Fluoroelastomers Market Scope And Analysis

Fluoroelastomers Market Report Scope

IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

Before the COVID-19 pandemic, many countries across the globe reported economic growth. The key manufacturers invested in the research and development of fluoroelastomers. They also focused on expanding geographic reach through mergers and acquisitions to cater to a broad customer base. Before the COVID-19 pandemic, the fluoroelastomers market reported steady growth due to increasing demand from the automotive industry. As per the US International Trade Commission (USITC), vehicle sales in the US decreased by 15% in 2020 compared to 2019, owing to the high vulnerability of the automotive industry. During the pandemic, supply chain disruptions, raw material and labor shortages, and operational difficulties created a demand and supply gap, adversely affecting the growth of the chemicals and materials industry. Manufacturers reported challenges in sourcing raw materials and ingredients from suppliers, impacting the production rate of fluoroelastomers.

Further, disruption in supply chains and shortage of skilled labor reduced production and created a demand-supply gap in many regions, particularly Asia Pacific, Europe, and North America. The demand and supply gap was also recorded in several regions due to fluctuating demand from the automotive industry. In 2021, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for the chemicals & materials industry. The sales of fluoroelastomers increased with the resumption of production & sales operations of companies operating in the automotive industry. The increasing demand for high-quality sealing solutions and gasket materials in these industries has propelled the fluoroelastomers market growth.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

The Chemours Co, AGC Inc, 3M Co, Solvay SA, Daikin Industries Ltd, Shandong Huaxia Shenzhou New Material Co Ltd, Gujarat Fluorochemicals Ltd, Shin-Etsu Chemical Co Ltd, HaloPolymer, and Eagle Elastomer Inc are among the key players operating in the fluoroelastomers market.