According to Prismane Consulting's Global Fluoropolymers & Fluoroelastomers market model, utilization rates for Fluoroelastomers globally averaged nearly at about 63% in 2023. The operating rates have declined in comparison to the pre-recession levels as a new global size production capacities came on-stream from 2010 onwards. The demand for fluoroelastomers was affected in 2008-2009 with the market contracting by an average of more than 5%, however, the demand recovered steadily after that and reached its pre-recession level by 2010. In 2010, global demand exhibited strong growth, resulting in an improvement in the global utilization rate to around 70%. The perfluoroelastomers capacities have almost been operating at full rates.
The global fluoroelastomers demand in 2023 was estimated to be about 36420 tons which grew at an aggregate rate of of 3.8% per annum between 2010 and 2023.
Global fluoroelastomers demand is expected to grow to nearly 48172 tons by 2025, with a growth rate of 3.7%.
FKM accounted for the largest share in terms of the overall fluoroelastomers market with a share of more than 90% in 2023. The second biggest demand was for fluoro silicone elastomers (FVMQ) accounting for less than 10% followed by perfluoro elastomers accounting for a very small share of 0.3%.
The global fluorocarbon elastomers was valued at USD 1,113 million in 2023 and is projected to reach USD 1,518 million by 2025, at a CAGR of 3.9%. Increasing demand for turbocharger hoses and oil cooler hoses from automotive manufacturers are expected to fuel the demand for seals & hoses in the automotive industry.
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