ALBANY, New York, May 7, 2019 /PRNewswire/ -- The global fluorspar market features a highly fragmented and competitive landscape, Transparency Market Research (TMR) estimates. Mexichem S.A.B. de C.V., Centralfluor Industries Group, Inc., and Zhejiang Wuyi Shenlong Floatation Co Ltd. dominated the global fluorspar market. Some of the prominent players in the global fluorspar market are Kenya Fluorspar Company Ltd. (KFC), MINERSA GROUP, British Fluorspar Ltd, and China Kings Resources Group Co., Ltd.
These players are investing more the research & development (R&D) activities for enhancing its grade, which is leading to increased competition in the market. Additionally, these players are entering into merger & acquisitions for expansion of portfolio and expanding the global presence.
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TMR's report based on the global fluorspar market estimated to expand at a CAGR of 2.7% by the forecast period from 2017 to 2025. With this steady CAGR, the market is expected to attain a value of US$1,860.8 Mn by 2025 from a value of US$1,505.3 Mn in 2016.
Based on the product, in 2016, the acidspar segment held the lion's share of more than 60% and is estimated to remain dominant in the forecast period. Based on the application, the hydrofluoric acid segment accounted for a 40% share of the demand in the global fluorspar market in 2016. Based on the region, the Asia Pacific accounted for the maximum share in the fluorspar market and is expected to be the dominant region by expanding at a CAGR of 2.9% over the forecast period.
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Growing Demand for Hydrofluoric Acid to Prosper Fluorspar Market
The global fluorspar market has gained traction due to a booming automotive sector. Fluorspar has applications across the production of hydrofluoric acid as a key component. The hydrofluoric acid plays a key role in the purification of aluminum. Additionally, growing usage of aluminum across numerous industries such as mechanical and automotive industries is boosting its manufacturing process. This is a key factor driving the growth of the global fluorspar market.
Rising adoption of the automobile and luxurious vehicles globally and mainly across the developing countries due to increasing expenditure power is stimulating growth of the global fluorspar market. Furthermore, rapid industrialization in developing countries is leading to the expansion of the foundries and metal manufacturing. This trend is likely to continue in the coming years due to the rising investment of the companies in the sector. This is likely to encourage consumption of the fluorspars, which in turn, fuel market's growth in the forthcoming years.
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Widening Applications of Fluorspar to Offer Growth Opportunities
Despite the growth inducing factors, the mining and extraction of fluorite, which involves the blasting process and thus, the numerous government and associated bodies, are imposing strict regulations over its production. These factors are restraining growth of the global fluorspar market. Additionally, the fluorine gas extracted during the mining is highly fluorine gas in nature along with the corrosivity of hydrofluoric acid. This nature of chemicals is also limiting its adoption to some extent.
Nonetheless, widening the application of the hydrofluoric acid across numerous other industries such as mining, refining, industrial chemistry, silicon chip manufacturing, and cleaning is boosting its demand and offer opportunities for growth of the market in the coming years. In addition, demand for the fluorspar for manufacturing the opaque glasses is growing substantially since the manufacture and demand for the glassed have surged substantially due to growing constriction activities. The construction activities of hospitals, offices, and business premises have increased substantially, which is demanding for the high-quality opaque glasses and results in high demand for the fluorspar. This is likely to offer lucrative opportunities for growth in the coming years.
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This information is encompassed in the report by TMR, titled, "Fluorspar Market (Product - Acidspar, Metspar, Ceramic, Optical Grade, and Lapidary Grade; Application - Aluminum Production, Steel Production, Hydrofluoric Acid, Concrete Additives, and Lithium-ion Battery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
For the study, the fluorspar market has been segmented as follows:
- Ceramic Grade
- Optical Grade
- Lapidary Grade
- Aluminum Production
- Steel Production
- Hydrofluoric Acid
- Concrete Additives
- Lithium-Ion Battery
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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