Fluorspar Growth Accelerated by Increased Usage in Steel and Aluminum Production

-

Fluorspar is a mineral compound of calcium fluoride which is used as a flux in metal refining and in the manufacture of hydrofluoric acid and cryolite, which are important industrial and commercial chemicals. Fluorspar is a significant raw material used in various industrial applications including steelmaking, aluminum smelting, uranium enrichment and many more owing to its versatile properties. The increasing usage of fluorspar as a fluxing agent in steel and aluminum production is driving the demand of this market.

The global Fluorspar Market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased usage of fluorspar in steel and aluminum production is one of the major trends fueling the growth of this market. Fluorspar is primarily used as a flux which lowers the melting point of materials in steel making and aluminum smelting industries. According to World Steel Association, the global steel production is expected to reach 1.7 billion tonnes by 2030 from 1.6 billion tonnes in 2020. The rising steel production globally is driving significant demand for fluorspar from this industry. Similarly, aluminum production has also been rising globally owing to increased usage of aluminum in various end-use industries including automobiles, aerospace, construction and more. The growing steel and aluminum production will continue to present lucrative opportunities for fluorspar market over the forecast period.

Segment Analysis
The global fluorspar market size is divided into two key segments based on grade - acid grade and ceramic grade. The acid grade fluorspar segment is expected to remain the largest as well as the fastest growing segment during the forecast period. Acid grade fluorspar, which consists of at least 97% calcium fluoride, is used as a fluxing agent in the manufacture of hydrofluoric acid and other chemicals. Growing demand from several chemical applications such as manufacturing of refrigerants, aluminum, and uranium enrichment is expected to drive the demand for acid grade fluorspar in the coming years.

Key Takeaways
The global fluorspar market is expected to witness high growth over the forecast period of 2023 to 2030. The global Fluorspar Market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.

Regional analysis:
The Asia Pacific region currently dominates the global fluorspar market and is expected to maintain its leading position during the forecast period as well. Growing exports from China combined with increasing domestic demand for fluorspar from developing nations such as India is expected to drive the market in the region. The construction and automotive industries which are fast expanding in the region require large amounts of fluorspar in enamel and aluminum production.

Key players:
Key players operating in the fluorspar market are Fluorsid (British Fluorspar), Canada Fluorspar, China Kings Resources Group Co. Ltd, Kenya Fluorspar, Koura, Masan Resources, MINCHEM IMPEX India Private Limited, Minersa Group, Mongolrostsvetmet LLC, RUSAL, Sallies Ltd, Steyuan Mineral Resources Group Ltd, and Seaforth Mineral & Ore Co. MINCHEM IMPEX India, for example, is the largest producer of acid grade fluorspar in the country. China Kings Resources is the top exporter of fluorspar globally. The market is quite consolidated with the top few players accounting for a major share of global fluorspar production.

Comments

Post a Comment

Popular posts from this blog

The global Calcium Citrate Malate Market Growth Accelerated by Expanding Applications

-
Image
Calcium citrate malate is an essential mineral compound that provides calcium and supports bone health. Calcium citrate malate supplements help maintain healthy bones and teeth as we age. They support calcium absorption and distribution throughout the body. The global Calcium Citrate Malate Market is estimated to be valued at US$ 334.08 Mn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The expanding applications of calcium citrate malate are expected to drive the market growth over the forecast period. Calcium citrate malate supplements are increasingly being used to prevent and treat osteoporosis. They are especially recommended for people who cannot digest lactose or avoid dairy products. The compound is also finding wider use in functional foods and beverages with added calcium and minerals. Manufacturers are developing various product formats like...
Read more

Labor Productivity Tracking Market Growth Accelerated by Remote Work and Digitalization Trend

-
Image
Labor productivity tracking solutions help businesses and organizations track employee productivity in real-time. These solutions offer features like time tracking, activity monitoring, goal setting, resource allocation, attendance logging, and analytics. They help enhance productivity by identifying opportunities for improvement, streamlining workflows, and ensuring employees are focused on tasks that add value. The global Labor Productivity Tracking Market is estimated to be valued at US$ 6.81 Billion in 2024 and is expected to exhibit a CAGR of 38% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The rapid adoption of remote work and digitalization trend across industries during the pandemic has been a major driver accelerating growth of the labor productivity tracking market. Many organizations have now accepted work from home and hybrid work models. Labor productivity tracking solutions help employers...
Read more

Tamponades is fastest growing segment fueling the growth of the Global Vitreous Tamponades Market

-
Image
The global Vitreous Tamponades Market is estimated to be valued at US$ 83.89 Mn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Overview : Vitreous tamponades are substances used to seal retinal breaks and provide internal tamponade during vitrectomy surgeries. They help stabilize the retina and promote posterior vitreous detachment. The different types of tamponades include gases, silicone oils and perfluoro-n-octane. Market key trends : One of the key trends in the market is the preference for non-silicone tamponades over traditional silicone oils. Silicone oils have been commonly used but are difficult to remove and can cause complications. Newer tamponades such as perfluorocarbon liquids and gases provide effective internal tamponade with better removal properties. They minimize complications and improve surgical outcomes leading to their increased demand. Segment ...
Read more