Pune, India, Sep. 08, 2021 (GLOBE NEWSWIRE) — Fluororubber Market Outlook: According to a comprehensive research report by Market Research Future (MRFR), “Fluororubber Market (FKM): By Product Type, Application, End Use Information. and regions – forecast until 2028.” The market is expected to reach a value of US$2.52 billion by 2028, growing at a CAGR of 3.6% during the forecast period (2021-2028), with the market valued at US$1.71 billion in 2020 USA.
The growth of the global fluoroelastomers (FKM) market is primarily driven by the growing demand for this product from key end-use industries such as aerospace, defense and automotive. The increase in demand is mainly due to the superior mechanical and sealing properties of the product. In addition, strong growth prospects in the oil and gas industry, primarily in regions such as the Middle East, Africa and North America, and the growing chemical industry in the Asia-Pacific region are also expected to increase the fluoroelastomers market share from the forecast level. period.
However, certain challenges may impact the growth of the global fluoroelastomers market. Increasing concerns regarding the use of fluoroelastomers are expected to hamper the market growth. Moreover, insufficient supply of fluorspar, used in the production of fluoroelastomers, is also one of the major impediments to market growth.
The aerospace and automotive industries are major consumers of fluoroelastomers worldwide, and these industries are experiencing significant declines due to the impact of the current COVID-19 crisis. The auto industry is facing a sudden and widespread halt in economic activity as factories close, supply chains grind to a halt and workers are told to stay home. Plant closures in regions such as North America and Europe are expected to remove millions of passenger vehicles from production schedules, with implications for materials suppliers and original equipment manufacturers. All this restrains the growth of the fluoroelastomers market.
Fluorine rubber (FKM rubber) refers to a high-performance synthetic rubber containing fluorine. It has excellent chemical and mechanical properties such as radiation resistance, excellent wear resistance and good chemical resistance. In addition, they have excellent resistance to a wide range of liquids, gases, oils and chemicals in harsh environments and at higher temperatures. Viton is manufactured under harsh operating conditions in many end-use industries including chemical, oil and gas, automotive, aerospace and defense. Technological advances developed in the United States to meet the need for synthetic elastomers that provide increased flexibility, heat resistance and chemical resistance have been made possible by the use of fluoroelastomer materials. Some common fluoroelastomers available in the market are Fluonox, AFLAS, Tecnoflon, DAI-EL, Dyneon and Viton.
Based on product type, the market is segmented into perfluoroelastomers, fluorosilicone elastomers, and fluorocarbon elastomers. Among all these types, the fluorocarbon elastomers segment held the largest market share in 2018 due to its superior resistance to weather conditions and temperatures.
Based on application, the market is segmented into complex molded parts, hoses, seals and gaskets, O-rings, and electrical wiring, gaskets, etc.
Based on end user segment, the market is segmented into semiconductor, medical, oil and gas, chemical, aerospace and defense, automotive and others. Among all these end-use industries, the automotive industry is expected to lead the market, holding the largest share in the global fluoroelastomers (FKM) market.
Based on geography, the market is segmented into regions such as Middle East and Africa, Asia Pacific, North America, Latin America and Europe. The North American fluoroelastomers (FKM) market is likely to dominate the global market with the largest market share during the forecast era due to the growing use of fluoroelastomers in the aerospace and defense industries. The European market also held a significant share of the global market in 2018 due to growing demand from the automotive industry. Moreover, significant growth in the oil and gas industry is also likely to fuel the growth of the fluoroelastomers (FKM) market in this region.
Fluoroelastomers (FKM) Market: Information by Product Types (Fluorocarbon Elastomers, Fluorosilicone Elastomers (FVMQ) and Perfluoroelastomers (FFKM)), Applications (O-Rings, Seals and Gaskets, Hoses, Complex Molded Parts, etc.), End Use Industries . (automotive, aerospace and defense, chemical processing, semiconductors, oil and gas, medical, etc.) and regions (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – forecast to 2028 .
Market Research Future (MRFR) is a global market research company that prides itself on providing comprehensive and accurate analysis of diverse markets and consumers around the world. Market Research Future’s primary goal is to provide high quality and sophisticated research to its clients. We conduct market research on products, services, technologies, applications, end users and market players across global, regional and country segments so our clients can see more, know more and do more, thereby helping to answer your most important questions. Ningbo Bodi Seals Co.,Ltd have produced have produced all kinds of Customized Products and AS568 FFKM orings and FFKM oil seal here .
Post time: Sep-19-2023