The Fluoroelastomer (FKM) market is expected to grow at a CAGR of 3.6% to reach USD 2.52 billion in 2028.
Regions of Asia Pacific account for the largest Fluoroelastomer (FKM) market share owing to the increased demand in automotive, pharmaceuticals and industry of food processing. High capital investments done by emerging economies like India and China will also contribute towards the rise in Fluoroelastomer market, during the period. North America and Middle East contribute a considerable share in the market owing to its growing aerospace and automotive industries and oil and gas industries in the region, respectively. Furthermore, the government regulations against harmful emissions would be a driving factor towards helping the growth of fluoroelastomer.
Fluoroelastomer market segments
Global fluoroelastomer market is segmented on the basis of fluorine content present, into three categories viz., tetrafluoro ethylene/propylene rubbers (FEPM), fluoroelastomer polymers (FKM), and perfluoroelastomeric compounds (FFKM). The percentage of fluorine varies from 66%, 68% and 70%. FKM is the major contributor due to its base resistance and better performance in high temperatures. FFKM is the second topmost contributor due to its property of high fluid resistance in coatings and paint production and recovery of oil and gas processes. FEPM contributes through its increased demand in aerospace industries as an effective sealing agent.
Properties of fluoroelastomer
Fluoroelastomer (FKM) market trend is growing due to its various features. It has excellent resistance to chemical attacks by acids and fuels and very good resistance to oil. It is known to showcase limited resistance to polar fluids like steam and menthol. The high ratio of fluorine to hydrogen, strength of carbon-fluroine bond and the absence of unsaturation has made fluoroelastomer excellent in oil resistance and high heat stability.
Applications of fluoroelastomer
Aerospace industry is the major contributor in the fluoroelastomer market size. It is widely used in O-ring seals in fuels, lubricants, roll covers and similar components. Automotive industry uses fluoroelastomer in shaft seals, check valve balls, electrical connectors and much more. Some other industrial uses of fluoroelastomer are in hydraulic systems, fuel tank bladders and firewall seals and so on.
Fluoroelastomer market share
The companies that contribute in fluoroelastomer market share are DuPont, 3M company, Honeywell International Inc., Asahi Glass company Ltd., Daikin Industries, Garlock and many more. Asia-Pacific contributes as the largest fluoroelastomer market share in the consumption. Spain, Germany and UK contribute a great market share owing to the growing aerospace industry.
Fluorspar is the main raw material used in the manufacturing process of fluoroelastomer, availability of which at competitive rates can be a challenge due to its rise in demand in other similar industries. High cost v/s volume in comparison to other industries is another factor that might hamper the market growth. Lastly, the growing awareness and environmental concerns might be another factor deterring the growth of fluoroelastomer market over the forecast period.
Fluoroelastomer (FKM) Market Scope
|By Type, By Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|DuPont, 3M company, Honeywell International Inc., Asahi Glass company Ltd., Daikin Industries, Garlock
The various segments of fluoroelastomer (FKM) market share are,
- Fluorocarbon Rubber
- Fluorosilicone Rubber
- Fluorinated Phosphonitrile Rubber
- Chemical Processing
- Electricals & Electronics
- Automotive & Transportation
Regional Overview, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
What to expect from the upcoming report on ‘The Fluoroelastomer (FKM)/Viton Global Market Study’:
- Future prospects and current trends of the Fluoroelastomer market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations across the world
- Supportive initiatives by government likely to influence the market dynamics.
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.