The Fluorspar for Metallurgy Market is projected to grow at a rate of 5.3% in terms of value, from 2020 to reach USD 3.49 Billion by 2027. One of the significant drivers for the growth of the fluorspar is the growing demand for fluorochemicals, which are produced from hydrofluoric acid, an end-use application of fluorspar. In 2018, the total production of fluorocarbons is expected to have consumed nearly 1 Million Tons of hydrofluoric acid in 2018, using over 2 million tons of acid spar for its production.
Top Companies Operating in the Global Fluorspar for Metallurgy Market:
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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Moreover, the escalating usage of fluorspar in refrigeration accounts for primary demand for fluorspar and is likely to garner traction in the market in the upcoming years. A rise in the level of disposable income of people in countries in the APAC region and Middle East Africa is projected to boost demand for refrigerants in the years to come, which in turn would drive the demand for fluorspar.
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 boost the demand for aluminum, which in turn, is driving the demand for fluorspar used in the production of aluminum.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
The adoption of digital technologies by oil, gas, and chemical firms has been fueled primarily by cost savings and greater reliability. Many organizations in these areas saw excellent benefits from advanced market sensing, improved operational optimization, and expanded usage of "in silico" simulations. Companies' existing digital technologies provided an advantage with the abrupt entrance of COVID-19 and the accompanying shutdown of facilities and work sites, but they were often insufficient for the level of remote working and cybersecurity that was suddenly required.
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The Fluorspar for Metallurgy Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Fluorspar for Metallurgy Market.
The global Fluorspar for Metallurgy Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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