According to the research report titled ‘Global Fluoroelastomers Market Size study with COVID-19 Impact, by Type (Fluorocarbon, Fluorosilicone and Perfluoroelastomers), by Application (O-rings, Seals & Gaskets, Hoses and Others), by End-Use Industry (Automotive, Aerospace, Chemicals, Oil & Gas, Energy & Power and Pharmaceutical & Food) and Regional Forecasts 2020-2027‘, available with Market Study Report, global fluoroelastomers market was valued at USD 1.6 billion in 2019 and is expected to record a y-o-y growth rate of 2.5% during 2020-2027.
 

Rising demand for fuel-efficient vehicles, strict emission norms in the automotive sector, and expansion of major end-use industries are the primary factors fueling the growth of global fluoroelastomers market.
 

Also, several beneficial properties of fluoroelastomers such as heat and chemical resistance, minimal weathering, along with exceptional sealing and mechanical properties, are contributing to the market growth. Further, its usage for high temperature applications in aerospace, automotive, and oil & gas sector is fueling the global fluoroelastomers industry growth.
 

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In addition, launch of new products and services along with adoption of several strategies by leading players is likely to create opportunities for the industry growth. However, rising environmental concerns is majorly restraining the growth of global fluoroelastomers market. Also, rising prevalence of COVID-19 infection is causing disruptions in the economic activities, reduction in the pace of supply chains, and leading to temporary shutdown of factories, hence negatively impacting the industry growth.
 

In terms of product gamut, global fluoroelastomers industry is bifurcated into perfluoroelastomers, fluorosilicone, and fluorocarbon. Considering the mode of application, the market is divided into hoses, O-rings, seals & gaskets, and others.  Based on end-use scope, the market is fragmented into chemicals, automotive, energy & power, oil & gas, aerospace, and pharmaceutical & food.
 

From a regional frame of reference, worldwide fluoroelastomers market size is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. The report cites that North America market is projected to record significant growth during the study period, mainly due to flourishing automotive, pharmaceutical and food processing verticals in the region. Whereas, Asia-Pacific market is reckoned to amass huge revenues over 2020-2027.
 

Major players operating in global fluoroelastomers industry sphere include The Chemours Company, Shandong Dongyue Group, 3M Company, Daikin Industries Ltd., Gujarat Fluorochemicals Ltd., Solvay S.A., HaloPolymer, OJSC, AGC Inc. (formerly Asahi Glass Co., Ltd.), Airboss of America Corp., and Shin-Etsu Chemical Co. Ltd.