The global fluoroelastomers demand reached over 26,000 tons in 2018 as per the new research study carried out by Fact.MR and the market is valued at US$ 1 billion. According to the report, the fluoroelastomers market is expected to grow at 2.7% CAGR over the forecast period.
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The growth can be attributed to the developments in the automotive industry, replacement of old non-fluoroelastomers material in automobiles and increasing adoption of fluoroelastomers by Automobile manufacturers with the implementation of stringent automotive emission standards across the globe.
With the global automotive industry being virtually flat in 2018, the industry is expected to bounce back in the short term forecast as per the industry experts. Regional slowdown in the automotive industries is also expected to come back to life with developments towards regional stability and decreasing tariff wars between global economies.
For instance, Germany experienced disruption in car production due to the introduction of new WLTP emission standards. With the developments in new compatible engines & transmission systems, the vehicle production is expected to get normal in Germany.
Developments in New Grades of Fluoroelastomers to Create Lucrative Opportunities.
Fact.MR opines that the development in the new grade of fluoroelastomers are creating attractive opportunities of growth in the fluoroelastomers market. Companies are coming up with new cross-linked combinations of fluoroelastomers to increase the areas of application.
For example, AGC Chemicals, one of the leading manufacturers of fluoroelastomers, has developed a new series ALFAS 150E, for insulating applications in high voltage charging cables for electric vehicles. As per company claims, the product has started gaining popularity and is being adopted by some of the electric vehicle manufacturers. The product is expected to increase the market share of the company over the mid-term forecast due to this valuable development.
Other manufacturers are also expected to follow such strategies to develop new grades and types of fluoroelastomers to widen the application areas of fluoroelastomers. Some of the manufacturers have also developed specific grades of fluoroelastomers as per region and specific applications in end–use industries.
For instance, Daikin Chemicals offers seals made from its fluoroelastomers products for application as insulation oil cap for bullet train lines. This application can further be incorporated in other regions that are coming up with Bullet train projects, thus increasing the demand for fluoroelastomers in the upcoming years.
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Biggest Production Hub for Fluoroelastomers: Status to be Retained by East Asia
The East Asia region has been the largest consumer of fluoroelastomers in the recent years and is expected to retain its status as largest consumer & producer of fluoroelastomers over the forecast period.
Many Regional as well as global players in fluoroelastomers market have announced the production capacity expansions in the East Asian region to meet the rising demand in the local as well as neighboring regions such as India in South Asia.
In 2018, Solvay announced the capacity expansion of its facilities in China and Italy for its fluoroelastomers products traded under the brand name of Tecnoflon. Local players have also hinted at increasing the production.
Shandong Huaxia Shenzhou New Material Co.Ltd, a China based company, has mentioned its plans of fluoroelastomers capacity expansion to 10,000 tons/annum in its 13th five year plan.
The growth in the East Asia market can be attributed to the growth of the automobile industry in the region. Macroeconomic factors such as rise in population, increase in disposable income have also driven the fluoroelastomers market in the region. The Automotive industry is expected to grow at a rate of 2.5% to 3% in the region over the forecast period, and it is most likely to drive the market in the region.
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New developments in applications such as fluoroelastomers band in high-end smart watches is also expected to increase the demand for fluoroelastomers over the forecast period. However, development of alternative materials over the forecast period can affect the fluoroelastomers market.
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