The global fluoroelastomers (FKM) market growth is mainly driven by the growth in demand for the product in major end-use industries like aerospace & defense and automotive. This rise in demand is primarily because of superior mechanical and sealing properties possessed by the product. Furthermore, the robust growth viewpoint of the oil & gas industry, mainly in regions like the Middle East & Africa and North America, and the growing chemical industry in Asia-Pacific is also anticipated to enhance the fluoroelastomers market share through the projected era.
Browse In-depth Market Research Report (185 pages) on Fluoroelastomers Market
However, certain challenges are likely to impact the growth of the global fluoroelastomers market. The rise in concerns related to the use of fluoroelastomers is anticipated to impede the growth of the market. Moreover, the inadequate availability of fluorspar for the manufacturing of fluoroelastomers is also one of the major hurdles for market growth.
The aerospace and automotive industry are the major consumers of fluoroelastomers globally, and because of the impact of the current COVID 19 crises on these industries have witnessed a major decline. The automotive industry is fighting with a widespread and abrupt stoppage of economic activity due to the closing of factories, and supply chains grind to a halt, and workers are told to stay at home. It is projected that factory closures in regions like North America and Europe have caused millions of passenger vehicles to be discarded from production schedules, which has a pouring effect impacting the material suppliers and OEMs. All of this has impeded the growth of the fluoroelastomers market.
Fluoroelastomer rubber (FKM rubber) refers to a high-performance synthetic rubber, which contains fluorine. It possesses brilliant chemical and mechanical properties like radiation resistance, excellent abrasion, and good chemical resistance. Also, they have excellent resistance to a broad range of fluids, gases, and oils, and chemicals in severe environments and at higher temperatures. Fluoroelastomers are manufactured in harsh operational conditions in several end-use industries like chemicals, oil & gas, automotive and aerospace & defense, among others. The advancements in technological terms developed in the US to meet the need for enhanced flexibility, temperature resistance, and chemical resistance from synthetic elastomers are achieved using fluoroelastomer material. Some of the commonly available fluoroelastomers in the market are Fluonox, AFLAS, Tecnoflon, DAI-EL, Dyneon, and Viton.