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Fluorspar Market Expected To Reach USD 3.49 Billion By 2027 – Reports And Data

The global fluorspar market is expected to reach USD 3.49 Billion by 2027, according to a new report by Reports and Data. Growing demand for aluminum and steel, particularly in the emerging economies is playing an instrumental role in the growth of the market. Aluminum finds widespread usage used in the production of automobile aircraft. Stable growth…

The post Fluorspar Market Expected To Reach USD 3.49 Billion By 2027 – Reports And Data first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.

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The global fluorspar market is expected to reach USD 3.49 Billion by 2027, according to a new report by Reports and Data. Growing demand for aluminum and steel, particularly in the emerging economies is playing an instrumental role in the growth of the market. Aluminum finds widespread usage used in the production of automobile aircraft. Stable growth in the automotive production in especially in the emerging economies such as China & India in the Asia Pacific region, along with an escalating vehicle demand attributed to a rise in the level of disposable income of people and GDP growth is boosting the demand for aluminum, which in turn, is driving the demand for fluorspar used in the production of aluminum.

Key players in the market include:

Seaforth Mineral & Ore Company Ltd., RUSAL, Minersa Minerals, Mexichem Fluor, Sallies Ltd., Canada Fluorspar, Zhejiang Yingpeng Chemical Ltd., British Fluorspar Limited, China Kings Resources Group Co. Ltd., and Masan Group.

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In the U.S., the majority of acid-grade fluorspar is consumed to produce hydrofluoric acid, which is mostly deployed in the production of several fluorocarbon chemicals that find usage as foam-blowing agents, refrigerants, and solvents, and in the manufacturing of high-performance plastics. Moreover, hydrofluoric acid finds usage in producing computer chips, stainless steel pickling, high-octane gasoline, and uranium fuel processing. Besides, fluorspar may be used in making glass, enamels, fiberglass, welding rod coatings, and Portland cement, among others.

COVID-19 Impact
The COVID-19 pandemic is having a significant impact on the specialty chemicals industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. The automotive and consumer product sectors are among the hardest hit end-markets, with the need for specialty chemicals experiencing a considerable fall in demand. Further, with the disruption of the supply chain, chemical companies have commenced to partly ramp up or relocate the manufacturing of critical chemical supplies.

For the purpose of this report, Reports and Data have segmented the global fluorspar market on the basis of grade, distribution channel, application, and region:

Grade Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)

  • Acid Spar
  • Metallurgical Spar
  • Ceramic Spar
  • Others

Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)

  • Online
  • Offline

Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)

  • Metallurgy
  • Hydrofluoric Acid
  • Ceramic
  • Others

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Further key findings from the report suggest

  • By grade, the acid spar held the largest market share of more than 60.0% in 2019 and is expected to grow at a rate of 5.0% in the forecast period. This grade of fluorspar is primarily utilized for producing aluminum fluoride (ALF3), which functions as a flux to lower the bath temperature in the production of aluminum. Moreover, acid spar finds usage in the production of hydrofluoric acid (HF), which is a major source of all fluorochemicals.
  • By distribution channel, the online distribution channel is projected to grow at a faster rate of 6.1% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
  • By application, metallurgy contributed to the second-largest market share in 2019 and is likely to grow at a rate of 5.5% in the forecast. Fluorspar has widespread application in metallurgy, for instance, it is added in small quantities for the purpose of electrolytic reduction of alumina dissolved in fused cryolite to provide good electrical conductivity to the fused mixture and to lower the melting point of the mixture to about 1140 K.
  • The market in the Asia Pacific dominated the market in 2019 and is projected to grow at a rate of 5.8% in the forecast period. The market dominance of APAC is owing to the high demand for fluorspar from several end-use industries, including metallurgy, chemical, optics, and ceramics, among others. Further, fast industrialization and urbanization and a rise in the level of disposable income, among others, are causative of the growth of the market.
  • In April 2020, Rusal, a leading market player, announced the approval for a new long-term aluminum supply contract with Glencore valued approximately USD 16.30 billion. Glencore has long been a significant client of Rusal, one of the largest aluminum producers across the globe outside China.

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Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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The post Fluorspar Market Expected To Reach USD 3.49 Billion By 2027 – Reports And Data first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.

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