Report : South & Central America Fluoroelastomers Market Forecast to 2030 - Regional Analysis - by Type (Fluorocarbon Elastomers, Fluorosilicone Elastomers, and Perfluorocarbon Elastomers), Application (O-Rings, Seals and Gaskets, Hoses, Molded Parts, and Others), and End User (Automotive, Aerospace, Oil and Gas, Semiconductors, Energy and Power, and Others)
At 5.3% CAGR, South & Central America Fluoroelastomers Market is Projected to be Worth US$ 124.17 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America fluoroelastomers market was valued at US$ 81.87 million in 2022 and is expected to reach US$ 124.17 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Rising demand for fluoroelastomers in the automotive industry and research related to fluoroelastomer recycling are among the critical factors attributed to the South & Central America fluoroelastomers market expansion.
Fluoroelastomers are used in the production of gaskets, seals, and other components, offering a barrier against harsh chemicals and fluids under severe service conditions. However, disposal of fluoroelastomers at the end of their life cycle can be challenging.
Recycling initiatives by scientists can help reduce fluoroelastomer waste and limit the need for virgin materials. A few properties of fluoroelastomer such as durability and chemical resistance make recycling a challenging aspect; however, there are several approaches and ongoing research pertaining to fluoroelastomer recycling. Mechanical recycling involves the grinding of fluoroelastomers into small particles; but this method is not suitable for all fluoroelastomers as it hampers material properties, preventing them from being used again. In 2022, researchers at the University of Applied Sciences Kaiserslautern (Germany) studied recycling methods for fluoroelastomers and "green cross-linking strategy." Ongoing research on various fluoroelastomer recycling methods includes chemical recycling, pyrolysis, and solvent-based recycling. Fluoroelastomer seals and gaskets are studied for reclamation and reutilization in cases where it has not undergone significant degradation. Thus, ongoing research for fluoroelastomer recycling offers potential opportunities for the major players operating in the fluoroelastomers market during the forecast period.
On the contrary, environmental regulations and concerns related to fluoroelastomers hamper the growth of South & Central America fluoroelastomers market.
Based on type, the South & Central America fluoroelastomers market is categorized into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. The fluorocarbon elastomers segment held 83.0% share of the South & Central America fluoroelastomers market in 2022, amassing US$ 67.96 million. It is projected to garner US$ 101.34 million by 2030 to expand at 5.1% CAGR during 2022-2030.
In terms of application, the South & Central America fluoroelastomers market is segmented into O-rings, seals and gaskets, hoses, molded parts, and others. The O-rings segment held 33.2% share of South & Central America fluoroelastomers market in 2022, amassing US$ 27.18 million. It is projected to garner US$ 44.29 million by 2030 to expand at 6.3% CAGR during 2022-2030.
By end user, the South & Central America fluoroelastomers market is categorized into automotive, aerospace, oil and gas, semiconductors, energy and power, and others. The automotive segment held 57.1% share of South & Central America fluoroelastomers market in 2022, amassing US$ 46.74 million. It is projected to garner US$ 74.33 million by 2030 to expand at 6.0% CAGR during 2022-2030.
Based on country, the South & Central America fluoroelastomers market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 77.8% share of South & Central America fluoroelastomers market in 2022. It was assessed at US$ 63.71 million in 2022 and is likely to hit US$ 98.17 million by 2030, exhibiting a CAGR of 5.6% during 2022-2030.
Key players operating in the South & Central America fluoroelastomers market are 3M Company, AGC Inc, Daikin Industries Ltd, Shin-Etsu Chemical Co Ltd, Solvay SA, and The Chemours Co, among others.
- In June 2022, Solvay introduced a new portfolio of high-performance Tecnoflon peroxide curable fluoroelastomers (FKM) produced without the use of fluorosurfactants.
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