Press release
Fluorspar Market to hit USD 4 billion by 2024 | By Major Industry Vendors: Mexichem Fluor, Steyuan Mineral Resources Group Ltd, Canada Fluorspar, RUSAL, Groupe Managem
Fluorspar Market
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Increasing aluminum & steel demand, mostly in the developing economies will contribute towards the product industry growth. Aluminum is extensively used in the manufacturing of automobiles and aircrafts. Steady increase in the automobile production in Asian countries coupled with a rising vehicle demand owing to increasing disposable income and GDP growth in emerging economies will fuel aluminum consumption. This will boost the fluorspar demand to be used in the synthesis of aluminum. Rising steel demand from the construction industry will also propel the fluorspar market growth. Fluorite is employed as flux to lower the melting point of raw materials in the steel production process. High growth in the global construction industry coupled with increasing construction of skyscrapers and earthquake resistant buildings will stimulate demand for steel which will augment the fluorite market development in the study period.
Environmental impacts from the usage of chlorofluorocarbons (CFCs), which were one of the most commonly used cooling fluid in refrigerators and air conditioning, will be a major hindrance for the fluorite market development. CFCs pose a significant threat to the atmospheric ozone layer which protects the earth from harmful ultraviolet radiations from the sun. CFCs speeds up the breakdown process of ozone layer leading to higher amounts of ultraviolet radiations which may cause mutations and cancer. This has led to the banning of CFCs in a significant amount of countries around the world. This factor coupled with other issues related to the usage of fluorine compounds may create hindrance to the fluorspar market development in coming years.
The Fluorspar Market is set to grow from its current market value of more than $2 billion to over $4 billion and will exhibit growth by a CAGR of over 4% up to 2024.
Industry Growth drivers –
• Rising hydrofluoric acid demand around the globe
• Rising steel & aluminum production in the Asia Pacific region
Segmentation of Fluorspar Market, Application By Form
• Acidspar
• Aluminum Production
• Steel Production
• Hydrofluoric Acid
• Others
• Metaspar
• Aluminum Production
• Steel Production
• Hydrofluoric Acid
• Others
• Ceramic
• Aluminum Production
• Steel Production
• Hydrofluoric Acid
• Others
• Others
• Aluminum Production
• Steel Production
• Hydrofluoric Acid
The fluorspar market is segmented on the basis of product and application. Among the product segments, metaspar, which contains 60% to 85% calcium fluoride, is predicted to record a valuation above USD 1 billion with a significant growth rate till 2024 owing to its usage in the synthesis of aluminum, steel, iron and others. It acts as flux to remove impurities from molten metal and improves the fluidity.
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The application segmented in fluorspar market is further categorized into steel, hydrofluoric acid, aluminum, and others. Steel production and hydrofluoric acid are the major application segment and both accounts for above 70% of the entire application segment of fluorite market. The product finds its extensive usage as flux component at the time of production of steel as it removes the impurities like phosphorus, sulfur, etc. from steel and makes it fit for construction applications.
Asia Pacific holds a major share in the total fluorspar market and will surpass 60% by the end of the forecast span. Presence of a significantly developing and mature industry using aluminum and steel for various applications is said to augment the product industry in coming years. The region will display growth at a high CAR of close to 8.5% in the coming years. North America and Europe, in combine, will hold a share of close to 25% in the fluorspar market.
Browse Full Report: https://www.gminsights.com/industry-analysis/fluorspar-market
Major players in the fluorspar market include Mexichem Fluor, Centralfluor Industries Group,Inc., Zhejiang Wuyi Shenglong Flotation Co., LTD, MINERSA GROUP, Seaforth Mineral & Ore Co., Kenya Fluorspar Company Ltd., British Fluorspar Ltd, China Kings Resources Group Co.,Ltd., Masan Group, Mongolrostsvetmet LLC., Steyuan Mineral Resources Group Ltd, Ying Peng Chemical Co.,Ltd, Canada Fluorspar, RUSAL, Groupe Managem and others.
Market share calculation in this report is not done based on companies covered in it. The calculation of fluorspar market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
Browse Related Reports:
Fluorochemicals Market Size 2018-2024 Industry Share Forecast Report
Fluorochemicals Market size was over USD 35 billion in 2017 and industry expects consumption of above 4.5 million tons by 2024 and to surpass USD 70 billion by 2024.
Global fluorochemicals market share is competitive and consolidated along with major players including Honeywell, 3M company, Dupont, Daikin Industries, Arkema, Asahi Glass Company, Dongyue Group, Solvay S.A. and Mexichem. Other industry players are Halocarbon Product Corporation and Pelchem.
https://www.gminsights.com/industry-analysis/fluorochemicals-market
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