Fluorspar Market Size – Industry Share Analysis Report 2017-2024

by

Editor’s Note

This article provides a snapshot of the global fluorspar market, highlighting its projected growth driven by demand from the hydrofluoric acid and metals industries.

Authorize.Net
Market Overview

The global fluorspar market was valued at USD 2 billion in 2016 and is projected to grow at a CAGR of over 4% through 2024. The market is primarily driven by the demand for fluorspar as a raw material in the production of hydrofluoric acid, which is a key precursor for nearly all fluorochemicals. The use of fluorine in the manufacturing of aluminum and steel is a major factor behind market growth. Fluorspar, also known as fluorite, is the mineral form of calcium fluoride. The rising demand for fluorochemicals from end-user industries is expected to propel the overall fluorspar market growth during the forecast period.

Key Applications and Drivers

Hydrofluoric acid is used in a wide range of applications including aluminum smelting, industrial chemicals, precision etching in the semiconductor industry, glass polishing, cleaning, and more. It is also used as a catalyst in petroleum refining processes and in the manufacturing of organofluorine compounds and fluorinated pharmaceuticals. These fluorinated compounds are widely used as refrigerants and in air conditioning. These factors are expected to increase the demand for soluble fluoride in the coming years, thereby driving fluorspar market growth.

Fluorspar Market
Report Attributes

Base Year: 2016
Market Size in 2016: USD 2 Billion
Forecast Period: 2017 – 2024
Report ID: GMI2397
Format: PDF

Key Market Trends & Growth Factors
  • Increasing global demand for soluble fluoride.
  • Growth in aluminum and steel manufacturing in the Asia-Pacific region.
Authorize.Net
Challenges and Restraints
  • Depletion of high-grade fluorspar reserves.
  • Environmental concerns related to fluorine mining.
  • Environmental and health risks associated with chlorofluorocarbons (CFCs) and other fluorine compounds.
Market Segmentation Analysis

The fluorspar market is segmented by product type into acidspar, metspar, ceramic grade, natural fluorite, and other products like crystals.

vikingcloud
Environmental and Regulatory Concerns
“Environmental issues associated with the fluorine industry, which primarily uses the blast process, could potentially restrain fluorspar market growth during the forecast period. The undesirable phenomenon of air and ground vibrations from blasting has led to the introduction of alternative extraction methods in fluormining to reduce blast instances.”

Another potential restraining factor is the toxic nature of fluorine gas and high-concentration fluoride, which is hazardous if ingested.

Full article: View original |
⏰ Published on: January 01, 2018