The Fluoroelastomers Market is likely to grow at a significant CAGR of 5.5% during 2023-2028, to reach US$ 2.5 Billion in 2028, states Stratview Research.

DETROIT, Nov. 14, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the fluoroelastomers market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

Report Highlights

Segment Insights on the Fluoroelastomers Market

Fluoroelastomers Market is segmented based on material type, application type, and region.

Based on Material Type- The market is segmented into FKM, FFKM, and FVMQ. FKM is expected to remain the dominant material type in the market during the forecast period, owing to the increasing demand from the automotive industry, where it is used in engine components, transmission systems, and fuel systems. FKM is widely used in these applications due to its excellent resistance to heat, chemicals, and oil. FKM offers superior performance compared to other elastomers such as NBR and EPDM, making it a preferred choice for high-performance automotive applications.

Based on Application Type- The market is segmented into seals, o-rings & gaskets, and others. O-rings and gaskets are expected to remain the largest application types in the market during the forecast period. The growing demand for O-rings and gaskets in the automotive and aerospace industries is the key factor driving the growth of this segment. In addition, the increasing use of FKM in the semiconductor and chemical processing industries is also fueling the growth of the segments.

Which Region Offers the Best Opportunity and Growth?

The report suggests that Asia-Pacific is expected to remain the largest market for fluoroelastomers during the forecast period. This growth is majorly attributed to the following –

• The projected persistent expansion of the automotive and electronics industries in the region is the primary reason for this trend.
• The automotive industry is anticipated to maintain its prominent position as the leading end-user of FKM.
• Asia-Pacific region is predicted to retain some of the most significant automotive markets worldwide.
• The electronics industry is expected to continue as a substantial end-user of FKM, with the Asia-Pacific region remaining a crucial center for the global electronics industry.

Fluoroelastomers Market Drivers

Some of the key drivers listed in the report are given below.

• Increasing high-bandwidth smartphones.
• Increasing demand for wearable devices.
• Rapid expansion of electric vehicles across the globe.

Top Companies in the Fluoroelastomers Market?

The market is populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the fluoroelastomers market:

• DuPont de Nemours, Inc.
• Solvay S.A.
• The Chemours Company
• Daikin Industries Ltd.
• 3M
• AGC, Inc.
• Shin-Etsu Chemical Co., Ltd.
• HaloPolymer
• James Walker & Co.

What Deliverables Will You Get in this Report?

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to take convincing business decisions.

Stratview Research has been helping companies to meet their global and regional growth objectives by offering customized research services. These include a market assessment, due diligence, opportunity screening, the voice of customer analysis, market entry strategies, and more.

SOURCE Stratview Research