Fluoroelastomers (FKM) Market Overview
The report on the fluoroelastomers market is a comprehensive study and presentation of drivers' opportunities, growth factors, market size, forecasts, and trends in the fluoroelastomers market over the period of 2022 to 2030. Moreover, the report is a collective presentation of primary and secondary research findings.
The Fluorochemicals Market would reach a valuation of USD 36,755.7 Mn by 2030 with a CAGR of 6.1% encompassing a forecast period of 2022 to 2030. Market Research Future (MRFR), in their latest reports, disclosed factors that can show a path in the coming days for progress. Fluorochemicals are getting traction mostly from the refrigerant sections as it is needed in both HVAC systems and refrigerators. The former would get backed by rising demand from both commercial and residential projects. In the food & beverage storage process, these components are going to impact remarkably. Its growth would be substantial with the automotive industry. But protocols are getting implemented across the globe regarding various emissions, which can prevent market growth.
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The fluorochemicals have been studied on the basis of an effective segmentation used by MRFR for the market study. This segmentation includes type, application, and end-user.
By type, the report on the fluorochemicals can be segmented on the basis of fluoroelastomers, fluorocarbons, elemental fluorine, inorganics & specialties, fluoropolymers, and fluoropolymer additives. The fluorocarbon segment has the maximum market share and its growth would touch 5.90% CAGR over the forecast period. It is also segmented into HFC, hydrochlorofluorocarbons (HCFC), and hydro-fluoro olefins. The fluoropolymer segment would record 6.7% CAGR, the highest among all.
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By application, the report on the fluorochemicals market includes refrigeration, blowing agents, films, tubing, paint strippers, aluminum production, and others. The refrigeration segment has 37% coverage of the market and the valuation is USD 9631.5 million, which could go up to USD 14065 million by 2023.
By end user industries, the report on the fluorochemicals market can be segmented into pharmaceutical, automotive & transportation, electrical & electronics, chemical processing, consumer goods, construction, and industrial equipment.
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The global fluorochemicals market is getting backed by the rising demand for such components in the automotive industry. In the Asia Pacific region, this automotive industry is booming and its impact is substantial on the regional fluorochemicals market. The market would reach a valuation of around USD 16,298.5 million by the end of the forecast period. In addition, its inclusion in the water filtration system and application in the renewable sources of energy would develop better market percolation opportunities. India and China are expected to ensure that the market grows with the perfect speed.
Commercial industries and automotive sectors are expected to ensure the growth rate of the fluorochemicals market in Europe and North America. In North America, the growth would be backed by the US, whereas, Germany would lead the European fluorochemicals market. But both these markets may find some obstacles in the shape of strict environmental regulations.
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There are several factors that would assist companies like 3M, The Chemours Company, KUREHA Corporation, Solvay, DowDuPont, Arkema, Fluorsid SpA, Halocarbon Products Corporation, Daikin Industries Ltd., SRF limited, Gujarat Fluorochemicals Ltd., and Alufluor AB in stepping ahead with their tactical resolutions. Their effective measures like mergers, acquisitions, collaborations, and others would help the global fluorochemicals market grow.
In February 2020, reports regarding the impact of coronavirus came out and it showed chances of losing revenues. Various Indian fluorochemicals market are expecting a substantial loss. With two major countries like China and India, witnessing a slump in the market, the Asia Pacific region may not end on a high note.
In January 2020, Navin Fluorine International released details regarding their Quarter 3 income from the market, which is showing a notable rise in the company’s income.
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