Fluorite Pellets Market Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2029
The global fluorite pellet market size is expected to grow exponentially owing to the versatility of fluorite in diverse applications, shares Fortune Business Insights™ in its report, titled “Fluorite Pellets Market, 2020-2028.”
Fluorite pellets, also known as fluorite briquettes, are available in acidic and metallurgical grades. They act as a flux used to reduce the melting point of difficult-melted substances and aid in separating metal and slug by accelerating slag’s flow. Properties of fluorite briquette, such as high-temperature strength, good water tightness, cracking resistance, precise composition, and purity, provide longer shelf life, transforming it into a better alternative to the fluorite raw ore. Owing to these advantages, this market is set to flourish during the forecast period.
Impact of COVID-19
The fluorite pellet market growth may remain steady amid the COVID-19 pandemic owing to the extensive utilization of fluorite in medicines, chemicals, and materials. In the iron and steel industry, pellets made from fluorite ensure solid quality metal products. The chemical helps transform the metal into a durable, high-quality raw material that can be used to manufacture several other products. With the lifting of lockdown restrictions in many countries, production and manufacturing activities have restarted, increasing the demand for fluorite briquette to manufacture strong raw products, driving the market growth.
Based on grade, the market is divided into acid-grade and metallurgical-grade. On the basis of application, it is segregated into iron & steel industry, medicine, and others. It is geographically grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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This report analyzes the top market segments and latest trends of the global market. It discusses the impact of COVID-19 and the driving and restraining factors of the market. Further, it examines the regional developments and the strategies undertaken by the key players.
Drivers and Restraints
Increasing Production of Iron Ore to Stoke Market Growth
The demand for fluorite pellets is booming because of the rising production of iron ore in major economies. For example, according to the US Geological Survey data from 2019, Australia produced 930 million tons of usable iron ore in 2019, a notable jump from the 900 million tons produced in 2018. Similarly, Brazil’s iron ore production rose from 460 million tons in 2018 to 480 million tons in 2019. Fluorite pellets act as a flux and slag removal agent responsible for iron, steel, and alloy production. They are employed in processes such as open hearth, basic oxygen, electric furnace process, and steel foundries. Characteristics of fluorites, such as dephosphorization, desulfurization, and tensile strength, enhance iron’s malleability and strength, making them a crucial raw material in manufacturing usable iron. However, the lack of awareness regarding fluorite briquettes and their benefits may limit their adoption, restraining the market’s growth in the process.
Rising Demand for Fluorite in the Production of Stainless Steel to Stoke the Asia Pacific Market
Asia Pacific is expected to lead the fluorite pellets market share during the forecast period attributable to the rising demand for fluorite pellets for producing stainless steel. India, China, and Japan are some of the largest steel producers in the world, which will create ideal conditions for the market to develop in this region.
The escalating demand for fluorite pellets in Europe for medical applications is expected to fuel the progress of the regional market. The UK and Germany are the leading medical manufacturing countries in Europe. The North America market will exhibit massive growth attributable to the adoption of fluorite in iron production.
Crucial Strategies Implemented by Key Players to Enhance Market Footprint
Key players are implementing crucial strategies, such as acquisitions and mergers, to expand their footprint in the market. Competitors have performed significant innovations in fluorite pellets to distinguish themselves from other companies and build a strong brand image to thrive in the intensely competitive atmosphere.
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List of Key Players Profiled in the Fluorite Pellets Market
- SR Group
- Maxton Industrial Co., Ltd
- ZY mining
- Yingda Mining (Ningbo) Co. Ltd
- Shree Ram Lime Products Pvt
- Zhengzou Zhongzou Briquette Machinery Plant
- Zhengzou Dayang Briquette Machinery Co. Ltd
- Metal B2B
- Shree Bajarang Sales Ltd
- Reverso Technologies Inc
- Bright Industry Development Co., Ltd
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