The global fluorsparmarket mainly depicts the presence of a moderatelyconsolidated vendor landscape, says Transparency Market Research on the basisof a newly published report. Such a consolidated scenario exists due to ahandful of players exerting a dominating influence in terms of revenue gained.Mexichem S.A.B. de C.V., Zhejiang Wuyi Shenlong Floatation Co Ltd., andCentralfluor Industries Group, Inc., are key players operating in the globalfluorspar 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 GroupCo., Ltd., and Mongolrostsvetmet LLC., are a few other leading companies.
As permarket experts, leading players are investing in research and development ofhigh-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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Efforts to Phase out FluorocarbonProducts 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.Although this is highly needed from an environmental perspective, such effortsare greatly 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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