Fluorspar Market is Anticipated to Witness High Growth Owing to Rising Demand from Aluminium Production
The global fluorspar market comprises fluorspar mineral which is used as a flux in aluminium production and steelmaking. Fluorspar has wide applications in aluminium and steel industries. The mineral helps in reducing the melting point of the materials during metal production. It is also used as a raw material in production of hydrofluoric acid, which finds usage in fabricating halogenated compounds utilised across refrigerants, aluminum, petrol, and agrochemical industries. Some key uses of fluorspar include production of aluminium, steelmaking, hydrofluoric acid, cement, and ceramics. The need for improving metal and chemical production efficiency is fuelling demand for fluorspar.
The Global fluorspar market is estimated to be valued at US$ 2.54 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the fluorspar market are Novocure, Magstim, Brainsway, Boston Scientific Corporation, OTTO Bock, Wandong Medical, Yiruide Medical Equipment, MagVenture, Biomobie, Cerbomed. These players are focusing on capacity expansion and new product launches to cater to growing demand.
There is significant potential for market growth owing to increasing consumption of aluminium and rising usage of fluorspar in steelmaking. The growing production of hydrofluoric acid also presents opportunities for fluorspar suppliers.
Key players are exploring opportunities in regions like Africa and South America for capacity expansion to leverage low production costs and cater to the growing global Fluorspar Market Demand. Many companies are also focusing on developing refined fluorspar products with high purity levels.
Market drivers:
- Rising aluminium production driven by growth in transportation and construction industries is a major factor driving fluorspar demand. Aluminium production accounts for over 60% usage of fluorspar.
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