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North America Fluoroelastomers Market Forecast to 2030
North 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)
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Description
Rising Demand for Fluoroelastomers in Automotive Industry Fuels North America Fluoroelastomers Market
Fluoroelastomers are used in a wide range of applications in the automotive industry. It is used in fuel system components, seals, gaskets, and hoses due to its high resistance to heat, chemicals, and fuels. According to a report published by the ACEA, global passenger car production accounted for 68 million units in 2022, a rise of 7.9% compared to 2021. According to the report released by the European Automobile Manufacturers’ Association (ACEA) in January 2023, car production in North America increased by 10.3%, reaching 10.4 million units in 2022 compared to 2021.
Further, major automotive companies are strengthening their production capacities and emphasizing advancement in automotive technologies. Automotive manufacturers focus on decreasing the size of powertrains, engines, and engine compartments to reduce fuel consumption, in addition to the development of electric vehicles. The advancement in air management systems increases the temperature of components and exposes them to corrosive fluids and fumes. The heat and chemical-resistant properties of fluoroelastomers offer a wide range of applications in fuel systems, air management systems, and electric vehicle systems. Thus, the rising demand for high-performance materials in the automotive industry drives the fluoroelastomers market.
North America Fluoroelastomers Market Overview
In North America, passenger vehicles are the most common mode of transportation, and their use is increasing with the rise in per capita income. Fluoroelastomers are known for their exceptional resistance to heat, chemicals, and fuels, making them ideal for critical components like gaskets, seals, and hoses. According to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in North America increased by 10%, from ~13.5 million in 2021 to 14.8 million vehicles in 2022. As the automotive industry continues to evolve and innovate, these high-performance materials are increasingly in demand, contributing to market growth.
According to the International Energy Agency, electric car sales accounted for 630,000 in 2021. In addition, according to the International Energy Agency, between August 2022 (when the Inflation Reduction Act was passed) and March 2023, major electric vehicle and battery makers announced investments totaling a minimum of US$ 52 billion in electric vehicle supply chains in North America. Fluoroelastomers are employed in the manufacturing of critical components in battery systems and electric powertrains. These components often operate at high temperatures and come into contact with aggressive chemicals. Fluoroelastomers are highly resilient in such conditions, ensuring the longevity and safety of EV systems. Their ability to provide robust seals and gaskets for battery enclosures, connectors, and various electrical connections are vital in maintaining the reliability and safety of electric vehicles. The increasing investment from major players, such as General Motors and Tesla, Inc., in the region is boosting the market growth.
Foreign automotive manufacturers are expected to be involved in a part of the mainstream automotive industry in North America to increase their market share, which is expected to benefit the demand for fluoroelastomers.
Furthermore, fluoroelastomers are valued for their ability to perform under extreme conditions, making them essential for critical applications in the aerospace industry. Governments of various countries in North America have significantly invested in technology and research programs in the aerospace sector. For instance, according to the USAFacts, ~41% of federal transportation and infrastructure spending was on highway transportation, and 19% was for rail and mass transit in 2021. The region is a hub for a few major aircraft manufacturing companies, such as Raytheon Technologies Corporation, The Boeing Company, and The Lockheed Martin Corporation. Therefore, the growing aerospace manufacturing in the region is expected to boost the fluoroelastomers market growth.
North America Fluoroelastomers Market Revenue and Forecast to 2030 (US$ Million)
North America Fluoroelastomers Market Segmentation
The North America fluoroelastomers market is segmented into type, application, end user, and country.
Based on type, the North America fluoroelastomers market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. The fluorocarbon elastomers segment held the largest share of the North America fluoroelastomers market in 2022.
In terms of application, the North America fluoroelastomers market is categorized into O-rings, seals and gaskets, hoses, molded parts, and others. The O-rings segment held the largest share of the North America fluoroelastomers market in 2022.
By end user, the North America fluoroelastomers market is segmented into automotive, aerospace, oil and gas, semiconductors, energy and power, and others. The automotive segment held the largest share of the North America fluoroelastomers market in 2022.
Based on country, the North America fluoroelastomers market is categorized into the US, Canada, and Mexico. The US dominated the North America fluoroelastomers market in 2022.
3M Company, AGC Inc, Daikin Industries Ltd, Eagle Elastomer Inc, Gujarat Fluorochemicals Ltd, Shin-Etsu Chemical Co Ltd, Solvay SA, and The Chemours Co are some of the leading companies operating in the North America fluoroelastomers market.
Summary Info
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According to the Research Team’ research, the North America fluoroelastomers market was valued at US$ 298.19 million in 2022 and is expected to reach US$ 484.92 million by 2030, registering a CAGR of 6.3% from 2022 to 2030. Rising demand for fluoroelastomers in automotive industry and research related to fluoroelastomer recycling are among the critical factors attributed to the North 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 North America fluoroelastomers market.
Based on type, the North America fluoroelastomers market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. The fluorocarbon elastomers segment held 81.1% share of North America fluoroelastomers market in 2022, amassing US$ 241.97 million. It is projected to garner US$ 387.36 million by 2030 to expand at 6.1% CAGR during 2022-2030.
In terms of application, the North America fluoroelastomers market is categorized into O-rings, seals and gaskets, hoses, molded parts, and others. The O-rings segment held 32.5% share of North America fluoroelastomers market in 2022, amassing US$ 96.82 million. It is projected to garner US$ 169.24 million by 2030 to expand at 7.2% CAGR during 2022-2030.
By end user, the North America fluoroelastomers market is segmented into automotive, aerospace, oil and gas, semiconductors, energy and power, and others. The automotive segment held 60.0% share of North America fluoroelastomers market in 2022, amassing US$ 179.06 million. It is projected to garner US$ 301.80 million by 2030 to expand at 6.7% CAGR during 2022-2030.
Based on country, the North America fluoroelastomers market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 68.7% share of North America fluoroelastomers market in 2022. It was assessed at US$ 204.87 million in 2022 and is likely to hit US$ 338.56 million by 2030, exhibiting a CAGR of 6.5% during 2022-2030.
Key players operating in the North America fluoroelastomers market are 3M Company, AGC Inc, Daikin Industries Ltd, Eagle Elastomer Inc, Gujarat Fluorochemicals Ltd, Shin-Etsu Chemical Co Ltd, Solvay SA, and The Chemours Co, among others.
In September 2023, AGC Chemicals Americas Inc added two new grades to its line of perfluoroelastomers. AFLAS FFKM PM-5000 and FFKM PM-5500 perfluorinated elastomers can be used for semiconductor plasma process applications due to their high temperature durability beyond 300°C and excellent resistance to O2 and NF3 plasma.
In June 2022, Solvay introduced a new portfolio of high-performance Tecnoflon peroxide curable fluoroelastomers (FKM) produced without the use of fluorosurfactants.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America Fluoroelastomers Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
2.2.1 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Fluoroelastomers Market Landscape
4.1 Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. North America Fluoroelastomers Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand for Fluoroelastomers in Automotive Industry
5.1.2 Growing Oil and Gas Industry
5.2 Market Restraints
5.2.1 Environmental Regulations and Concerns Related to Fluoroelastomers
5.3 Market Opportunities
5.3.1 Rise in Strategic Initiatives by Major Market Players
5.4 Future Trends
5.4.1 Research Related to Fluoroelastomer Recycling
5.5 Impact Analysis
6. Fluoroelastomers Market – North America Market Analysis
6.1 North America Fluoroelastomers Market Volume (Tons)
6.2 North America Fluoroelastomers Market Revenue (US$ Million)
6.3 North America Fluoroelastomers Market Forecast and Analysis
7. North America Fluoroelastomers Market Analysis – Type
7.1 Fluorocarbon Elastomers
7.1.1 Overview
7.1.2 Fluorocarbon Elastomers Market Volume, Revenue and Forecast to 2030 (Tons) (US$ Million)
7.2 Fluorosilicone Elastomers
7.2.1 Overview
7.2.2 Fluorosilicone Elastomers Market Volume, Revenue and Forecast to 2030 (Tons) (US$ Million)
7.3 Perfluorocarbon Elastomers
7.3.1 Overview
7.3.2 Perfluorocarbon Elastomers Market Volume, Revenue and Forecast to 2030 (Tons) (US$ Million)
8. North America Fluoroelastomers Market Analysis – Application
8.1 O-Rings
8.1.1 Overview
8.1.2 O-Rings Market, Revenue and Forecast to 2030 (US$ Million)
8.2 Seals and Gaskets
8.2.1 Overview
8.2.2 Seals and Gaskets Market Revenue and Forecast to 2030 (US$ Million)
8.3 Hoses
8.3.1 Overview
8.3.2 Hoses Market Revenue and Forecast to 2030 (US$ Million)
8.4 Molded Parts
8.4.1 Overview
8.4.2 Molded Parts Market Revenue and Forecast to 2030 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others Market Revenue and Forecast to 2030 (US$ Million)
9. North America Fluoroelastomers Market Analysis – End User
9.1 Automotive
9.1.1 Overview
9.1.2 Automotive Market, Revenue and Forecast to 2030 (US$ Million)
9.2 Aerospace
9.2.1 Overview
9.2.2 Aerospace Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Oil and Gas
9.3.1 Overview
9.3.2 Oil and Gas Market, Revenue and Forecast to 2030 (US$ Million)
9.4 Semiconductors
9.4.1 Overview
9.4.2 Semiconductors Market, Revenue and Forecast to 2030 (US$ Million)
9.5 Energy and Power
9.5.1 Overview
9.5.2 Energy and Power Market, Revenue and Forecast to 2030 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others Market, Revenue and Forecast to 2030 (US$ Million)
10. North America Fluoroelastomers Market – Country Analysis
10.1 North America
10.1.1 North America Fluoroelastomers Market Revenue and Forecasts and Analysis – By Countries
10.1.1.1 North America Fluoroelastomers Market Breakdown by Country
10.1.1.2 US Fluoroelastomers Market Volume and Forecasts to 2030 (Tons)
10.1.1.3 US Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million)
10.1.1.3.1 US Fluoroelastomers Market Breakdown by Type
10.1.1.3.2 US Fluoroelastomers Market Breakdown by Type
10.1.1.3.3 US Fluoroelastomers Market Breakdown by Application
10.1.1.3.4 US Fluoroelastomers Market Breakdown by End User
10.1.1.4 Canada Fluoroelastomers Market Volume and Forecasts to 2030 (Tons)
10.1.1.5 Canada Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million)
10.1.1.5.1 Canada Fluoroelastomers Market Breakdown by Type
10.1.1.5.2 Canada Fluoroelastomers Market Breakdown by Type
10.1.1.5.3 Canada Fluoroelastomers Market Breakdown by Application
10.1.1.5.4 Canada Fluoroelastomers Market Breakdown by End User
10.1.1.6 Mexico Fluoroelastomers Market Volume and Forecasts to 2030 (Tons)
10.1.1.7 Mexico Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million)
10.1.1.7.1 Mexico Fluoroelastomers Market Breakdown by Type
10.1.1.7.2 Mexico Fluoroelastomers Market Breakdown by Type
10.1.1.7.3 Mexico Fluoroelastomers Market Breakdown by Application
10.1.1.7.4 Mexico Fluoroelastomers Market Breakdown by End User
11. Industry Landscape
11.1 Overview
11.2 New Product Development
11.3 Merger and Acquisition
12. Company Profiles
12.1 The Chemours Co
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 AGC Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 3M Company
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Solvay SA
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Daikin Industries Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Gujarat Fluorochemicals Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Shin-Etsu Chemical Co Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Eagle Elastomer Inc
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About the Research Team
LIST OF TABLES
Table 2. List of Vendors in the Value Chain
Table 3. North America Fluoroelastomers Market Volume and Forecasts to 2030 (Tons)
Table 4. North America Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million)
Table 5. North America Fluoroelastomers Market Volume and Forecasts to 2030 (Tons) – Type
Table 6. North America Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 7. North America Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 8. North America Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – End User
Table 9. US Fluoroelastomers Market Volume and Forecasts to 2030 (Tons) – by Type
Table 10. US Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by Type
Table 11. US Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by Application
Table 12. US Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by End User
Table 13. Canada Fluoroelastomers Market Volume and Forecasts to 2030 (Tons) – by Type
Table 14. Canada Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by Type
Table 15. Canada Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by Application
Table 16. Canada Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by End User
Table 17. Mexico Fluoroelastomers Market Volume and Forecasts to 2030 (Tons) – by Type
Table 18. Mexico Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by Type
Table 19. Mexico Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by Application
Table 20. Mexico Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million) – by End User
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LIST OF FIGURES
Figure 2. Porter’s Five Forces Analysis
Figure 3. Ecosystem: Fluoroelastomers Market
Figure 4. Market Dynamics: North America Fluoroelastomers Market
Figure 5. North America Fluoroelastomers Market Impact Analysis of Drivers and Restraints
Figure 6. North America Fluoroelastomers Market Volume (Tons), 2020 – 2030
Figure 7. North America Fluoroelastomers Market Revenue (US$ Million), 2020 – 2030
Figure 8. North America Fluoroelastomers Market Share (%) – Type, 2022 and 2030
Figure 9. Fluorocarbon Elastomers Market Volume and Forecasts to 2030 (Tons)
Figure 10. Fluorocarbon Elastomers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Fluorosilicone Elastomers Market Volume and Forecasts to 2030 (Tons)
Figure 12. Fluorosilicone Elastomers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Perfluorocarbon Elastomers Market Volume and Forecasts to 2030 (Tons)
Figure 14. Perfluorocarbon Elastomers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. North America Fluoroelastomers Market Share (%) – Application, 2022 and 2030
Figure 16. O-Rings Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Seals and Gaskets Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Hoses Market Revenue and Forecasts to 2030 (US$ Million)
Figure 19. Molded Parts Market Revenue and Forecasts to 2030 (US$ Million)
Figure 20. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 21. North America Fluoroelastomers Market Share (%) – End User, 2022 and 2030
Figure 22. Automotive Market Revenue and Forecasts to 2030 (US$ Million)
Figure 23. Aerospace Market Revenue and Forecasts to 2030 (US$ Million)
Figure 24. Oil and Gas Market Revenue and Forecasts to 2030 (US$ Million)
Figure 25. Semiconductors Market Revenue and Forecasts to 2030 (US$ Million)
Figure 26. Energy and Power Market Revenue and Forecasts to 2030 (US$ Million)
Figure 27. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 28. North America Fluoroelastomers Market, By Key Country – Revenue (2022) (US$ Million)
Figure 29. North America Fluoroelastomers Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 30. US Fluoroelastomers Market Volume and Forecasts to 2030 (Tons)
Figure 31. US Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 32. Canada Fluoroelastomers Market Volume and Forecasts to 2030 (Tons)
Figure 33. Canada Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 34. Mexico Fluoroelastomers Market Revenue and Forecasts to 2030 (Tons)
Figure 35. Mexico Fluoroelastomers Market Revenue and Forecasts to 2030 (US$ Million)
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1. 3M Company
2. AGC Inc
3. Daikin Industries Ltd
4. Eagle Elastomer Inc
5. Gujarat Fluorochemicals Ltd
6. Shin-Etsu Chemical Co Ltd
7. Solvay SA
8. The Chemours Co
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