Fluoroelastomer Market is Calculated to Reach $1611.11m by 2021
Browse 13 Market Tables, 78 Figures spread through 151 slides and an in-depth TOC on “Fluoroelastomers Market (2016 - 2021)”
Fluoroelastomer is a fluorocarbon-based synthetic rubber which has extraordinary levels of resistance to chemicals and oil. It has superior performance in high temperature indicating its outstanding heat stability. Therefore, fluoroelastomer provides useful service life above 200 degree Celsius. These features are due to high ratio of fluorine to hydrogen and strength of the carbon-fluorine bond. Though fluoroelastomers are compatible with hydrocarbon, yet it is incompatible with ketones, high pH chemicals, solvents and organic acids. In automotive industry, these are used mainly as engine shaft sealing. The key segmentations for Fluoroelastomer market includes by type, by product, by industry and by geography.
Fluoroelastomers market is poised to grow at a CAGR of 4.0% to reach $1611.11m by 2021. Automotive industry seeks to be the largest end user for fluoroelastomers market with largest share in 2015. The superior features of chemicals resistance, permeation resistance and subduing of evaporative emissions of the fluoroelastomer increases its use in fuel system. Aerospace industry will witness the fastest growth in the forecasted period growing at a CAGR of 6.3% during 2016 to 2021. Fluoroelastomer materials are used as sealing tool for gas turbine engines, auxiliary power units, air cycle machines, hydraulic servos, actuators and so on. The major drivers impacting fluoroelastomer market are use of these products in myriad applications due to its excellent chemical and oil resistance property along with the development of bio-based renewable feedstock for the production of fluoroelastomers which is another major factor adding to the growth.
APAC region accounted the highest revenue in 2015 and is calculated to be the fastest growing region through 2021 with CAGR of 4.9%. The automotive and aerospace industries are the major driving industries for the growth of market in APAC region. 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 Key Players in this Market Include:
- Solvay AG
- DAIKIN INDUSTRIES, Ltd.
- 3M Company
The major key players of the market are:
- Solvay AG
- Daikin Industries Ltd.
- 3M Company.
DuPont is the leading player of the Fluoroelastomers market contributing to nearly 21% of overall revenue. Asahi and Solvay AG are other dominant players in the market. These key companies supply fluoroelastomers products to industries such as automotive, manufacturing, chemicals, aerospace and other industries. Product launches, mergers, acquisition and collaborations are the major strategies to increase their market shares in the industry.
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