Sellbyville, DE -- (SBWIRE) -- 10/16/2018 -- The Fluorspar Market is set to grow from its current market value of more than $2 billion to over $4 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Fluorspar market is said to spectate gradual growth during the forecast timespan, as it is a raw material and an antecedent to hydrofluoric acid. The product is significantly used in the manufacturing of aluminum and steel which in turn will boost the product industry growth by 2024. Significant aluminum and steel demand in the Asia Pacific and Latin American region is said to spur the product industry. Moreover, rising fluorochemicals applications in various end-user and in the production of steel and aluminum will foster the global fluorspar market in the coming years.

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Strict norms regarding the adverse effects of chlorofluorocarbons (CFCs) by using it as cooling fluids in air conditioners and refrigerators will be a key restraining factor for fluorspar market growth. Regulations passed for harmful health effects of CFCs by several regulatory bodies including United Nations Environmental Programme (UNEP), Montreal and others in Europe restrict the overall fluorspar market growth in future.

Based on products, fluorspar market is segmented as acidspar, metspar, ceramic, and others. Considering volume, acidspar segment holds the highest market share, as acidspar with the help of sulfuric acid it is mainly converted into hydrofluoric acid. This hydrofluoric acid is further used for the manufacturing of synthetic cryolites and organofluorides. Moreover, considering revenue, the segment is said to grow at the highest rate of over 8% CAGR in the next seven years.

Acidspar and metspar together are account for over 95% of the global fluorspar market share. Metspar being the second largest segment in the global product industry is said to surpass USD 1 billion by the end of the forecast time frame. The ceramic segment will exhibit growth with a CAGR of close to 7.5% by the end of 2024.

On the basis of application, the fluorspar market is segmented into four major segments mainly, aluminum production, steel production, hydrofluoric acid, and others. With a highest share in the fluorspar market, hydrofluoric acid segment is said to surpass USD 2 billion by the end of the forecast period. Moreover, the segment is said to grow at a highest CAGR of close to 8% in the next seven years.

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Asia Pacific holds a major share in the total fluorspar market and will surpass 60% by the end of the forecast span. Presence of a significantly developing and mature industry using aluminum and steel for various applications is said to augment the product industry in coming years. The region will display growth at a high CAR of close to 8.5% in the coming years. North America and Europe, in combine, will hold a share of close to 25% in the fluorspar market.

Prominent players operating in the fluorspar market include Zhejiang Wuyi Shenglong Flotation, Centralfluor Industries Group, Mexichem, British Fluorspar, Kenya Fluorspar Company, Seaforth Mineral, RUSAL, China Kings Resources Group, Minersa Group, Groupe Managem, Canada Fluorspar, Ying Peng Chemical, Mongolrostsvetmet, Masan Group, and Steyuan Mineral Resources to name a few.

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