Fluoroelastomers Market Growth Projection
The new report on the Fluoroelastomers Market is an extensive study on the overall prospects of the Fluoroelastomers Market over the assessment period 2019 to 2029. Further, the report provides a thorough understanding of the key dynamics of the Fluoroelastomers Market including the current trends, opportunities, drivers, and restraints. The report introspects the micro and macro-economic factors that are expected to nurture the growth of the Fluoroelastomers Market in the upcoming years.
The report suggests that the Fluoroelastomers Market is projected to reach a value of ~US$XX by the end of 2029 and grow at a CAGR of ~XX% through the forecast period 2019 to 2029. The key indicators such as the year-on-year (Y-o-Y) growth and CAGR growth of the Fluoroelastomers market are discussed in detail in the presented report. This data is likely to provide readers an understanding of qualitative and quantitative growth prospects of the Fluoroelastomers Market over the considered assessment period.
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The report clarifies the following doubts related to the Fluoroelastomers Market:
- How has the growth of end-use industry 1 impacted the growth of the Fluoroelastomers Market?
- Why are market players eyeing opportunities in region 1 and region 2?
- How are companies in the Fluoroelastomers market reducing their environmental footprint?
- Why are consumers highly in favor of purchasing product 1?
- What is the scope for innovation in the current Fluoroelastomers Market landscape?
Vital Information Enclosed in the Report
- Market structure in various regions
- Impact of the evolving environmental and regulatory norms on the Fluoroelastomers Market
- Recent mergers, collaborations, acquisitions, and strategic alliances
- Business prospects of leading players in the Fluoroelastomers Market
- The projected growth of each market segment and sub-segment
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With increasing demand for fluoroelastomers from automotive & aerospace industries, top players have started with production expansion projects to meet the needs of the market. Companies are also entering into long-term partnerships for the supply of raw materials with the local players to avoid the sudden price hikes in the market and loss in the pricing competition with other players.
The global installed capacity for the fluoroelastomers is around 50 kT, with 22kT capacity in China alone. However, the quality of products manufactured by the local manufacturers is not at par with the quality produced by leading manufacturers in China. The main advantage of production facilities in China is the low production cost of fluoroelastomers due to low labor cost and easy availability of raw materials.
Solvay S.A manufactures FKM (Fluorocarbon Elastomer) and FFKM (Perfluorocarbon elastomer) type of elastomers under the brand name of Tecnoflon. It has production sites in China & Italy. In 2018, the company announced the expansion of production capacities at both China & Italy plant to meet the increasing demand in the Asia-Pacific region. The Expansion will increase the overall fluoroelastomers capabilities by over 30%, the company reported.
AGC Inc. is one of the leading producers of fluoroelastomers in Japan. It has recently developed a new type of fluoroelastomers series product ALFAS 150 E that is specifically developed for the emerging applications such as high voltage charging cables in the electric vehicles. This is expected to increase the market share of AGC chemicals in the global fluoroelastomers market.
The Chemours Company is the largest producer of fluoroelastomers with installed capacity of more than 10 kT/annum. The company faces stiff competition from its global & regional competitors in terms of pricing, quality and service in the fluoroelastomers segment. However, its products have proven their capabilities and are known directly by brand name. For example, its fluoroelastomers products that are traded under the brand name of VITON are so famous that local manufacturers use the term VITON to describe their fluoroelastomers products.
Daikin Chemicals also offers wide range of fluoroelastomers products in various curable systems such as Diamine curable, Bisphenol Curable, Peroxide curable, etc. for specific applications. The company offers its fluoroelastomers products under the brand name of DAI-EL. It has developed DAI-EL grades for global as well as local applications. For instance, its fluoroelastomers are used in bullet trains for different applications such as oil & heat resistant electric wiring, jacketing of oil well cables, insulating oil caps for bullet train lines and others.
Changing Regulatory Landscape across the Globe to Impact the Fluoroelastomers Market
Automotive Emission reforms are being incorporated all over the world. The norms are getting stringent and their efficient implementation is amongst the top priorities of the governments. The Use of fluoroelastomers is thus increasing in the automotive industry to reduce the emissions and comply with the regulations. However, fluoroelastomers have high level of fluorine content in them (at least 66%) that exposes it to the regulatory frameworks. Various ASTM standards such as ASTM D1418 are prescribed as per fluorine content and manufactures have to meet these standards. FDA approved food contact fluoroelastomers are also developed by the manufacturers but are rarely used due to the presence of fluorine content.
Automotive emissions in Asia- Pacific are becoming more stringent as initiatives to curb climate change are on high priority of the government in the region. In India the government is all set to implement BS 6 emission norms (similar to EURO 6 norms) for automotives by April, 2020. In June 2019, China also debuted some of the strictest norms for automobile emissions to reduce its notorious air pollution. These reforms will be initially implemented in the areas affected severely by air pollution. The emission standards aim to reduce emissions of nitrogen oxides by 40-50% by 2023. These standards are tougher than the EURO 6 standards. These norms are expected to increase the demand for fluoroelastomers in Asia-Pacific region.
Europe has already implemented the strict automobile emission norms to reduce the pollution. This has positively affected the growth of fluoroelastomers market in the region. North America is also expected to follow the similar trend.
Several Latin American Countries have started implementation of green tax to push their economies towards environmental sustainability. Various initiatives are being taken by International Council for Clean Transportation in the region to enhance the vehicle emission compliance & enforcement practices along with the benefits of adoption of these norms & soot-free transportation.
In the past, various fluorine products have been banned across the globe due to their toxic nature and harmful emissions during production. Ban of PFOA for the production of PTFE is one of the examples. This ban compelled leading PTFE producers in China to stop their production & develop alternative routes to manufacture PTFE. There are several other fluoro-products that fall under a strong category of regulations. However, fluoroelastomers are not subjected to such severe regulations but the demand for Halogen free products across the world is increasing. This could affect the growth of fluoroelastomers market.
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