Fluoroelastomers Market worth $1.8 billion by 2025 | Key players The Chemours Company (US), Solvay SA (Belgium), and 3M (US), Asahi Glass Company (Japan), Gujarat Fluorochemicals Limited (India).

According to recent market research the "Fluoroelastomers Market by Type (FKM, FVMQ, FFKM), Application (O-rings, seals & gaskets, Hoses), End-use (Automotive, Aerospace, Chemicals, Oil & Gas, Pharmaceutical & Food, Energy & Power) and Region - Global Forecast to 2025", The global fluoroelastomers market size is projected to grow from USD 1.6 billion in 2020 to USD 1.8 billion by 2025, at a CAGR of 2.5%% between 2020 and 2025. The growth is attributed to increasing demand for more fuel-efficient vehicles, strict emission norms in the auto industry, and growth in major end-use industries.

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Fluorocarbon (FKM) accounted for the largest share in the overall fluoroelastomers market. The basic grades of fluorocarbon elastomers are based on VDF and HFP monomers and are referred to as FKM in ASTM standards and FPM in ISO standards. It is used widely to manufacture O-rings and seals & gaskets, owing to their low cost and high resistance to oxygen, ozone, and elevated temperatures.
The automotive industry led the overall fluoroelastomers market in 2019, both in terms of value and volume. The reason for the industrial segment leading the market is due to the growing demand for more fuel-efficient vehicles, stringent emission norms adopted by the auto industry, and products that can perform better than conventional rubber.

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APAC is projected to have the largest share in the global fluoroelastomers market, in terms of volume, from 2020 to 2025. APAC has some of the leading vehicle manufacturing countries such as China, India, and Japan. Apart from that, these countries also have a huge chemical industry. These factors make the region the largest consumer of fluoroelastomers.

The Chemours Company (US), Solvay SA (Belgium), and 3M (US), Asahi Glass Company (Japan), Daikin Industries (Japan), and Gujarat Fluorochemicals Limited (India) are the key players operating in the fluoroelastomers market. Expansions, acquisitions, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the fluoroelastomers market.

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Daikin Industries is a group of 213 companies worldwide and has a presence in 140 countries with production facilities in 80 locations. The chemicals segment manufactures fluorochemicals such as fluorocarbons, fluoroplastics, fluoroelastomers, fluoropaints, and flouro coating agents. The company provides a wide range of fluoroelastomers to cater various end-use industries. Daikin established a new subsidiary, Daikin Chemical Southeast Asia Co., in Bangkok, Thailand. It is expected to start operations towards the beginning of 2018. This extension of Daikin in Southeast Asia is aimed at catering the rapidly growing automotive and electronics industries of the region.

The new product development strategy enables industry players tap new customer bases, while expansions and joint ventures help in increasing market reach and meet the rising demand from the global market. The Asia Pacific market is experiencing high growth due to rising opportunities in emerging economies such as China and India. Many international and domestic industry players are investing in the region, making it the fastest-growing market for fluoroelastomers during the forecast period.

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