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Fluorspar Market from metaspar segment to showcase significant growth till 2024

Author : Ravi Chawat | Published Date : 2020-08-31 

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. 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.

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.

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.

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.

With rising fluorochemicals, applications in several end-user products, and the production of aluminum and steel will propel the market growth of the global calcium fluoride market. According to a new research report, the global fluorspar market size is expected to exceed US$4 billion by 2024.

Strict rules and standards to have control over the adverse effects of chlorofluorocarbon (CFCs) that are used as a coolant in refrigerators and air conditioners may hinder calcium fluoride consumption. Also, various regulatory bodies such as United Nations Environmental Programme (UNEP), Montreal, and several other organizations in Europe have passed regulations to curb the harmful effects of CFCs.

The fluorspar market segments based on product are classified as metspar, acidspar, ceramic, and others. As per volume, acidspar, that is primarily converted into hydrofluoric acid with the help of sulfuric acid, holds the highest segmental share. In the manufacturing of synthetic cryolites and organofluorides, hydrofluoric acid is extensively used. These factors and staggering revenue will boost the fluorspar industry share from acidspar is expected to grow at 8% CAGR through 2024. 

Reportedly, Nokeng completed its maiden shipment of 10,000DMT acidspar to the United States in the first week of December 2019 from SABT in Durban harbor. The product, destined for a major customer based in the United States, was scheduled to arrive in early 2020. This indicates aa good demand for the compound. As per reports, the ongoing outbreak of coronavirus (Covid-19) is impacting Chinese fluorspar availability and has led to an uptick in prices.

Get full details about market research report: https://www.gminsights.com/industry-analysis/fluorspar-market

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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