As per the study conducted, consumption of FKM Elastomers are estimated to grow with a CAGR of 3.0% to 5.0% during the coming forecast period of 2021 to 2031.
Presence of excellent properties in the fluoroelastomer makes it significant for several application segments.
Since with the product can be modified as per requirement with a change in composition, it is fast gaining traction from various end use industries, including automotive, oil & gas etc., which boost its consumption rate. FKM Elastomers are a group of fluorocarbon elastomers widely used in industrial applications.
What is the Driving Demand for FKM Elastomers
The growing automotive industry is boosting the consumption of FKM Elastomers, to decrease the overall weight and to enhance the fuel efficiency of the vehicle.
Owing to the excellent temperature resistance of the material, it is used in various processing and manufacturing industries including chemical, oil and gas and food industries.
The growing chemical, food industries and substantial market of oil and gas sector is expected to propel the growth of the market.
The growing research for the development of food and pharma grade fluoroelastomer is also expected to benefit the sales volume, since these grade will benefit the market growth in the food and pharmaceutical industries. Moreover the growing sealing requirement from various end use industries like automotive, chemical, semiconductor, oil and gas and other are also expected to bolster the demand for FPM elastomer in the coming years.
Automotive industry is expected to boost the demand of FKM Elastomers
FKM Elastomers are used in various parts in the manufacturing of various components of a vehicle which are generally used for fuel handling and to drive trains.
Fluoroelastomer is preferred in these components over any conventional rubber as it is efficient to reduce emission and also enhance fuel efficiency.
Automotive industry is also expected to remain a key end use sector for the consumption.
Substantial market of the Automotive Industry has bolster the consumption outlook of the FPM elastomer. Moderately growing combustion engine vehicles are expected to benefit the sales during the forecast period.
U.S. and Canada FKM Elastomers Demand Outlook
Substantial development in the automotive industries is expected to boost the market size of fluoroelastomer in U.S. and Canada.
Owing to the substantial size of automotive and pharmaceutical and chemical industry, the demand for FKM Elastomers is expected to remain considerable in the coming years.
Significant growth in the oil and gas industry in U.S. has boost the demand of FPM elastomer in the country. Growing aerospace industry in both the countries are also expected to boost the consumption over the projected period.
The growing investment in the research and development is also benefiting the market growth. Moreover, significantly growing semiconductor and electronics sector is also expected to bolster the demand of fluoroelastomer in near future.
Asia Pacific Sales Outlook for FKM Elastomers
Significantly growing chemical, pharmaceutical and food industries are expected to fuel the growth of the FPM elastomer market over the forecast period.
Growing demand for the automotive in the region is also boosting the sales volume of FKM Elastomers. The strong presence of key manufacturers especially in China and Japan has boosted the demand of fluoroelastomer in Asia Pacific region.
Asia pacific region is also expected to account for the key share of the market all over the globe owing to the emerging market including India and ASEAN.
Growing demand for oil and gas, energy and power in Asia Pacific is anticipated to benefit the consumption rate in the coming years.
Who are the Key Manufacturers and Suppliers of FKM Elastomers
Some of the key manufacturers and suppliers of FKM Elastomers are
- Daikin Industries Ltd.
- VSK Industrial Limited
- Solvay S.A.
- Zrunek Gummiwaren GmbH
- Gujarat Fluorochemicals Limited
- The Chemours Company
- AGC Chemicals
- Dongyue Group Limited
- James Walker Group and many others.
Key market participants are mainly focusing in investing a significant amount in research and development for innovating fluoroelastomer to cater the growing demand from the end use sectors.
Key players are optimizing the composition of FPM elastomer to modify it for various applications and are launching new products to enhance their market share.
Key manufacturers are also focusing on expansion strategy by expansion of the production capacity and acquisition to boost their market presence.
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- Vinylidene Fluoride (VDF)
- Hexafluoropropylene (HFP)
- Tetrafluoroethylene (TFE)
- Perfluoromethylvinylether (PMVE)
By End-use Industry:
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