Fluorspar market value to be worth more than USD 4 billion by 2024, 5 trends predominant in this industry:
Date: 2018-05-10   Author: Saipriya Iyer  Category: #market

Fluorspar market value to be worth more than USD 4 billion by 2024, 5 trends predominant in this industry:

Global Market Insights, Inc. forecasts the worldwide fluorspar market to register a CAGR of 4% over 2017-2024. The product’s extensive deployment in the production of steel and aluminum and its massive usage as a raw material in the manufacturing of hydrofluoric acid are cited as the major driving forces for the growth of fluorspar industry.

Enlisted below are five trends that fluorspar market is presently characterized by:

  • North America fluorspar market size is expected to register a CAGR of 3.5% over 2017-2024, driven by the extensive product usage to manufacture fluorine compounds for refineries, especially across the U.S. O&G sector.
  • Acidspar will emerge as the largest product segment by 2024, with a CAGR projection of 4.5% over 2017-2024. The growth can be attributed to the fact that acidspar is used to produce  hydrofluoric acid that finds applications in the development of fluorocarbon chemicals, refrigerants, foam blowing agents, etc.
  • Having accounted for 15% of the overall fluorspar industry share in 2016, aluminum is expected to emerge as a lucrative application domain over 2017-2024, powered by the expanding automotive & aviation sectors that demand aluminum on a large scale.
  • Hydrofluoric acid and steel, both account for over 70% of the application segment of fluorite market. Fluorspar finds usage as flux component in steel production for the construction sector.
  • APAC held over 60% of the overall fluorspar industry share in 2016. Owing to the extensive growth of the regional automotive and construction spheres, APAC fluorspar market is forecast to register a CAGR of 8.5% over 2017-2024.

Acquisitions seem to have emerged as a vital strategy for fluorspar industry players such as Mexichem and China Kings Resources Group Co.,Ltd. to strengthen their position and gain access to newer regional markets.

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Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

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