Top Insights on the Global Fluorspar Market | Technavio

LONDON–(BUSINESS WIRE)–#Chemicals–The latest market research report by Technavio
on the global
fluorspar market predicts a CAGR of around 2% during the
period 2017-2021.

The report segments the global fluorspar market by application
(hydrofluoric acid production, steelmaking, and aluminum production) and
by geography (the Americas, EMEA, and APAC). It provides a detailed
illustration of the major factors influencing the market, including
drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global fluorspar market, according
to Technavio chemicals
and materials researchers:

• High demand from aluminum and steel industries: a major market driver
• In 2016, the hydrofluoric acid production segment dominated the market
  by occupying almost 65% share
• APAC dominated the global fluorspar market with 45% share in 2016
• China Kings Resources Group, MINERSA GROUP, Mexichem S.A.B. de C.V.,
  RUSAL, and Seaforth Mineral & Ore are the leading players in the market

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High demand from aluminum and steel industries: a major market driver

There has been an increase in the demand for aluminum in the automotive
industry. During the aluminum production process, fluorspar
is mixed with bauxite and soda ash which forms cryolite. Cryolite is
further processed to form aluminum. The heavy use of aluminum in the
automotive industry is projected to remain a key driver for the growth
in the global fluorspar market during the forecast period. The growth in
the automotive sector can be attributed to the rise in the disposable
income and the rise in the GDP worldwide. Owing to the high consumption
of aluminum, the demand for fluorspar is expected to increase in the
next five years.

According to Mohd Shakeel Iqbal, a lead analyst at Technavio for
research on olefins,
“Steel is used in several end-user industries because of its high
tensile strength, corrosion resistance, and better durability. The
metallurgical grade fluorspar is added as a flux to increase the
solubility of various compositions in the slag used for steel making.
Fluorspar lowers the melting point and reduces slag viscosity. Steel is
used in various applications such as construction, aerospace, household
appliances, and automotive. With the growth in such application areas,
the demand for steel is expected to increase. This is expected to drive
the growth in the global fluorspar market during the forecast period.”

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APAC: largest fluorspar market

The fluorspar market in APAC is growing because of the increasing demand
for fluorspar in various applications such as aluminum production,
steelmaking, and hydrofluoric acid production. In addition, there are
many reserves of fluorspar in China, Japan, and India. The increasing
demand for fluorspar-added products from the refrigerant and automotive
industries is also fostering the growth in the fluorspar market in this
region.

Competitive vendor landscape

The global
fluorspar market is concentrated because of the presence of only a
few vendors. Fluorspar is used in many applications such as hydrofluoric
acid production, steelmaking, and aluminum production. The major vendors
of the fluorspar market compete because of the factors such as operation
cost, price, product quality, and innovation. Some of the major players
in the fluorspar market can drive the market because of the rise in the
disposable income of consumers, rise in the automotive, refrigerant
segments as well rise in the aluminum and steel segments.

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fluorspar market report free of cost

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