Global Fluorocarbon Elastomers Market Analysis
Global demand for fluorocarbon elastomers (FKM) is driven in large part by the development of the automotive, aerospace and industrial uses and to a lesser degree by other applications like oil & gas, semiconductor. Of the 32,897 tons of FKM consumed in 2017, about 62% was used for automotive applications followed by industrial uses accounting for more than 14% of the total FKM demand. The automotive applications will continue to account for the largest market share during the long-term forecast till 2025.
Asia-Pacific is the biggest market at a global level in 2017 with a consumption of almost 14409 tons accounting for almost 44% of the global fluoroelastomer demand. The region has benefited as some of the automotive and electrical & electronics manufacturing has seen a shift from Western Europe to Asia-Pacific countries like China, India, Vietnam, South Korea, and other southeast Asian countries. Asia-Pacific is estimated to grow at a high CAGR of 4.7% in the long-term forecast until 2025. North America is the second biggest market and the total demand was estimated to be 9076 tons accounting for a share of 28% and is estimated to grow at a high CAGR of 2.6% on account of an increase in automotive, aerospace and recovery in the oil & gas industry. Western Europe fluorocarbon elastomers consumption in 2017 has been estimated at 7895 tons while other regions like Central &Eastern Europe, Central & South America and Middle East & Africa together account for around 5% market share.
Key demand drivers for FKM have been their application in automotive end-use especially, seals & hoses aerospace, industrial, oil & gas & other end-uses. In 2017, automotive applications constituted the largest demand for fluorocarbon elastomer (FKM) accounting for nearly 62% of the total demand followed by industrial applications (including chemicals & petrochemicals and energy & power) accounting for around 14% of the total demand. Aerospace and Oil & gas end-use together accounted for about 20%. The other applications which include semiconductors, food processing, pharmaceuticals and others constituted about 4% of the total demand.
The global fluorocarbon elastomers was valued at USD 1,113 million in 2017 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.
Seals & hoses applications that account for the largest market of fluoroelastomers are expected to maintain their market share till 2025. It is likely to increase its market share marginally while most other major applications are not expected to witness any significant change in their share pattern. FKM consumption in most end-use is expected to grow between 2.4% to 3.8%. The fastest growth is expected in the automotive and aerospace sector. FKM demand for automotive end-use is forecast to grow annually at 3.8%while the same for aerospace has been projected at 3.6%.
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