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Fluorspar Market is likely to record a valuation of over $4 billion by 2024
Fluorspar Market
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The use of chlorofluorocarbons or CFCs, one of the most common cooling fluids used in AC units and refrigerators have a substantial impact on the environment, which could prove to be a major challenge to fluorspar market growth. CFCs present a serious risk to the ozone layer of the atmosphere that protects the world from the sun's damaging ultraviolet radiation. CFCs accelerate the ozone layer breakdown cycle, leading to greater quantities of ultraviolet radiation that can trigger mutations and cancer. This has resulted in many nations around the globe prohibiting the use of CFCs. Together with other problems linked to the use of fluorine compounds, this element may impede the fluorspar industry trends to a slight extent in the coming years.
Increasing demand for steel from the construction industry will also boost fluorspar market size. Fluorite is used as a flux in the steel manufacturing process to reduce the melting point of raw materials. Rapid growth in the worldwide construction industry combined with rising construction of high rises and earthquake-resistant structures will boost steel supply, thereby bolstering the fluorite market trends during the projected timeline.
Steel production and hydrofluoric acid are a couple of vital application sectors of fluorspar industry, and both account for over 70 percent of the fluorite market's total application segment. The product is an ideal flux component for the steel production process, removing impurities including phosphorous, sulfur and others from the metal and making it suitable for use in construction practices.
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In 2016, the APAC region accounted for over 60% share of the fluorspar market size. In terms of income, the regional market is expected to depict a CAGR of 8.5% through 2024. This upsurge can be attributed to the expeditious industrial development, augmented automotive manufacturing and advanced construction practices in the region.
Chapter 5. Fluorspar Market, By Application
5.1. Global fluorspar market share by application, 2016 & 2024
5.2. Aluminum production
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast by region, 2013 – 2024
5.3. Steel production
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast by region, 2013 – 2024
5.4. Hydrofluoric acid production
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast by region, 2013 – 2024
5.5. Others
5.5.1. Market estimates and forecast, 2013 - 2024
5.5.2. Market estimates and forecast by region, 2013 – 2024
Over the forecast period, the presence of various automotive manufacturing units in India, China, Japan and other Asian countries will enhance fluorspar market outlook. Aluminum consumption will be fueled by steady increase in car production in Asian countries coupled with enhanced vehicle demand due to higher disposable income and GDP development in emerging economies, in turn propelling the fluorspar industry demand for aluminum synthesis applications.
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Fluorspar is a mineral composed of calcium fluoride. It is primarily used as a flux to lower the melting temperature of raw materials and slags in aluminum and steel production. It is also used in production of hydrofluoric acid and aluminum fluoride.
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