The global fluorsparmarket mainlydepicts the presence of a moderately consolidated vendor landscape, saysTransparency Market Research on the basis of a newly published report. Such aconsolidated scenario exists due to a handful of players exerting a dominatinginfluence in terms of revenue gained. Mexichem S.A.B. de C.V., Zhejiang WuyiShenlong Floatation Co Ltd., and Centralfluor Industries Group, Inc., are keyplayers operating in the global fluorspar market. Apart from theseorganizations, Masan Group, Mongolrostsvetmet LLC., British Fluorspar Ltd,Seaforth Mineral & Ore Co., Inc., MINERSA GROUP, Kenya Fluorspar CompanyLtd., China Kings Resources Group Co., Ltd., and Mongolrostsvetmet LLC., are afew other leading companies.
Asper market experts, leading players are investing in research and developmentof high-performance products, to establish themselves concretely in the globalfluorspar 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 bybusinesses in this market. With the advent of state-of-the-art technologies,companies are imparting a lot of focus on improving product quality andincreasing product manufacturing capacities.
Accordingto 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 isprojected to occur at a slow yet steady CAGR of 2.7% during the forecast periodfrom 2017 to 2025.
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RapidlyAdvancing Cooling and Ventilation Industry Spurs Market’s Growth
Emergenceof new players in Asia Pacific and Middle East and Africa regions is steadilydriving the global fluorspar market. This is mainly due to cheaper labor andavailability of less expensive technology in the region, which has made severalplayers establish themselves properly in the region. An increasing use offluorspar for making fluorchemicals is majorly driving the global fluorsparmarket. These chemicals are used majorly in various applications in form ofrefrigerants such as warming, ventilation, and cooling industry. The chemicalsare also notably used in other industrial manufactured compounds such as HCFC,HFC, cryolite, and fluropolymers. With most of these applications experiencinga boost since many years, the global fluorspar market is expected to gainsubstantial pace during the upcoming years.
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Effortsto Phase out Fluorocarbon Products Stunts Market’s Expansion
However,rising environmental concerns regarding use of CFCs and HCFCs, whereinfluorspar is a primary constituent, is majorly restraining the global fluorsparmarket. A lot of international pressure is being applied by many governments tophase out fluorocarbon products, in order to safeguard the environment. Althoughthis is highly needed from an environmental perspective, such efforts aregreatly expected to pose as an obstacle to the global fluorspar market’sgrowth. Nevertheless, use of fluorspar material in other industry sectors suchas manufacturing of steel and aluminum, is greatly hampering the globalfluorspar market’s growth.
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