Aluminum Fluoride Market Future Scenario and the Growth Prospects with Forecast 2024
Aluminum fluoride is white colored or colorless solid powder that can be produced synthetically and is also found in nature with minerals such as rosenbergite. Alumina and hexafluorosilicic acid are among the vital raw materials that go into the production of aluminum fluoride.
Nearly all the aluminum fluoride globally produced is employed as a molten electrolyte in the production of aluminum. Other niche applications of aluminum fluoride include production of fluoroaluminate glasses.
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Major end user industries for aluminum fluoride include automobiles, construction, aerospace and pharmaceuticals among others. Of these, building and construction represents the largest end user segment for aluminum fluoride and the trend is anticipated to continue for a foreseeable future. Pharmaceuticals segment is expected to be the fastest growing end user segment during the forecast period. The construction industry’s strong performance can be credited for the aluminum fluoride market’s growth. Moreover, growth in infrastructure mainly in the developing economies is anticipated to drive demand for aluminum fluoride.
Reviving automotive industry in Asia Pacific and European regions is also expected to be among foremost growth drivers for aluminum fluoride market. Aluminum fluoride penetrates into human body through air or can be absorbed by skin and leads to several health hazards including asthma. The health hazards associated with aluminum fluoride is among major restraints for aluminum fluoride market growth.
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Aluminum Fluoride Market: Regional Dynamics
Asia Pacific dominates the global aluminum fluoride market both in terms of consumption and production. China is the leading manufacturer of aluminum fluoride across the globe and constitutes significant portion of the global market share. Moreover owing to over exploitation of major raw material sources in China, the production is anticipated to decline in the near future. High GDP growth and increasing disposable income in India and China have led to high growth in several end user industries including automobiles, pharmaceutical, packaging, aerospace, construction among others.
High growth in end user industries is expected to be among foremost factors driving demand for aluminum fluoride in the region. Asia Pacific is anticipated to be the fastest growing region for aluminum fluoride market for a foreseeable future.
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