Global Fluoroelastomers Market Size To Reach USD 1862.45 Million In 2032 | Emergen Research

(MENAFN- GlobeNewsWire - Nasdaq) Rising development of industry-specific product development is one of the major factors driving Fluoroelastomers (FKM) market revenue growth

Vancouver, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global Fluoroelastomer (FKM) market size was USD 1862.45 Million in 2032 and is expected to register a steady revenue CAGR of 2.5% during the forecast period, according to latest analysis by Emergen Research. Increasing development of industry-specific product development is a key factor driving market revenue growth. FKM, a fluorocarbon-based rubber, is a special type of synthetic rubber. It which possesses the property of wide chemical resistance and very good performance at high temperature. This rubber is used for molding the products such as O-rings, shaft seals, manifold gaskets, firewall seals, gaskets, valve stem seals, diaphragms, and others.. Several companies have initiated the production of pharmaceutical- and food-grade FKM that are certified by relevant authorities. For example, in 2019, AGC Chemical obtained Food Contact Notifications from the U.S. Food and Drug Administration (FDA) for three of its fluoroelastomer products, AFLAS Series 100S, 100H, and 150P.

However, high cost of FKM, compared to other substitutes is a key factor, which could restrain market revenue growth. FKM are considered specialty polymers that come at a relatively higher cost when compared to other elastomers. This elevated price point has restricted their application in various uses. As a result, efforts have been undertaken to formulate more cost-effective mixtures that can deliver performance same as FKM.

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Scope of Research

Report Details	Outcome
Market Size in 2022	USD 1446.41 Million
Volume Units in 2022	XX Units
CAGR (2023–2032)	2.5%
Revenue Forecast To 2032	USD 1862.45 Million
Base Year For Estimation	2022
Historical Data	2019-2021
Forecast Period	2023–2032
Quantitative Units	Revenue in USD Million and CAGR in % from 2023 to 2032
Report Coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered	Type, application, end-use, and region
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope	U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled	The Chemours Company, Solvay, 3M, DAIKIN INDUSTRIES, Ltd., Gujarat Fluorochemicals Limited, Asahi India Glass Limited, DONGYUE GROUP, Halopolymer, James Walker, and Shin-Etsu Chemical Co., Ltd.
Customization Scope	10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global FKM market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective FKM solutions. Some major players included in the global FKM market report are:

• The Chemours Company
• Solvay
• 3M
• DAIKIN INDUSTRIES, Ltd.
• Gujarat Fluorochemicals Limited
• Asahi India Glass Limited
• DONGYUE GROUP
• Halopolymer
• James Walker.
• Shin-Etsu Chemical Co., Ltd.

Strategic Development

. On 15 July 2019, According to Britishplastics, Biesterfeld extended its collaboration with Solvay Speciality Polymer and, effective August 2019, assumed responsibility for the distribution of fluoroelastomers across Europe, Russia, and Brazil. This included the recently developed FKM polymers under the Tecnoflon brand, which have outstanding chemical resistance to a wide range of media, including oils, solvents, lubricants, and fuels. Tecnoflon FKM is frequently utilized in hoses and seals and is mostly seen in the automotive sector owing to its unique characteristics.

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Some Key Highlights from the Report

. The fluorocarbon segment accounted for largest revenue share in the global FKM market in 2022. One of the most significant advantages of fluorocarbon is its near invisibility when submerged underwater , which is attributed to its minimal distortion of light passing through the line, as it closely matches the refractive index of water. This quality is particularly advantageous in clear water and when targeting cautious fish. The low visibility of fluorocarbon allows anglers to employ stronger pound test lines, especially in scenarios involving dense cover tactics for bass. In addition, fluorocarbon offers remarkable resistance to abrasion, making it a favored choice among professionals when fishing in dense cover or when dragging baits along the bottom. These factors are expected to drive revenue growth of this segment during the forecast period.

. The O-ring segment is expected to register steadily fast revenue growth rate in the global fluoroelastomer market during the forecast period. This is because fluoroelastomer O-rings, often referred to as FKM or Viton O-rings, display remarkable resistance against a diverse array of chemicals, fuels, oils, and solvents. This resistance renders these appropriate for scenarios where exposure to harsh chemicals is anticipated. In addition, O-rings exhibit better resilience to high temperatures compared to numerous other elastomers. Moreover, operating effectively within a temperature range of -20°C to 200°C (subject to the precise grade of FKM), these are well-suited for applications in environments with elevated temperatures.

. The North America market accounted for largest revenue share in the global FKM market in 2022. This is owing to increasing strategic initiatives and funding toward product design and development of FKM, emergence of key startup companies, and rapid adoption of FKM applications, especially in the U.S. and Canada. For instance, on 23 May 2022, The Chemours Company, a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialised Solutions, and Advanced Performance Materials, announced an industry-leading sustainable process innovation, to produce Advanced Polymer Architecture (APA) grade Viton FKM without the use of a fluorinated polymerization aid. Chemours maintains its leadership in fluoroelastomer process and product development with the launch of this new technology, enabling it to create the entire Viton FKM range using a non-fluorinated surfactant.

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For the purpose of this report, Emergen Research has segmented the global FKM market on the basis of type, application, end-use, and region:

• Type Outlook ( Revenue, USD Million ; 2019-2032 )

• • Fluorocarbon
  • Fluorosilicone
  • Perfluoroelestomers

• Application Outlook ( Revenue, USD Million; 2019-2032 )

• • O-rings
  • Seals & Gaskets
  • Hoses
  • Others

• End-use Outlook ( Revenue, USD Million; 2019-2032 )

• • Automotive
  • Aerospace
  • Chemicals
  • Oil & Gas (O&G)
  • Energy & Power
  • Pharmaceutical & Food

• Regional Outlook ( Revenue, USD Million; 2019-2032 )
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Benelux
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
  • Latin America
  • Brazil
  • Rest of LATAM
  • Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Turkey
  • Rest of Middle East & Africa

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