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Fluorspar market from the ceramic segment see 7.5% CAGR up to 2024

Author : Ravi Chawat | Published Date : 2020-11-20 

Global fluorspar market size from the ceramic segment is set to grow at nearly 7.5% CAGR up to 2024. Acidspar and meatspar jointly recorded for over 95% of the total market share and metspar being the second largest segment of the global material industry is expected to breach the US$1 billion mark by 2024 in annual value.

Based on product application, the global fluorspar market is classified into four major segments that include, steel production, aluminum production, hydrofluoric acid, and others. The Fluorspar segment has the highest share in the market, and on the other hand, the hydrofluoric acid application share is expected to exceed US$2 billion by 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.  

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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.

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.

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.

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.

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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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