At 4.6% CAGR, Middle East & Africa Fluoroelastomers Market is Projected to be Worth US$ 69.19 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa fluoroelastomers market was valued at US$ 48.43 million in 2022 and is expected to reach US$ 69.19 million by 2030, registering a CAGR of 4.6% 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 Middle East & Africa fluoroelastomers market expansion.

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 OICA, total vehicle production in Africa reached over 1 million units in 2022, representing a Y-o-Y increase of 13% from 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.

On the contrary, Environmental Regulations and Concerns Related to Fluoroelastomers hamper the growth of Middle East & Africa fluoroelastomers market.

Based on type, the Middle East & Africa fluoroelastomers market is categorized into fluorocarbon elastomers, fluorosilicone elastomers, and perfluorocarbon elastomers. The fluorocarbon elastomers segment held 88.0% share of the Middle East & Africa fluoroelastomers market in 2022, amassing US$ 42.60 million. It is projected to garner US$ 59.94 million by 2030 to expand at 4.4% CAGR during 2022-2030.

In terms of application, the Middle East & Africa fluoroelastomers market is segmented into O-rings, seals and gaskets, hoses, molded parts, and others. The O-rings segment held 32.4% share of Middle East & Africa fluoroelastomers market in 2022, amassing US$ 15.68 million. It is projected to garner US$ 24.08 million by 2030 to expand at 5.5% CAGR during 2022-2030.

Based on end user, the Middle East & Africa fluoroelastomers market is categorized into automotive, aerospace, oil and gas, semiconductors, energy and power, and others. The automotive segment held 57.5% share of Middle East & Africa fluoroelastomers market in 2022, amassing US$ 27.85 million. It is projected to garner US$ 41.87 million by 2030 to expand at 5.2% CAGR during 2022-2030.

Based on country, the Middle East & Africa fluoroelastomers market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 40.7% share of Middle East & Africa fluoroelastomers market in 2022. It was assessed at US$ 19.71 million in 2022 and is likely to hit US$ 29.30 million by 2030, exhibiting a CAGR of 5.1% during 2022-2030.

Key players operating in the Middle East & Africa fluoroelastomers market are 3M Company, AGC Inc, Daikin Industries 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.
  
  

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com