At 6.8% CAGR, Europe Fluoroelastomers Market is Projected to be Worth US$ 606.05 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe fluoroelastomers market was valued at US$ 358.75 million in 2022 and is expected to reach US$ 606.05 million by 2030, registering a CAGR of 6.8% from 2022 to 2030. Rising demand for fluoroelastomers in automotive industry and rise in strategic initiatives are among the critical factors attributed to the Europe fluoroelastomers market expansion.

Many manufacturers in the fluoroelastomers market are entering into a partnership with suppliers, logistics companies, and end users to streamline the fluoroelastomer supply chain. Several manufacturers partnered with material science industries for the development of innovative fluoroelastomer formulations with improved properties. The companies also collaborated with research institutes in order to expand fluoroelastomer applications.

Many companies operating in the fluoroelastomers market are focused on developing advanced manufacturing technologies and improving production processes. In 2022, Solvay SA introduced "Tecnoflon" peroxide curable fluoroelastomers, which are manufactured without the use of fluorosurfactant aids. The company also aims to offer a mass sampling of the developed product to enable testing and adoption of the developed non-fluorosurfactant technology. In 2022, The Chemours Company announced its plan to start process innovation for the production of Advanced Polymer Architecture (APA) grade fluoroelastomers-Viton. The developed sustainable process does not involve the utilization of a fluorinated polymerization aid. In April 2023, Freudenberg Sealing Technologies GmbH and Co developed a fluoroelastomer that met all regulatory standards intended for use in the pharmaceutical and, food and beverages industries. The product complies with all the requirements of the European Union as well as the Food and Drug Administration. Therefore, the rise in strategic initiatives by major players creates lucrative opportunities for the fluoroelastomers market growth in the coming years.

On the contrary, environmental regulations and concerns related to fluoroelastomers hamper the growth of Europe fluoroelastomers market.

Based on type, the Europe fluoroelastomers market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. The fluorocarbon elastomers segment held 84.4% share of Europe fluoroelastomers market in 2022, amassing US$ 302.81 million. It is projected to garner US$ 503.85 million by 2030 to expand at 6.6% CAGR during 2022-2030.

In terms of application, the Europe fluoroelastomers market is categorized into O-rings, seals and gaskets, hoses, molded parts, and others. The O-rings segment held 32.9% share of Europe fluoroelastomers market in 2022, amassing US$ 118.15 million. It is projected to garner US$ 214.89 million by 2030 to expand at 7.8% CAGR during 2022-2030.

By end user, the Europe fluoroelastomers market is segmented into automotive, aerospace, oil and gas, semiconductors, energy and power, and others. The automotive segment held 58.7% share of Europe fluoroelastomers market in 2022, amassing US$ 210.42 million. It is projected to garner US$ 370.89 million by 2030 to expand at 7.3% CAGR during 2022-2030.

Based on country, the Europe fluoroelastomers market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 31.2% share of Europe fluoroelastomers market in 2022. It was assessed at US$ 111.87 million in 2022 and is likely to hit US$ 209.51 million by 2030, exhibiting a CAGR of 8.2% during 2022-2030.

Key players operating in the Europe fluoroelastomers market are 3M Company, AGC Inc, Daikin Industries Ltd, Gujarat Fluorochemicals Ltd, HaloPolymer, 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.
  
  
• In April 2021, FLUORSID announced the acquisition of 50% of the shares in CF Carbons, from Fluorchemie Frankfurt. CF Carbons is a leading producer of chlorodifluoromethane (HCFC-22 or, more commonly, R22), with a plant within the Industrial Park Hoechst, at Frankfurt-on-Main, and current production capacity of around 24,000 MT/year. R22 is the main raw material for many fluoropolymers, including - in particular - PTFE and some special Fluoroelastomers.
  
  

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