Asia Pacific in terms of revenue held more than 60% share of global fluorspar market in 2016 and the regional market is likely to grow with the CAGR of 8.5% in the forecast period.
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The fluorspar market is set to grow from USD 2 billion in 2016 to around USD 4 billion by 2024. The next 5-7 years will be a key period for the fluorspar industry with regards to its extensive utilization in hydrofluoric acid and fluorocarbons production. This is perhaps since fluorspar mining has been opening to question many a time by international regulatory bodies on grounds of its environmental concerns during blasting process. Nonetheless, subject to the materials’ extensive application across a plethora of lucrative domains, such as aluminium and steel production, fluorspar industry has gained an appreciable popularity over the years.
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The fluorspar market is segmented on the basis of product and application. Among the product segments, metaspar, which contains 60% to 85% calcium fluoride, is predicted to record a valuation above USD 1 billion with a significant growth rate till 2024 owing to its usage in the synthesis of aluminium, steel, iron and others. It acts as flux to remove impurities from molten metal and improves the fluidity.
The application segmented in fluorspar market is further categorized into steel, hydrofluoric acid, aluminium, and others. Steel production and hydrofluoric acid are the major application segment and both accounts for above 70% of the entire application segment of fluorite market. The product finds its extensive usage as flux component at the time of production of steel as it removes the impurities like phosphorus, sulphur, etc. from steel and makes it fit for construction applications.
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 market demand in forecast period.
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South Africa is also gearing up and as per experts’ opinion, would prove to be a strong contender in the global business space over the ensuing years. South Africa is claimed to have world’s largest fluorspar reserves, and Europe holds a major chunk of the regional export market with regards to production of aluminium fluoride and hydrogen fluoride beneficiation. Reportedly, the country is presently creating a whole hog on the new fluorspar mine by Nokeng Fluorspar Mine Ltd, the fully owned subsidiary of Sep Located at the north east of Pretoria, this R 1.7 billion mine project by the fluorspar market giant is reported to be the largest of its kind when compared to other investments around the world.
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.
Browse key industry insights spread across 300 pages with 314 market data tables & 25 figures & charts from the report, “Fluorspar Market Size By Product (Acidspar, Metaspar, Ceramic), By Application (Aluminum, Steel, Hydrofluoric Acid), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 5. Fluorspar Market, By Application
5.1. Global industry share by application, 2016 & 2024
5.2. Aluminum production
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast by region, 2013 – 2024
5.3. Steel production
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast by region, 2013 – 2024
5.4. Hydrofluoric acid production
5.4.1. Market estimates and forecast, 2013 – 2024
5.4.2. Market estimates and forecast by region, 2013 – 2024
5.5.1. Market estimates and forecast, 2013 – 2024
5.5.2. Market estimates and forecast by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/fluorspar-market
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This news is published on Reuters.