Fluoroelastomers Market Size, Growth Prospects, Key Vendors, Future Scenario Forecast to 2030.

Market Synopsis
The Fluoroelastomers Market 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).
Fluoroelastomer is a fluorine-containing high-performance synthetic rubber. It exhibits exceptional resistance to heat, weather, and corrosive chemicals. The working temperatures for fluoroelastomers rubber (FKM rubber) are considered between -26°C and 230°C. The increasing demand in the end-use industries such as automotive and aerospace & defense is likely to fuel the global fluoroelastomers (FKM) market growth during the study period. However, limited availability of raw materials is projected to hinder the growth of the global market.

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Trade and Regulatory Analysis
The HS Code for the FKM is "39046990". The US was the largest importer of fluoropolymers in 2018 followed by Belgium and China. Also, Japan was the largest exporter of fluoropolymers in 2018 followed by the US and China.
The stringent fuel emission norms in several countries such as the US, Europe, and India are likely to boost the demand for fluoroelastomer. For instance, the regulation posed under EU6 and EU7 in the European countries is restricting the amount of fuel emissions by commercial vehicles as well as passenger cars. To reduce fuel emissions, various fluoroelastomer material-based parts such as fuel pipelining, fuel hoses & seals, fuel injector O-rings are used.

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SEGMENTATION
By Product Type
Fluorocarbon Elastomers: The largest segment with a share of around 89.5% in 2018. However, the segment is expected to register the lowest CAGR during the forecast period owing to the increasing use of fluorosilicone. These are fluorine-containing cross-linked amorphous polymers.
Fluorosilicone Elastomers: They are also known as fluorovinylmethylsiloxane. It has excellent mechanical and physical properties and offers excellent resistance to diluted acids and non-polar fluids such as crude oil, hydrocarbon fuels, silicone oils, and diester.
Perfluoro Elastomers: Perfluoro elastomers are copolymers of tetrafluoroethylene. The segment is expected to register the highest CAGR during the forecast period owing to its high-performance characteristics as compared to other types.
By Application
O-rings: O-rings are used in various end-use industries such as automotive, aerospace & defense, and oil & gas. The stringent emission standards in developing countries are expected to boost the demand for fluoroelastomer O-rings and boost the growth of the segment during the forecast period.
Seals & Gaskets: The seals and gaskets are primarily used in engine parts, pumps, and rotating shafts. The high use of seals and gaskets in the automotive and aerospace & defense industries is likely to drive the growth of the segment.
Hoses: Hoses are used in vehicles to move the fluid for cooling, lubrication, and hydraulic purposes. They are also used in the oil & gas industry to transfer crude oil and other fluids from one place to another.
Complex Molding Parts: Complex molding parts such as pads, boots, and bumpers are extensively used in the automotive industry.
Others: Washers, wire tubing, etc.
By End-Use Industry
Automotive: The growing demand for passenger cars and commercial vehicles is consequently projected to drive the growth of the regional market during the forecast period. For instance, Solvay has planned to expand the production of Tecnoflon by about 30% at its Spinetta Marengo, Italy manufacturing plant. The increased capacity expansion will enable advanced applications such as cutting-edge turbocharger designs which will reduce fuel consumption and CO2
Aerospace & Defense: The increasing demand for commercial aircraft on the backdrop of increasing air passenger traffic along with commercial jet deliveries are expected to boost the global market growth during the assessment period. According to Boeing, the air travel market is projected to be 5 times larger in 20 years and assist to double jet fleet by 2038.
Chemical Processing: The increasing demand for various commodities, basic and specialty chemicals, especially in Asia-Pacific, is expected to favor the market growth during the forecast period.
Oil & Gas: The growing demand for fossil fuels along with various petrochemicals across the globe is expected to fuel the oil & gas production in the US, Saudi Arabia, and Russia, among other oil-exporting countries. This is expected to propel the market during the forecast period.
Medical: The growing medical industry due to demographic changes and increasing spending on medical facilities is expected to drive the global market growth.
Semiconductor: Perfluoro elastomers and fluorocarbon elastomer parts are used in semiconductor equipment to function in harsh environments and process in high temperatures ranging from 25°C to 300°
Others: The segment includes consumer goods, semiconductor, and food processing industries.
By Region
North America: The regional market is projected to witness healthy growth due to the expanding medical and oil & gas industries, which will create a significant demand for fluoroelastomers during the review period.
Europe: The growth of the European fluoroelastomers market is driven by the increasing demand for fuel-efficient vehicles.
Asia-Pacific: Asia-Pacific is expected to be the fastest-growing regional market during the forecast period owing to the increasing demand in the end-use industries.
Latin America: The growing automotive industry in Latin American countries, especially in Brazil, is expected to fuel the demand for fluoroelastomers during the study period.
Middle East & Africa: The increasing production of oil & gas is expected to drive the growth of the regional market for fluoroelastomers during the forecast period.

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