Fluorspar Market Foreseen to Grow Exponentially by 2025
The global fluorspar market mainly depicts the presence of a moderately consolidated vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a consolidated scenario exists due to a handful of players exerting a dominating influence in terms of revenue gained. Mexichem S.A.B. de C.V., Zhejiang Wuyi Shenlong Floatation Co Ltd., and Centralfluor Industries Group, Inc., are key players operating in the global fluorspar market. Apart from these organizations, Masan Group, Mongolrostsvetmet LLC., British Fluorspar Ltd, Seaforth Mineral & Ore Co., Inc., MINERSA GROUP, Kenya Fluorspar Company Ltd., China Kings Resources Group Co., Ltd., and Mongolrostsvetmet LLC., are a few other leading companies.
As per market experts, leading players are investing in research and development of high-performance products, to establish themselves concretely in the global fluorspar market. With new companies entering this sector on a regular basis, the competition is expected to increase dramatically during the upcoming years. Participating in mergers & acquisitions, expansion of product portfolios, and achieving product differentiation also are other key schemes implemented by businesses in this market. With the advent of state-of-the-art technologies, companies are imparting a lot of focus on improving product quality and increasing product manufacturing capacities.
According to market experts, this market had gained revenue worth US$1,505.3 mn in 2016, which is further expected to grow up to US$1,860.8 mn by 2025. This growth is projected to occur at a slow yet steady CAGR of 2.7% during the forecast period from 2017 to 2025.
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Rapidly Advancing Cooling and Ventilation Industry Spurs Market’s Growth
Emergence of new players in Asia Pacific and Middle East and Africa regions is steadily driving the global fluorspar market. This is mainly due to cheaper labor and availability of less expensive technology in the region, which has made several players establish themselves properly in the region. An increasing use of fluorspar for making fluorchemicals is majorly driving the global fluorspar market. These chemicals are used majorly in various applications in form of refrigerants such as warming, ventilation, and cooling industry. The chemicals are also notably used in other industrial manufactured compounds such as HCFC, HFC, cryolite, and fluropolymers. With most of these applications experiencing a boost since many years, the global fluorspar market is expected to gain substantial pace during the upcoming years.
Efforts to Phase out Fluorocarbon Products Stunts Market’s Expansion
However, rising environmental concerns regarding use of CFCs and HCFCs, wherein fluorspar is a primary constituent, is majorly restraining the global fluorspar market. A lot of international pressure is being applied by many governments to phase out fluorocarbon products, in order to safeguard the environment. Although this is highly needed from an environmental perspective, such efforts are greatly expected to pose as an obstacle to the global fluorspar market’s growth. Nevertheless, use of fluorspar material in other industry sectors such as manufacturing of steel and aluminum, is greatly hampering the global fluorspar market’s growth.
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