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APAC Fluorspar Market will grow at 8.5% CAGR till 2024

Author : Ronak Bora | Published Date : 2019-05-29 

Asia Pacific held more than 60% share of total fluorspar market in 2016 and in terms of revenue, the regional market is likely to grow with the CAGR of 8.5% by 2024. This is due to rapid industrialization, significant automotive production and high construction activities in this region. Presence of various automotive manufacturing units in China, India, Japan and other Asian countries will bolster the fluorspar market demand in forecast period.

Based on products, fluorspar market is segmented as acidspar, metspar, ceramic, and others. Considering volume, acidspar segment holds the highest market share, as acidspar with the help of sulfuric acid it is mainly converted into hydrofluoric acid. This hydrofluoric acid is further used for the manufacturing of synthetic cryolites and organofluorides. Moreover, considering revenue, the segment is said to grow at the highest rate of over 8% CAGR in the next seven years.

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Acidspar and metspar together are account for over 95% of the global fluorspar market share. Metspar being the second largest segment in the global product industry is said to surpass USD 1 billion by the end of the forecast time frame. The ceramic segment will exhibit growth with a CAGR of close to 7.5% by the end of 2024.

On the basis of application, the fluorspar market is segmented into four major segments mainly, aluminum production, steel production, hydrofluoric acid, and others. With a highest share in the fluorspar market, hydrofluoric acid segment is said to surpass USD 2 billion by the end of the forecast period. Moreover, the segment is said to grow at a highest CAGR of close to 8% in the next seven years.

Fluorspar market is said to spectate gradual growth during the forecast timespan, as it is a raw material and an antecedent to hydrofluoric acid. The product is significantly used in the manufacturing of aluminum and steel which in turn will boost the product industry growth by 2024. Significant aluminum and steel demand in the Asia Pacific and Latin American region is said to spur the product industry. Moreover, rising fluorochemicals applications in various end-user and in the production of steel and aluminum will foster the global fluorspar market in the coming years.

Environmental impacts from the usage of chlorofluorocarbons (CFCs), which were one of the most commonly used cooling fluid in refrigerators and air conditioning, will be a major hindrance for the fluorite market development. CFCs pose a significant threat to the atmospheric ozone layer which protects the earth from harmful ultraviolet radiations from the sun. CFCs speeds up the breakdown process of ozone layer leading to higher amounts of ultraviolet radiations which may cause mutations and cancer. This has led to the banning of CFCs in a significant amount of countries around the world. This factor coupled with other issues related to the usage of fluorine compounds may create hindrance to the fluorspar market development in coming years.

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Major players in the fluorspar market include Mexichem S.A.B., Zhejiang Wuyi Shenglong Flotation, Centralfluor Industries Group, MINERSA GROUP, Kenya Fluorspar Company, Seaforth Mineral & Ore Company, China Kings Resources Group, British Fluorspar, Masan Group, Steyuan Mineral Resources, Mongolrostsvetmet, Canada Fluorspar, Ying Peng Chemical, RUSAL, Groupe Managem and others.

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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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