Fluorspar Market:Key Insights and Booming Factor Supporting Growth till 2031
There are some other factors that are also having a positive influence on the overall development of the global fluorspar market. One such factor is the increasing levels of investments and funding poured in for the activities of research and development. The companies in the market are pouring heavy resources in order to establish themselves above their competitive rivals. Moreover, it is projected that new players will enter the global market in the near future. This is projected to intensify the competition among the players and help driving the overall market development. The companies in the global market are expected to resort to aggressive growth strategies such as mergers, acquisitions, takeovers, strategic alliances, and partnerships in order to stay ahead of the competitive curve. These players in the market are expected to leverage the state of the art technologies and constant technological advancements to their benefit and generate more profits and expand their business. Naturally, with such developments and advancements, the market is thus on course to witness a decent growth in the coming years of the forecast period.
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Global Fluorspar Market: Snapshot
The demand in the global market for fluorspar is anticipated to increment at a moderate CAGR of 2.7% during the forecast period of 2017 to 2025, reaching a valuation of US$1,860.8 mn by the end of 2025, up from its evaluated worth of US$1,505.3 mn in 2016. Growing demand for fluorochemical, escalating requirement of aluminum and steel as a result of prospering construction sector, and increasing usage of fluorspar in Li-ion batteries are some of the key factors augmenting the demand in the global fluorspar market. On the other hand, environmental concerns and collective efforts to reduce the usage of fluorocarbon chemicals are two hindrances faced by this market.
Acidspar Emerges as In-demand Product Segment
Product-wise, in 2016, acidspar segment accounted for the 60% of the total demand for fluorspar, and is expected to remain a highly profitable product segment throughout the forecast period. Acidspar is primarily employed in the production of hydrofluoric acid, which is further employed in the manufacture of fluorocarbons such as hydrofluorocarbons (HFC) and hydrochlorofluorocarbons (HCFC). In addition to that, fluorspar is utilized to produce fluoropolymers and cryolite. Cryolite is mostly used in aluminum smelting. Furthermore, aluminum fluoride (AlF3), which is employed in aluminum smelting, is mostly derived from acidspar. It is also employed to produce sodium fluoride salts, which are used in toothpastes. In terms of value and volume, acidspar was followed by metspar in 2016. Metspar is utilized as flux in the production of steel, as it helps lower the melting point of the metal. This saves money and energy. Metspar is employed in the metal manufacturing process to remove impurities such as sulfur and phosphorus. Ceramic grade fluorspar has applications in the production of ceramics, specialty ware, and enamel ware. Others segment, such as optical grade and lapidary grade, held minimal share of the global fluorspar market in 2016. Application-wise, hydrofluoric acid contributed to 40% share of the demand in the global fluorspar market. However, increasing investments in infrastructure projects globally is augmenting the demand from aluminum and steel production application.
Emerging Economies Sustain Strong Demand from Asia Pacific
Regionally, Asia Pacific accounted for the maximum share of the global fluorspar market in 2016, and is expected to maintain its trend during the forecast period. Expanding at a CAGR of 2.9% during the forecast period of 2017 to 2025, the APAC fluorspar market is driven by the presence of robust automotive manufacturing industry, which keeps the demand high for steel and aluminum. The growing demand for aluminum and steel from the building and construction industry will also reflecting on the fluorspar market in Asia Pacific. Moreover, increasing demand for hydrofluoric acid for the production of HFC and HCFC owing to the growing demand for cooling equipment will keep the demand for fluorspar high in Asia Pacific. Demand in Europe and North America for fluorspar will witness sluggish growth owing to the slow growth of steel and aluminum industry in these region. MEA fluorspar market outlook looks positive owing to the presence of numerous mines in various countries of Africa such as Kenya, Namibia, and South Africa among others.
Mexichem S.A.B. de C.V., Zhejiang Wuyi Shenlong Floatation Co Ltd., and Centralfluor Industries Group, Inc. currently dominate the global fluorspar market, while some of the other key participants are Kenya Fluorspar Company Ltd. (KFC), MINERSA GROUP, Seaforth Mineral & Ore Co., Inc., British Fluorspar Ltd, China Kings Resources Group Co., Ltd., Masan Group, and Mongolrostsvetmet LLC.
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Use in Wide Range of Chemicals Production Boosts Fluorspar Market
Fluorspar with the chemical formula CaF2 has wide range of applications and is also used in several chemical manufacturing applications. It is the lightest of all halogens and is considered irreplaceable in several of its applications. The fluorspar market has reaped lucrative gains from the growing utilization of the fluoride compound in making intermediate chemicals that have high commercial value. It is used in the production of hydrofluoric acid, fluoropolymers, and cryolite. Two grades contributing sizable chunks of revenues to the global fluorspar market are metallurgical grade fluorspar and acid grade fluorspar. A number of fluoride treatments are used in dentistry. This is a key driver for prospects in the fluorspar market. Use of CaF2 in low concentration in enamel and dentin demineralization is bolstering the use in various dental procedures. Strides being made in restorative dentistry procedures over the decades have enriched the value chain and landscape in the fluorspar market. Growing use of fluoride crystals as precious gemstones substitutes is bolstering the prospects. Additionally, fluorinated minerals are used as precious stones. Advances in processing and cutting technologies have encouraged the production of fluorinated gemstones, since they are not easy to cut and process. Ongoing studies on assessing the environmental hazard of fluorinated compounds will undoubtedly shape the future contours of the fluorspar market.
The COVID-19 pandemic and its outbreaks have brought devastating impacts on the economic systems of countries across the world, severely shaping the macroeconomics and microeconomic fundamentals. The pandemic since it was declared so in 2020 by the WHO had taken a large toll on lives of people and caused unprecedented morbidity in the peoples affected by the virus. The impact of the mounting crisis was slowed down by government-imposed and self-imposed restrictions that minimize human-to-human contact and restrictions on movement of people across states, nations, and across international borders. Still, the pandemic looms large, challenging the healthcare systems of most nations. The advent of vaccines from numerous manufacturers and good pace of vaccination in some countries have brought a ray of hope and instilled consumer confidence. These aspects are important to assess to decide the future trajectories of the fluorspar market.
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