At 5.6% CAGR, Asia Pacific Fluoroelastomers Market is Projected to be Worth US$ 1,239.52 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific fluoroelastomers market was valued at US$ 798.83 million in 2022 and is expected to reach US$ 1,239.52 million by 2030, registering a CAGR of 5.6% from 2022 to 2030. Rising demand for fluoroelastomers in the automotive industry and growing oil and gas industry are among the critical factors attributed to the Asia Pacific fluoroelastomers market expansion.

Many processes involved in the oil and gas industry require high temperature and pressure and various chemicals. Fluoroelastomers withstand harsh chemical exposure and offer retention of critical properties under extreme conditions. Hence, fluoroelastomers are used in drilling equipment, pipeline systems, seals, and gaskets in the oil and gas sector. Moreover, the use of fluoroelastomers reduces operational costs and downtime in the oil and gas industry. Fluoroelastomers maintain overall operational efficiencies and offer protection against operational failures.

According to statistics from the Global Oil Infrastructure Tracker's 2023 annual survey, there are currently 9,100 km of oil transmission pipes being constructed worldwide, and another 21,900 km are planned. Capital investment for these pipelines under development is estimated at US$ 131.9 billion.

The demand for oil and gas is increasing in Asia Pacific. According to the International Energy Agency, global oil demand rebounded in 2021, and Asia is expected to account for 77% of oil demand by 2025. Asian oil import requirements are expected to surpass 31 million barrels per day by 2025. Governments of various countries in Asia Pacific have initiated projects to cater to the rising demand for oil and gas in the region. For instance, in April 2023, Asia's largest underwater hydro-carbon pipeline, below the river Brahmaputra connecting Jorhat and Majuli in Assam, India, was completed by the Indradhanush Gas Grid Limited (IGGL). Therefore, the growth of the oil and gas industry contributes to the rise in oil and gas projects, which drives the demand for fluoroelastomers across the region.

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

Based on type, the Asia Pacific fluoroelastomers market is segmented into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. The fluorocarbon elastomers segment held 81.3% share of Asia Pacific fluoroelastomers market in 2022, amassing US$ 649.28 million. It is projected to garner US$ 990.24 million by 2030 to expand at 5.4% CAGR during 2022-2030.

In terms of application, the Asia Pacific fluoroelastomers market is categorized into O-rings, seals and gaskets, hoses, molded parts, and others. The O-rings segment held 33.2% share of Asia Pacific fluoroelastomers market in 2022, amassing US$ 265.45 million. It is projected to garner US$ 442.32 million by 2030 to expand at 6.6% CAGR during 2022-2030.

By end user, the Asia Pacific fluoroelastomers market is segmented into automotive, aerospace, oil and gas, semiconductors, energy and power, and others. The automotive segment held 61.0% share of Asia Pacific fluoroelastomers market in 2022, amassing US$ 487.29 million. It is projected to garner US$ 783.70 million by 2030 to expand at 6.1% CAGR during 2022-2030.

Based on country, the Asia Pacific fluoroelastomers market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 54.9% share of Asia Pacific fluoroelastomers market in 2022. It was assessed at US$ 438.91 million in 2022 and is likely to hit US$ 664.88 million by 2030, exhibiting a CAGR of 5.3% during 2022-2030.

Key players operating in the Asia Pacific fluoroelastomers market are 3M Company, AGC Inc, Daikin Industries Ltd, Gujarat Fluorochemicals Ltd, Shandong Huaxia Shenzhou New Material Co Ltd, Shin-Etsu Chemical Co Ltd, Solvay SA, and The Chemours Co, among others.


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