(I-BusinessNews.Com, March 04, 2020 ) According to the new market research report “Fluoroelastomer Market by Type (Fluorocarbon, Fluorosilicone, Perfluoroelastomers), End-Use Industry (Automotive, Aerospace, Oil & Gas, Energy & Power, Chemical Processing, Semiconductor, Pharmaceutical & Food Processing), and Region – Global Forecast to 2022″, published by MarketsandMarkets™, the fluoroelastomer market is projected to reach USD 1.64 Billion by 2022, at a CAGR of 6.2% increasing from an estimated USD 1.21 Billion in 2017.
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Fluoroelastomers are mainly used in the production of sealing products, such as O-rings, and seals & gaskets. Fluoroelastomers are high fluorine containing synthetic rubbers possessing excellent chemical and thermal resistance. Their ability to maintain elasticity under extreme conditions has increased their applicability in the aerospace, oil & gas, energy & power, and pharmaceutical and food processing industries.
The fluorocarbon elastomer segment is projected to be the largest type segment from 2017 to 2022
Fluorocarbon elastomers are fluorine-containing polymers providing high resistance to varying temperature ranges and chemical inertness against a wide variety of corrosive fluids and chemicals. The cured products have high low-temperature flexibility and low resilience. Fluorocarbon elastomers are used in sealing equipment and high performance machinery. Due to their high resistance to oxygen, ozone, and high temperature compression-set resistance, fluorocarbon elastomers are widely used for the manufacture of O-rings, seals & gaskets. Fluorocarbon seals are used in automotive, aerospace, and small industrial equipment as these are strongly resistant to motor oil, and gasoline, thus increasing their demand in the automotive and aerospace industries.
The aerospace industry segment is projected to be the fastest-growing fluoroelastomer end-use industry during the forecast period
The stable performance of fluoroelastomers under extreme conditions enables their use in the aerospace industry. Fluoroelastomers are used in the aerospace industry in O-ring seals in fuel, lubrication, and hydraulic systems; in manifold gaskets; fuel tank bladders; firewall seals; engine lube siphon hoses; electrical connectors; shaft seals; traps for hot engine lubricants; and tire valve stem seals. In the aerospace industry, the fluorosilicone elastomer is the most widely used type of fluoroelastomer. It is mostly used in fuel & lubricant contact applications such as fuel-line connections and fuel control devices. The growing aerospace industry and unavailability of an ideal substitute for fluoroelastomers in sealing applications is projected to fuel the demand for fluoroelastomers during the forecast period.
Browse and in-depth TOC on “Fluoroelastomer Market”
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The rising demand from the electric cars segment is projected to be the key factor driving the fluoroelastomers market between 2017 and 2022
In the automotive industry, the trend towards reducing emissions and increasing popularity of electric vehicles are estimated to be the most significant driving factors for the fluoroelastomers market. Fluoroelastomers are widely used in various parts of fuel systems of conventional vehicles, and they are also preferred as insulation material for voltage carrying cables of electric cars. Many countries are aggressively promoting the use of electric cars to enable reduction in greenhouse gas emissions. The rapidly growing automotive industry, along with the increasing demand for electric vehicles are projected to boost the demand for fluoroelastomers during the forecast period.
The growing economies of the Asia Pacific are projected to boost the demand for fluoroelastomers in the automotive, aerospace, and semiconductor industries
Asia Pacific is projected to be the fastest-growing market for fluoroelastomers. China is projected to be the largest market for fluoroelastomers in the Asia Pacific region, while the market in India is projected to grow at the highest CAGR during the forecast period. The increasing demand for high quality sealing materials from various end-use industries, such as automotive, aerospace, and semiconductors is expected to drive the growth of the fluoroelastomers market in this region during the forecast period.
The key companies operating in the fluoroelastomers market are Asahi Glass Co. (Japan), Daikin Industries (Japan), DuPont (US), Gujarat Fluorochemicals Limited (India), HaloPolymer OJSC (Russia), Shin-Etsu Chemical Co. (Japan), Solvay (Belgium), Chemours (US), and 3M (US).
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Bundle Reports:
1. Performance Elastomers Market
2. High Pressure Seals Market
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MarketsandMarkets™
Mr. Sanjay Gupta
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raviraj.tak@marketsandmarkets.com
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