Global Fluorspar Market Expected to Reach USD 2,612 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Fluorspar Market by Product Type, Application and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 2,200.0 Million in 2019 and is expected to grow at a healthy growth rate of 3% by the year 2027. The global fluorspar market is anticipated to grow owing to the increasing use of fluorite in iron & steel, cement, and glass industries, growing construction activities, growth of the automotive industry, and mounting demand for fluorocarbons.

The global fluorspar market is fragmented based on product type, application and region. In terms of type, the market is segmented into acidspar, metaspar, and ceramic. Based on application, the market is classified as aluminum production, steel production, hydrofluoric acid production, and others (glass, ceramic, etc.) On the basis of region, the global fluorspar market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, and Rest of Asia Pacific. The Europe region is further categorized into Germany, France, Italy, U.K., Spain, Russia, CIS, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.

Request a free sample copy: https://growthmarketreports.com/request-sample/25

In the year 2020, the fluorspar market is witnessing a downtrend owing to the negative impact of the COVID 19 pandemic. The COVID-19 pandemic has a rapid and serious impact on the global fluorspar market, which has increased the risk of shortages of goods and labor. Moreover, the pandemic situation has led to the closure of several businesses reducing the demand in the world, which in turn, is impeding the various industry. The decrease in the supply chain of raw materials has impacted the growth of the fluorspar market. The slowdown in the production of parts and its raw materials have given rise to supply chain disruption in the fluorspar market. Many countries have closed their national borders and have enforced lockdowns since January 2020, which in turn, is hindering the market growth. The pandemic has hampered the manufacturing sector and economies globally. There is no clarity on the deeper effects has been assessed to date.

As per GMR industry analyst Akshata, “The global fluorspar market is anticipated to witness significant growth during forecast period 2020-2027 owing to increasing use of fluorspar for manufacturing cement, steel, and glass. It is widely used as a fluxing agent and mineralizing agent for making cement. Demand for acidspar is increasing for manufacturing hydrofluoric acid which is expected to boost the demand for acidspar during the forecast period. The acidspar segment, hydrofluoric acid segments are the most attractive segments in the market and are expected to grow at a significant CAGR during the forecast period.

Key Takeaways from the Study:
The players operating in the market are Canada Fluorspar, Mexichem Fluor, Minersa Minerals, Moodie Mineral Company, RUSAL, Sallies Limited, Seaforth Mineral & Ore Co. Ltd, and Zhejiang Yingpeng Chemical Ltd.

Asia Pacific region is dominating the global fluorspar market owing to increasing demand for fluorspar by industries in China, India, Japan, and others is responsible for dominance of this region.

The acidspar segment is expected to be most attractive segment during forecast period. Acid spar is used for manufacturing of hydrofluoric acid which is then used for producing fluorochemicals ad has wide applications in chemical industry. This is one of the major factors making this segment most attractive during forecast period.

Rising application of Hydrofluoric acid makes it most attractive segment during forecast period. Increasing application of hydrofluoric acid for numerous applications in industries such as pharmaceutical, agrochemicals, petroleum production, electronics, and makes this segment most attractive during forecast period. The availability of cheaper and easy available metals such as aluminum, iron, steel, and other is expected to hinder the market growth

The steel production segment is expected to grow at significant CAGR during forecast period, owing to increasing application in consumer durables, automotive and construction industry.

Name – Alex Mathews
Email – sales@GrowthMarketReports.com
Website – https://www.GrowthMarketReports.com
Address – 500 East E Street, Ontario, CA 91764, United States.

GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.