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North America Fluorspar Market will witness growth of more than 3.5% CAGR by 2024 | By key players Mexichem, Centralfluor Industries Group,Inc., Zhejiang Wuyi Shenglong Flotation Co., Ltd, Minersa Group, China Kings Resources Group Co.,Ltd., RUSAL

North America Fluorspar Market will witness growth of more than

Global fluorspar market share is depicting immense traction majorly due to extensive application of the compound in the manufacturing of steel and aluminum. Increasing disposable income among people along with urbanization has driven the need for construction of residential and non-residential buildings, primarily in developing nations like Asia Pacific and Latin America. Additionally, increasing use of fluorochemicals in various critical industries will positively influence the product demand.

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Top Key Players in The Market are:
Mexichem, Centralfluor Industries Group,Inc., Zhejiang Wuyi Shenglong Flotation Co., Ltd, Minersa Group, China Kings Resources Group Co.,Ltd., RUSAL, Seaforth Mineral & Ore Co., Kenya Fluorspar Company Ltd., British Fluorspar Ltd, Steyuan Mineral Resources Group Ltd, Masan Group, Mongolrostsvetmet LLC.,Ying Peng Chemical Co.,Ltd, Canada Fluorspar, and Groupe Managem
With respect to products, the industry is bifurcated into Metaspar, Ceramics, and Acidspar. Acidspar is expected to dominate fluorspar market share over 2017-2024. Acidspar is combined with sulfuric acid to produce hydrofluoric acid. This developed chemical is further used for the manufacturing of organofluorides and cryolites. Acidspar and metaspar market size together accounted for more than 95% of the total fluorspar market size, with metaspar segment expected to cross USD 1 billion in value by 2024.

In terms of application, fluorspar industry is classified into four main segments namely, steel production, aluminum production, hydrofluoric acid, and others. Hydrofluoric acid is one of the strongest inorganic acid that is extensively used for industrial purposes. Moreover, they are widely used in home rust removers. With respect to revenues, hydrofluoric acid segment is projected to witness a CAGR of over 8% during the period of study.

Proliferating demand for ceramic parts in several industries like engineering, biomedical, electronics, chemicals, and aerospace is a primary factor supporting the demand for the product. They carry superior thermal stability at high temperatures and find usage in high-temperature environments. These products are porous, hard and brittle in nature and as a result, are also used to make bricks, pottery, cement, tiles and glass. The ceramic segment is subjected to record nearly 7.5% CAGR up to 2024.

Regionally, Asia Pacific will evolve as significant revenue terrain for fluorspar market and is subjected to exceed 60% of the total share by the end of the forecasted timeframe. Increase in industrialization in the region along with developments in the residential sector due to the improved purchasing power along and increasing rate of employment will complement the demand for aluminum and steel.

APAC fluorspar market size will experience close to 8.5% CAGR through 2024. Wide penetration of automobile manufacturing units in the region coupled with advancements in the medical, IT and education industries has driven the demand for aluminum and steel for construction purposes.

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Europe and North America together to account for 25% of share of fluorspar market share. Stringent rules established by the governing bodies regarding the ill effects of chlorofluorocarbons by using them as cooling agents in various home appliances like refrigerators and air conditions will pose a hurdle to the market dynamics. Increasing environmental degradation along with awareness regarding its adverse effects has instigated prominent organizations such as the United Nations Environmental Programme (UNEP), Europe and Montreal to pass regulations with respect to limited or no use of chemical agents.

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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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Global Market Insights, Inc.
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