An exclusive market study published by Fact.MR on the Fluoroelastomers market offers insights related to how the market is projected to grow over the forecast period (2019-2029). The objective of the report is to enable our readers to understand the various aspects of the Fluoroelastomers market and assist them to formulate impactful business strategies. Furthermore, the different factors that are expected to influence the current and future dynamics of the Fluoroelastomers market are discussed in the presented study.
According to the report, the Fluoroelastomers market is set to reach a market value of ~US$ XX by the end of 2029 and register a CAGR growth of ~XX% during the assessment period. The report offers an in-depth understanding of the Fluoroelastomers supply chain, value, and volume chain across the various regional markets.
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Important Insights Enclosed in the Report:
- Technological developments within the Fluoroelastomers market sphere
- Growth prospects for new market players across different regions
- Company profiles of leading players in the Fluoroelastomers market
- Up-to-date insights related to the key success factors impacting the growth of the Fluoroelastomers market
- Recent mergers, acquisitions, partnerships, and strategic alliances
The published report provides a deep understanding of the Fluoroelastomers market by segregating the market into different segments such as region, application, and end-use industry.
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Fluoroelastomers Market Segmentation
The regional analysis of the Fluoroelastomers market dives deep to understand the market scenario in different regions. The market size, share, and value of each regional market is analyzed and presented in the report along with informative tables and figures.
The report offers a clear picture of how the Fluoroelastomers is utilized in various applications. The different applications covered in the report include:
By End-Use Industry
The end-use industry assessment throws light on the consumption of the Fluoroelastomers across various end-use industries including:
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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Important queries addressed in the Fluoroelastomers market report:
- How will the evolving trends impact the growth of the Fluoroelastomers market over the forecast period?
- Which companies are currently dominating the Fluoroelastomers market in terms of market share?
- How can market players capitalize on the lucrative opportunities in Region 1?
- What is the projected growth rate of the Fluoroelastomers market in various regions during the forecast period?
- Is the current market scenario favorable for the growth of new market players?
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