Rise in the Commercial Aviation Market in the Emerging Economies of the APAC Propels the Growth of Fluoroelastomers
Fluoroelastomer is a synthetic rubber which has high resistance to chemicals, oils, heat and corrosion. Components fabricated by using these materials enhance reliability, safety and are environmentally acceptable in various end user industries including automotive, chemical processing industries, food processing and power generation industries. The consumption of fluoroelastomers has been consistently growing due to the continuous rise in demand from these industries. Growing demand from the automotive industry prominently from emerging economies has been amplifying the market growth.
APAC region is estimated to be largest market in terms of volume and revenue and is also estimated to continue its dominance over the forecast period. Whereas, China is leading the market from this region due to the presence of various automotive and chemical process equipment manufacturing industries where fluoroelastomers have been employed. India and Japan are also leading contributors next to China owing to the technological advancements in end user industry verticals during the recent past which has boosted the employment of fluoroelastomers in equipment to minimize losses, coupled with increasing efficiency and durability of the equipment.
The rise in the commercial aviation market in the emerging economies of the APAC market has led growing usage of Fluoroelastomer as this technology has witnessed increased adoption in recent years. The Japanese automotive industry has high adoption of Fluoroelastomer as the rising fuel efficiency standards across the APAC market have led to growing implementation of fluoroelastomers in the fuel systems of vehicles. The defense industry is yet another growing market for Fluoroelastomer as the large spending from the Chinese government and modernizing programs for the military across the APAC region have resulted in usage of advanced Fluoroelastomer based materials for military aircraft and vehicles.
Increasing adoption of fluoroelastomers in sealing applications for pharmaceutical, food processing and semiconductor have been propelling the market growth. The high cost of Fluoroelastomer is however a hindrance for adoption in the Chinese market. However with the price of Fluoroelastomer declining, the Chinese market is set to play a significant role in the global fluoroelastomer market
landscape. On the other hand, growth of commercial aviation in India has resulted in establishment of manufacturing bases for leading aerospace companies in this region. On the whole, usage of fluoroelastomers in the automotive, military and aviation sector is also set to play a key role in the Asia Pacific market.
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