How large is the Fluospar industry?
Transparency Market Research’s report based on the global fluorspar market estimated to expand at a Compound Annual Growth Rate of 2.7% by the forecast period from 2017 to 2025. With this steady Compound Annual Growth Rate, the market is expected to attain a value of US$1,860.8 Mn by 2025 from a value of US$1,505.3 Mn in 2016. Based on the product, in 2016, the acidspar segment held the lion’s share of more than 60% and is estimated to remain dominant in the forecast period. Based on the application, the hydrofluoric acid segment accounted for a 40% share of the demand in the global fluorspar market in 2016. Based on the region, the Asia Pacific accounted for the maximum share in the fluorspar market and is expected to be the dominant region by expanding at a Compound Annual Growth Rate of 2.9% over the forecast period.
The global fluorspar market has gained traction due to a booming automotive sector. Fluorspar has applications across the production of hydrofluoric acid as a key component. The hydrofluoric acid plays a key role in the purification of aluminum. Additionally, growing usage of aluminum across numerous industries such as mechanical and automotive industries is boosting its manufacturing process. This is a key factor driving the growth of the global fluorspar market.
Rising adoption of the automobile and luxurious vehicles globally and mainly across the developing countries due to increasing expenditure power is stimulating growth of the global fluorspar market. Furthermore, rapid industrialization in developing countries is leading to the expansion of the foundries and metal manufacturing. This trend is likely to continue in the coming years due to the rising investment of the companies in the sector. This is likely to encourage consumption of the fluorspar, which in turn, fuel market’s growth in the forthcoming years.