Sellbyville, DE -- (SBWire) -- 05/21/2020 --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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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 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Mexichem
2. Centralfluor Industries Group,Inc.
3. Zhejiang Wuyi Jinyu Textile Co.,Ltd
4. DERIVADOS DEL FLUOR SAU
5. Seaforth Mineral Inc.
6. Kenya Fluorspar Company Ltd.
7. British Fluorspar Ltd
8. China Kings Resources Group Co.,Ltd.
9. Masan Group
10. Mongolrostsvetmet LLC.
11. Steyuan Mineral Resources Group Ltd
12. Ying Peng Chemical Co.,Ltd
13. Canada Fluorspar Inc.
14. RUSAL
15. Groupe Managem
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.
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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.
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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