The fluoroelastomer market is projected to reach USD 1.64 Billion by 2022, at a CAGR of 6.2%, growing from USD 1.21 Billion in 2017.
Fluoroelastomers are used in the manufacture of O-rings, seals & gaskets, and hoses. These sealing products are used across various end-use industries such as automotive, aerospace, oil & gas, energy & power, semiconductors, chemical processing, pharmaceutical, food processing, and others. The growth of these end-use industries is expected to drive the growth of the fluoroelastomers market during the forecast period.
Based on type, the fluoroelastomer market has been segmented into fluorocarbon, fluorosilicone, and perfluoroelastomers. Perfluoroelastomers is estimated to be the fastest-growing type of the fluoroelastomers market during the forecast period. It is used for the manufacture of various applications such as O-rings, seals & gaskets, hoses, and complex molding parts. Perfluoroelastomers surpass fluorocarbon elastomers in almost all characteristics. Pefluoroelastomers are used where the properties are not sufficient to meet the needs of the end-use industry.
Read more: Global Fluoroelastomers Market