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The fluorosilicone market is forecasted to register a CAGR of over 4% during the forecast period. The major factors driving the growth of the market is the extensive use of fluorosilicones, in manufacturing sealing systems for the defense and aerospace sector. Additionally, growing applications in the oil and gas industry are also driving the market studied. On the flipside, the slowdown in global automotive production is hindering the growth of the market.
– The aerospace and defense industry is expected to dominate the market studied, owing to the increasing applications of fluorosilicones.
– The North American region is expected to dominate the market because of the cheap availability of raw material, growth in the defense and aerospace sector, and the growing oil and gas industry in the area.
Aerospace and Defense Sector to Boost the Market
– Fluorosilicones are widely used in aerospace fuel systems, for sealing the systems for a wide range of temperatures and for manufacturing defense components. Due to their superior properties such as high and low heat resistance, fuel and petrochemical resistance, and chemical inertness, they find their various applications.
– Apart from being primarily used in fuel systems for static sealing applications, it is also used in pipes for recycling of exhaust gas, O-ring gaskets, and electric connectors in airplanes.
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– Estimates suggest that commercial airlines around the world are projected to generate a combined revenue of around USD 872 billion in 2020. In fact, Boeing, which is the world’s biggest manufacturer in the aviation sector, generated total revenue of USD 92.3 billion for the fiscal year of 2019.
– Fluorosilicone rubbers are considered suitable for aerospace applications because they can also sustain low temperatures up to −70 °C. These polymers have unique properties which include good compression set and resilience properties that are suitable for exposure to air, sunlight and ozone.
– All the aforementioned factors are expected to drive the fluorosilicone market during the forecast period.
North America to Dominate the Market
– North America is the dominating market for fluorosilicone, due to the presence of a gigantic aviation industry in the region, where the material finds wide applications. Their superior properties such as jet fuel resistance, low and high heat resistance, and chemical inertness make them the most suitable polymer for use.
– Raw materials for fluorosilicone are easily available with the cost being comparatively low across the region.
– It is also predicted to be the fastest-growing market for fluorosilicone during the forecast period owing to the reasons such as easy availability of raw material and the cost for setting up a manufacturing unit is low in this region.
– In the aviation sector, major revenue-generating nations in the North America region are the United States and Canada, calculating a total of USD 432.4 billion amongst them, which is around 60% of the total global revenue.
– Total number of vehicles manufactured in United States is estimated to be 10.88 million units in 2019. – In 2019, average petroleum consumption of United States was about 20 million barrels per day and their production capacity was around 12.45 million barrels per day.
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– Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.
The global fluorosilicone market is fragmented. Some of the companies operating in the market are Dow, Marco Rubber & Plastics LLC, James Walker, Shin-Etsu Chemical Co. Ltd, and Wacker Chemie AG.
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