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Jan 16, 2020 5:34 AM ET

Fluorite Market is Forecast to Grow at CAGR of 4.8% During 2020-2025

Fluorite Market is Forecast to Grow at CAGR of 4.8% During 2020-2025

iCrowd Newswire - Jan 16, 2020

Fluorite Market is forecast to reach $2.08 billion by 2025, after growing at a CAGR of 4.8% during 2020-2025. The improvement in mining sector’s performance in past few years has rebounded after facing slump in the market. Fluorite is an industrial mineral where nearly two thirds of the world’s fluorite production is used for manufacturing hydrofluoric acid. 
Key Takeaways
  • Asia-Pacific dominates the fluorite market owing to huge production and high exports from China. 
  • Approximately one third of fluorite produced globally is of metallurgical grade and is used primarily for production of aluminum and flux in steel making. 
  • Fluorite is the raw material used in the production of hydrofluoric acid. The presence of alternative source of hydrofluoric acid such as calcium fluoride, depleted uranium hexafluoride, sodium fluoride and sodium fluorosilicate can affect the fluorite market growth. 
Grade- Segment Analysis
Acid Grade Fluoriteheldthe largest share in the fluorite market in 2019. Among all the fluorite grade, acid grade fluorite accounts for about 95% of fluorite consumption in U.S where acid fluorite is used to produce hydrogen fluorite and hydrofluoric acid by mixing the fluorite with sulfuric acid. 
Whereas ceramic grade fluorite is used in the manufacture of opalescent glass, enamels, and cooking utensils. Metallurgical grade fluorite are the lowest grade fluorite among the three grades. Traditionally the metallurgical grade has been utilized as flux into the steel and aluminum production. 
Application – Segment Analysis
Chemical Industry has been the primary market for fluorite for many years. Fluorite is the primary component in production of hydrofluoric acid. Large amount of hydrofluoric acid is utilized in the manufacture of neon and argon gases. These gases are used as refrigerants and propellants across various domains. According to IMFORMED Industrial Mineral Forums and Research Ltd., Fluoro-refrigerant market in South America, Asia Pacific (Except Australia and New Zealand), Africa, and parts of Middle East will have moderate growth by 2024. Additionally, U.S., Russia, Australia, New Zealand, and parts of Central Asia will have sluggish growth by 2024. 
The ongoing trade war between U.S. and China will have some impact on the fluorochemical demand. Fluorochemcial will have a moderate growth as it is widely incorporated for fluoroplastic and fluoroelastomer production by 2024. Further, it has been concluded that there will be slight growth in global HFC production and consumption in the short term by 2024. Hydrofluoroolefins will register a strong growth in terms of production and consumption because of mobile air conditioning and plastic foam blowing.
Geography- Segment Analysis
APAC dominated the fluorite market with a share of more than 33%,followed by North America and Europe. In the developing region such as APAC, the demand for steel and aluminum contributes to the growth of fluorite market revenue. Aluminum is widely used in the manufacture of aircraft and automobiles. Owing to GDP growth and growing disposable income, there is a substantial increase in automotive production in APAC countries along with increasing vehicle demand.
In 2017, fluorite production was down by 10% globally which was lowest in a decade. According to Kerry Satterthwaite, Division Manager, Carbon & Chemicals, Roskill Information Services Ltd “In 2017 and 2018 Chinese production was down by 13% with both acid grade and metallurgy grade fluorite affected by production shutdowns. The decline in production was due to environmental and mining controls”. Further, Kerry Satterthwaite added that other major producers across globe filled the gap left by declining Chinese export.  
Drivers –Fluorite Market
  • Growing demand for fluorite across various Application
The constant demand for fluorite in chemical industry and its wide utilization in the glass manufacturing are driving the fluorite market. The glass and chemical industry both accounts majority of fluorite demand globally. 
  • The rise in trade, and consumption will drive Fluorite market. 
North America, Europe and Asia Pacific are the major buyers of fluorite whereas Western Europe, China and the U.Sare the largest consumer of fluoride globally. Western Europe, and the U.S. in particular are the main consumers of acid fluorite which is used in the manufacture of hydrofluoric acid. Further, the demand for pure fluorite in China is high compare to globally due to its vast cement and glass industries. 
Challenges – Fluorite Market
  • The substitute of Fluorite can hamper the market. 
There is currently a major trend to replace fluorite used in many application with more environmental friendly alternatives. There is possibility to replace fluorite based chemicals with hydrocarbon based refrigerants such as butane and propane. In steel and Iron industry Olivine or dolomitic limestone are used as substitute to fluorite. The by-product of fluorosilicic acid from phosphoric acid production was used as a substitute in aluminium fluoride production. 
Market Landscape
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the fluorite market. In 2019, the market of fluorite has been consolidated by the top five players accounting for xx% of the share. Major players in the Fluorite Market areRUSAL, Sallies Limited, Seaforth Mineral & Ore Co. Ltd., Zhejiang Yingpeng Chemical Ltd., Minersa Minerals, and Mexichem Fluor,among others. 
Acquisitions/Technology Launches
  • In September 2019, DFD Chemical Co., Ltd. has acquired 70 percent shares of Luoyang Lanbao Fluoride Industry Co., Ltd a fluorite mining and beneficiation enterprise in order to increase supplies of raw materials for the company itself.

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Keywords:    Fluorite Market, Fluorite Market Size, Fluorite Market Share, Fluorite Market Analysis, Fluorite Market Revenue, Fluorite Market Trends, Fluorite Market Growth, Fluorite Market Research, Fluorite Market Outlook, Fluorite Market Forecast

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