancing fluoroelastomer manufacturing capacity, implementation of stringent fuel emissions rules and regulations, and robust growth of automobile and aerospace sectors are key factors driving fluoroelastomer demand in the United States.
Over the years, rising carbon emission levels and enforcement of strict regulations have prompted the USA automotive manufacturers to shift their preference from heavy materials towards lighter ones possessing excellent heat and chemical resistance such as fluoroelastomers.
The addition of these materials has significantly reduced the overall weight of vehicles, thereby improving their fuel efficiency and reducing emission levels. Driven by this, fluoroelastomer sales across the country will continue to grow at a steady pace throughout the projection period.
Growing Popularity of Electric Vehicles Fostering Fluoroelastomer Sales in China
Currently, China accounts for a sizable value share of 20.4% of the global fluoroelastomer industry and it is expected to accelerate at around 5.8% CAGR over the next ten years. The rapid expansion of industries such as oil & gas, energy & power, pharmaceutical & food, etc. is a key factor driving demand for fluoroelastomers across China.
Similarly, due to considerable capital investments made in the coatings industry, sales of fluoroelastomers across China are expected to grow at a robust pace over the projection period.
Consequently, increasing production and sales of electric vehicles will create a conducive environment for the development of the fluoroelastomer industry in China during the projection period.
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Fluorocarbon Elastomers Remain the Most Sought After Product Type in the Market
Based on product type, the market is segmented into fluorosilicone, fluorocarbon, and perfluoroelastomers. Among these, the fluorocarbon segment holds the dominating share of 73.7% of the global fluoroelastomers industry. This is attributed to the rising usage of fluorocarbons across several industries owing to their specific properties including enhanced stability, non-flammability, and hydrophobicity.
Fluorocarbon or fluorocarbon elastomer provides the highest cross-link production for a particular product. The thermal stability and mechanical properties of optimum compounds formed from fluorocarbon elastomers that are irradiated under perfect conditions are much better than those of chemical curing procedures.
Fluorocarbons are widely used in vehicle and airplane parts, which explains their domination in the market. They have become key components in the creation of seals because of their qualities, which include resistance to chemicals and heat, low compression set, and excellent aging characteristics.
Most of the Fluoroelastomer Demand Emerged from the Automotive Industry
Based on the end-use industry, the automotive segment currently dominates the global fluoroelastomers market with an impeccable market value share of 46.8%. This is attributed to the rising demand for lightweight and fuel-efficient vehicles and the growing adoption of fluoroelastomers across the thriving automotive industry worldwide.
Fluoroelastomers are frequently used in the automotive sector because of their remarkable heat resistance, sealing ability, and mechanical characteristics. Fluoroelastomer is integrated into vehicle parts including drive trains and fuel handling systems to increase fuel economy and cut pollution.
A rapid spike in growth in regions like the Asia Pacific is predicted to expand automotive manufacturing, which will elevate the demand for fluoroelastomers because they offer valuable properties.
Key fluoroelastomer manufacturers are focusing on increasing their production capabilities to meet the rising demand for fluoroelastomers from several end-use industries. New product launches, heavy investments in research and development activities, partnerships, acquisitions, and facility expansion are some of the frequent strategies adopted by leading fluoroelastomer manufacturing companies.
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| Attribute | Details |
|---|---|
| Current Market Size (2022) | USD 1,467.6 million |
| Projected Market Size (2032) | USD 2,374.8 million |
| Anticipated Growth Rate (2022 to 2032) | 4.9% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD million for Value and Tons for Volume |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Segments Covered | Product Type, End-use Industry, and Region |
| Key Companies Profiled | The Chemours Company; 3M; Daikin Industries; Gujarat Fluorochemicals Limited; Zhejiang Fluorine Chemical New Materials Co., Ltd; Halopolymer OJSC; James Walker & Co; Shin-Etsu chemicals; AGC Chemical Inc.; Solvay SA |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunity, and Threat Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global fluoroelastomer market is expected to progress at 4.9% CAGR until 2033.
The overall fluoroelastomer market is projected to reach around USD 2,374.8 mllion by 2033.
Based on product types, the fluorocarbon fluoroelastomer sales are poised to remain lucrative at 73.7% market share.
China dominates the Asia Pacific market and is projected to advance at 5.8% through 2033.
Automotive segment constitutes the leading segment with 46.8% market share.
1. Executive Summary | Fluoroelastomer Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6. Global Market Pricing Analysis 7. Global Market Demand (in Value or Size in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Market Background 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 9.1. Fluorosilicone 9.2. Fluorocarbon 9.3. Perfluoroelastomers 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-Use Industry 10.1. Aerospace 10.2. Automotive 10.3. Chemicals 10.4. Consumer Electronics and Wearable 10.5. Oil & Gas 10.6. Energy 10.7. Pharmaceutical & Food 10.8. Others 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia and Pacific 11.6. Middle East and Africa (MEA) 12. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. South Asia and Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Country-wise Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Solvay S.A. 20.2. Halopolymer 20.3. James Walker & Co 20.4. Shin-Etsu Chemical 20.5. AGC Chemicals Inc. 20.6. Zhejiang Fluorine Chemical New Materials Co., Ltd 20.7. The Chemours Company 20.8. Daikin Industries 20.9. 3M 20.10. Gujarat Fluorochemicals Limited 21. Assumptions and Acronyms Used 22. Research Methodology
Automotive
February 2024
REP-BR-81
306 pages
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Fluoroelastomer Market
