Fluorspar Market Key Players are Mexichem, Seaforth Mineral Inc., Masan Group, Canada Fluorspar Inc., Groupe Managem

Global Fluorspar Market to surpass USD 4 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.

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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.

Based on products, fluorspar market is segmented as acidspar, metspar, ceramic, and others. Considering volume, acidspar segment holds the highest market share, as acidspar with the help of sulfuric acid it is mainly converted into hydrofluoric acid. This hydrofluoric acid is further used for the manufacturing of synthetic cryolites and organofluorides. Moreover, considering revenue, the segment is said to grow at the highest rate of over 8% CAGR in the next seven years.

Acidspar and metspar together are account for over 95% of the global fluorspar market share. Metspar being the second largest segment in the global product industry is said to surpass USD 1 billion by the end of the forecast time frame. The ceramic segment will exhibit growth with a CAGR of close to 7.5% by the end of 2024.

On the basis of application, the fluorspar market is segmented into four major segments mainly, aluminum production, steel production, hydrofluoric acid, and others. With a highest share in the fluorspar market, hydrofluoric acid segment is said to surpass USD 2 billion by the end of the forecast period. Moreover, the segment is said to grow at a highest CAGR of close to 8% in the next seven years.

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Fluorspar Market, Product by Application
• Acidspar
o Aluminum Production
o Steel Production
o Hydrofluoric Acid
o Others
• Metaspar
o Aluminum Production
o Steel Production
o Hydrofluoric Acid
o Others
• Ceramic
o Aluminum Production
o Steel Production
o Hydrofluoric Acid
o Others
• Others
o Aluminum Production
o Steel Production
o Hydrofluoric Acid
o Others

Fluorspar Market by Application
• Aluminum Production
• Steel Production
• Hydrofluoric Acid
• Others

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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.

Prominent players operating in the fluorspar market include Zhejiang Wuyi Shenglong Flotation, Centralfluor Industries Group, Mexichem, British Fluorspar, Kenya Fluorspar Company, Seaforth Mineral, RUSAL, China Kings Resources Group, Minersa Group, Groupe Managem, Canada Fluorspar, Ying Peng Chemical, Mongolrostsvetmet, Masan Group, and Steyuan Mineral Resources to name a few.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.