Sellbyville, DE -- (SBWire) -- 06/23/2020 --A research report, Fluorspar market is likely to record a valuation of over $4 billion by 2024 and grow at 4% CAGR up to 2024.
The use of chlorofluorocarbons or CFCs, one of the most common cooling fluids used in AC units and refrigerators have a substantial impact on the environment, which could prove to be a major challenge to fluorspar market growth.
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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.
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
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.
Steel production and hydrofluoric acid are a couple of vital application sectors of fluorspar market, 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.
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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 the 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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