Market Overview:
The global Aluminum Fluoride Market is estimated to be valued at US$ 2.3 Bn in 2023 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Aluminum fluoride finds wide applications as fluxing agent in aluminum smelting and in the manufacturing of materials like cryolite and aluminum salts. It exhibits properties like fire resistance, low thermal and electrical conductivity which makes it suitable for such applications.
Market key trends:
The growing demand from the aluminum and steel industries where aluminum fluoride is widely used as a fluxing agent is a key trend driving the growth of the market. Aluminum fluoride allows aluminum and steel producers to operate at higher temperatures and reduces energy consumption during smelting. Moreover, the increasing demand for aluminum from end-use industries is positively impacting the aluminum fluoride market. However, stringent regulations surrounding mining activities are expected to pose a challenge to market growth.
SWOT Analysis
Strength: Aluminum fluoride is corrosion resistant which makes it suitable for outdoor applications. It has good thermal stability which allows it to withstand high temperatures without degradation.
Weakness: Strict regulations regarding mining and processing of aluminum fluoride can increase cost of production. Transportation of aluminum fluoride also requires special equipment due to its hazardous nature.
Opportunity: Growing construction industry is expected to boost demand for aluminum fluoride as it is used in production of cement and concrete. Increasing steel industry will also drive its use in production of aluminum alloys.
Threats: Volatility in raw material prices can increase production cost. Presence of substitute products like calcium fluoride poses competition in the market.
Key Takeaways
The Global Aluminum Fluoride Market Size is expected to witness high growth, exhibiting CAGR of 2.7% over the forecast period, due to increasing consumption in end use industries like construction and automotive.
Asia Pacific is currently the largest as well as the fastest growing regional market for aluminum fluoride due to presence of emerging economies like China and India with growing construction activities. The aluminum fluoride market in Asia Pacific is estimated to reach US$ 1.5 Bn by 2030. North America is another major consumer of aluminum fluoride owing to developed end use industries in countries like US and Canada.
Key players operating in the aluminum fluoride market are Alufluoride Ltd.,Rio Tinto Plc,Tanfac Industries Ltd.,Fluorsid S.p.A,Mexichem S.A.B. de C.V.,Industries Chimiques du Fluor (ICF),PhosAgro PJSC,Do-Fluoride Chemicals Co., Ltd,Pingquan Greatwall Chemical Co., Ltd.,Gulf Fluor,AB Lifosa,Alufluor AB,Derivados del Fluor. The market is moderately consolidated with top five players accounting for over 50% of the global production. Major players are focusing on capacity expansion plans to cater to growing demand from emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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