The fluoroelastomers market is projected to reach USD 1.64 billion by 2022, at a CAGR of 6.2% from 2017 to 2022. Fluoroelastomers are synthetic rubbers possessing high chemical and thermal resistance. They can withstand high pressure and temperature environments and provide high quality sealing performance.
The growing automotive, aerospace, and chemical processing industries are driving the fluoroelastomers market. Growth opportunities for fluoroelastomers in the automotive industry are primarily linked with the industry's drive for lower emissions and increased fuel efficiency. Fluoroelastomers offer high permeation resistance in both, gasoline and diesel systems, thus reducing fuel emissions by preventing leakage of fuel in various parts of fuel systems. Also, these are used for wire insulation in electric vehicles and hybrid electric vehicles, which are promoted by many governments and hence are creating high demand in respective countries. The growing demand for vehicles and increasing popularity of electric and hybrid electric vehicles are projected to drive the market for fluoroelastomers during the forecast period.
Perfluoroelastomers is estimated to be the fastest-growing type of fluoroelastomers, during the forecast period. Perfluoroelastomers can be used for all applications wherein the properties of fluorocarbon elastomers are not sufficient. Perfluoroelastomers can withstand higher temperature ranges with excellent chemical resistance for longer durations, when compared to other kinds of fluoroelastomers. Perfluoroelastomers are used to manufacture high performance O-rings and seals which find applications in automotive, aerospace, energy & power, oil and gas recovery, semiconductor manufacture, pharmaceutical, and chemical processing industries. The growing aerospace, pharmaceutical, and chemical processing industries are projected to boost the demand for perfluoroelastomers during the forecast period.
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Among end-use industries, the aerospace segment is projected to grow at the highest rate during the forecast period. The stable performance of fluoroelastomers under extreme conditions enable 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 hose; and tire valve stem seals. In the aerospace industry, the fluorosilicone elastomer is the most widely used type of fluoroelastomer. The increasing demand for civil and military aircraft in the international market is projected to fuel the demand for fluoroelastomers. Increasing aircraft production and maintenance, and repair & overhaul processes are projected to boost the demand for fluoroelastomers in the industry during the forecast period.
The increasing popularity of electric and hybrid vehicles in the global automotive market presents an opportunity for fluoroelastomer manufacturers. Various governments across the globe have planned an increase in the use of electric vehicles in the near future. Fluoroelastomers provide required electric resistance, along with the sufficient flexibility needed in battery wire insulation and other applications in electric and hybrid vehicles. The absence of actual substitutes for fluoroelastomers in battery wire insulation for such vehicles is expected to propel demand across the globe during the forecast period.
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