In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Fluorite is also known as fluorspar. It is a popular mineral which is available in nature. Fluorite is a form of calcium fluorite which belongs to the halide minerals group. It is visible under ultraviolet and normal light. Pure fluorite is colorless and the variations in colors such as yellow, green, purple and blue are due to the presence of impurities.Fluorite has an attractive cleavage habit which is perfect and parallel to octahedral faces. It can be peeled off in some cases to make a smooth crystal perfect octahedron.
The Fluorite market, in terms of value, is expected to grow rapidly during the forecasted period at a good CAGR. Fluorite is widely used in chemical and fertilizer industry for the manufacturing of hydrofluoric acid, rhyolite, aluminum fluoride and silicofluoride. It is also used in petroleum alkylation, stainless pickling, oil & gas well treatment, glass etching and as cleaner in electronic industry. The wide use of fluorite in these industries is likely to increase the growth of fluorite market over the forecasted period.In terms of regional platform, Asia Pacific holds the latest market share of fluorite in terms of revenue. According to Indian Bureau of Mines, China is the largest producer of fluorite, primarily for the production of hydrofluoric acid and aluminum fluoride. This is expected to positively impact the fluorite market in this region. There is high demand for cement and chemical industry and the wide use of fluorite in these industries, likely to increase the market of fluorite in this region.Europe is expected to be the fast growing market for fluorite. European countries such as Russia and Spain have major fluorite reserves in the world making them significant contributors to the global fluorite market. Aluminum is broadly used in the manufacturing of automobiles and aircrafts. Rapid increase in the automobile production in European countries coupled with an increasing vehicle demand which likely fuel the aluminum consumption. This will spur the fluorite demand to be used in the synthesis of aluminum in this region.
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It is expected that acid grade fluorite will hold the largest market of fluorite over the forecasted period. Acid grade fluorite is highly pure material and is widely used in chemical industry. It contains over 97% CaF2. Most of the fluorite consumed in the United States is acid grade fluorite.
Our-in depth analysis of the global fluorite market includes the following segments:
Global fluorite market is further classified on the basis of region as follows:
There is a high demand for fluorite due to growing chemical industry and the aggregate use of fluorite in glass manufacturing. These two industries accounted the majority of fluorite demand across the globe. It is also used in the aluminum smelting industries and in metallurgy industries. These wide uses of fluorite in these industries likely to increase the growth of fluorite market globally.The main buyers of fluorite are North America, Europe and Asia Pacific. Western Europe, U.S and China are the largest consumers of fluorite across the globe. U.S and Western Europe are the main consumers of acid fluorite for the manufacturing of hydrofluoric acid. This is projected to increase the market of fluorite over the forecasted period.
The acid grade fluorite (97% or more CaF2), which is the highest grade among all the fluorite grade accounts for about 91% of fluorite consumption in the U.S. It is widely used to make hydrofluoric acid and hydrogen fluoride by mixing the fluorite with sulfuric acid. The glass and cement industries in China produce the largest demand for pure fluorite in the world and is expected to drive the fluorite market globally.Olivine is used as substitute for fluorite in many industries such as iron & steel industry. This is likely to hamper the growth of fluorite market globally. Limited presence of fluorite in certain regions is expected to hamper the fluorite market growth.
Some of the examples of market players in the global fluorite market identified across the value chain include: