Global Fluoroelastomers Market Likely to Inflict Positive Growth Trend by 2029

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ROCKVILLE, Md. - Sept. 18, 2019 - PRLog -- 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. The growth can be attributed to the developments in the automotive industry, replacement of old non-fluoroelastomers material in the 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.

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.

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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. 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.

Preview Analysis of Global Fluoroelastomers Market research report Segmented By Type (FKM Fluoroelastomers, FMVQ Fluoroelastomers, FFKM Fluoroelastomers), By Applications -

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.
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