Market Trends of Fluorosilicone Industry
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 exhaust gas, O-ring gaskets, and electric connectors in airplanes.
- 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 a good compression set and resilience properties that are suitable for exposure to air, sunlight, and ozone.
- According to the International Air Transport Association (IATA), the global revenue for commercial airlines was valued at USD 727 billion in 2022, registering a growth rate of 43.6% Y-o-Y. Furthermore, the revenue is expected to reach USD 779 billion by the end of 2023. Such factors are likely to increase the demand for flexible hoses as aerospace parts manufacturing will grow in the future.
- According to the Boeing Commercial Outlook 2023-2042, the demand for new commercial jets by 2042 is expected to reach 42,595 units, valued at USD 8 trillion. The global fleet will nearly double to 48,600 jets by 2042, expanding by 3.5% annually. Airlines will replace about half of the global fleet with new, more fuel-efficient models.
- North America accounts for the largest share with 9,250 deliveries, followed by Eurasia and China, with the total deliveries of new airplanes estimated to be 9,645 units by 2042, indicating rising demand from the industry.
- Furthermore, according to the Stockholm International Peace Research Institute (SIPRI), the total global military expenditure increased by 6.01% to USD 2,240 billion in 2022 compared to 2021. Moreover, the five largest spenders in 2022 were the United States, China, Russia, India, and Saudi Arabia, accounting for 63% of expenditure.
- All the factors above are expected to drive the fluorosilicone market during the forecast period.
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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.
- The United States led the ranking of countries with the highest military spending in 2022, with USD 877 billion dedicated to the military. Moreover, according to the US Congressional Budget Office, the outlays for defense will rise from USD 746 billion in 2022 to USD 1.1 trillion by 2033. Rising military and defense expenditures are expected to support the demand for fluorosilicone from defense applications.
- According to the Aerospace Industries Association of Canada (AIAC), the aerospace sector contributed USD 27 billion to the country’s GDP in 2022. The Canadian aerospace manufacturing industry exported nearly USD 18.7 billion.
- In North America, according to the OICA, automotive production in 2022 accounted for 14.79 units, an increase of 9.88% compared to the production in 2021, which was reportedly 13.47 units.
- The United States was the second-largest automotive manufacturer after China and produced 10.06 million vehicles in 2022, registering a growth of 10% compared to production in 2021. The country produced 1.75 million cars and 8.3 million commercial vehicles in 2022.
- 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 the easy availability of raw materials, and the cost of setting up a manufacturing unit is low in this region.
- Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.
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