Aluminium Fluoride Market Size Forecast To Reach US$1.6 Billion by 2027
Research Reports
Apr 15, 2022
Aluminium fluoride market size is forecast to reach US$1.6 billion by 2027, after growing at a CAGR of 2.3% during 2022-2027. Aluminium fluoride is an inorganic compound widely used in aluminium manufacturing through electrolytes which can be used in a variety of industrial processes, automotive, food & beverages and others. Growing demand for anhydrous type aluminium fluoride in ceramic and aluminium industry is rising demand for aluminium fluoride market. Various new technological advancements are being developed for the production of high-density aluminium fluoride using fluosilicic acid. According to International Aluminium Institute, 67,343 thousand metric tonnes of aluminium was produced in 2021 and 65,325 thousand metric tonnes of aluminium were produced in 2020. Therefore, the growing production of aluminium will boost the demand for the aluminium fluoride market during the forecast period.
COVID-19 Impact
The Covid-19 pandemic has been a major challenge for the aluminium fluoride market owing to directly affecting the manufacturer’s supply chain across the globe and shutting down the production facilities, port shutdowns, and container ship shortages to minimize the risk of virus spread. This lead to the delay in the production that effect cascades downstream to other manufacturers dependent on the same source upstream in the various end-use industry like automotive, construction, food and beverages and others. As factories started becoming operational in a staggered manner, the demand for raw materials spiked owing to enough large container ships to meet a spike in demand. According to the European Automobile Manufacturers Association, due to COVID-19, the production of vehicles in the European Union amounted to 4,243,577 vehicles which are around 22.9% of total vehicle production in 2019. Although the demand from many key-use industries decreased, the demand from the medical industry boosted the sales of aluminium fluoride during the year 2020. The aluminium fluoride market is also estimated to gradually increase during the forecast period
Aluminium Fluoride Market Segment Analysis – By Type
The anhydrous segment accounted for around 27% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Anhydrous type aluminium fluoride offers a combination of excellent properties of lowering the melting point and increasing conductivity of an aluminium solution, across various sectors such as automotive, construction, and other industrial sectors. In addition, aluminium fluoride is a raw material to produce aluminium based products widely used in construction, ceramic and others. According to Aluminium Association, the estimated annual rate of U.S. primary aluminium production is around 924.0 thousand metric tons during October 2021 with a rise of 1.8% over October 2020. Therefore, the use of anhydrous type aluminium fluoride for aluminium production will boost demand for aluminium based products, in turn, will raise the demand and need for aluminium fluoride during the forecast period.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=508177
Report Price: $ 5900 (Single User License)
Aluminium Fluoride Market Segment Analysis – By End-Use Industry
Building and construction industry accounted for approximately 19% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The increase in construction activities across the globe is driving the demand for the aluminium fluoride market. Aluminium is a composition of an inorganic compound that is widely used in interior and exterior decors of building structures in fencing, partition, ceiling and many others. According to the Office for National Statistics UK, construction output increased by 3.5% in volume for November 2021, which is the largest monthly rise seen in construction output growth since March 2021. According to the U.S. Department of Commerce, the construction value in the US for residential is around 796,308 million, the commercial is around 477,299 million, and the Federal is 26,694 million for November 2021. This will eventually drive the need and demand for aluminium fluoride in the construction industry as it is widely used in glass fencing, interior and exterior decors and many more during the forecast period.
Aluminium Fluoride Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the aluminium fluoride market in 2021 up to 41%, owing to the growing consumer appliances, automotive, food & beverages, pharmaceutical, and large infrastructure projects, in developing countries like China, India, Indonesia, and others will boost the demand for aluminium, ceramic, fluorocarbons, chemical intermediate, optical fibre, glass and others. According to the China Association of Automobile Manufacturers (CAAM), the production of passenger cars is around 2140.8 lakhs in 2021 with an increase of 7.1% as compared to 2020. According to Invest India, the global electronic devices market is estimated to be over US$2 trillion driven by the Asia Pacific region to capture a dominant share. Therefore, the growing electronic device and automotive production will help to boost the demand and need for the aluminium fluoride market during the forecast period.
Aluminium Fluoride Market Drivers:
The growing demand for Aluminium based products in the End-use industry
The growing demand for aluminium fluoride from the various end-use industry owing to the increase in the use of aluminium-based products like a staircase, external body of the vehicle, optical lenses and others is driving the aluminium fluoride market. The growing demand for aluminium based products in construction can be attributed to the increase in the demand for aluminium frames, windows, fences, and others are bolstering the demand for aluminium fluoride. According to the US Department of Commerce, new privately-owned housing units under construction is around 1,464 thousand units in October 2021 and the average rise in December 2021 is 2.3% as compared to November 2021. Therefore, the growing demand for aluminium based products in construction and others will be driving the aluminium fluoride market during the forecast period.
Increasing demand for Aluminium Fluoride in the pharmaceutical industry
Increasing demand for aluminium fluoride from the pharmaceutical industry owing to the growing usage as an intermediate, additive, and catalyst in numerous pharmaceutical processes. The rising demand for pharmaceutical products across the globe due to the growing elderly population, and the occurrence of various chronic and lifestyle diseases will boost the demand for aluminium fluoride. According to the European Federation of Pharmaceutical Industries and Associations, North America accounted for 49.0% of global pharmaceutical sales compared with 23.9% for Europe, 63.7% of sales of new medicines launched during the period 2015-2020 were on the US market, compared with 17.4% on the European market. These factors are driving new investments and demand for pharmaceutical products in turn will drive the demand for the aluminium fluoride market during the forecast period.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=508177
Aluminium Fluoride Market Challenges:
Rising Environment Concern is hampering the Aluminium Fluoride Market
The production of aluminium fluoride involves the releasing of various VOC (Volatile Organic Compounds) into the surroundings which will cause pollution such as air pollution, water pollution, etc. It is highly toxic to the environment, especially to aquatic life and human beings. Excessive exposure to aluminium fluoride causes skin & respiratory tract irritation, asthma, and dermatitis, which is restraining the aluminium fluoride market during the forecast period. The other factor to restrain the aluminium fluoride market is the increasing governments’ concerns towards to emission of harmful gases into the air is restraining the market growth.
Aluminium Fluoride Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the aluminium fluoride market.
Global Aluminum Fluoride top 10 companies include
- Do-Fluoride Chemicals Co., Ltd
- Rio Tinto Plc
- Fluorsid S.p.A.
- Industries Chimiques du Fluor
- Tanfac Industries Ltd.
- Gulf Fluor
- Alufluoride Ltd.
- Hunan Nonferrous Metals Corporation Limited (China)
- DuPont
- Qingzhou Hongyuan Chemical Co Ltd (China)
Recent Developments
In October 2021, Jordan Phosphate Mines Company PLC, Indo-Jordan Chemicals LLC and Alufluoride International Pte. Ltd, a wholly-owned subsidiary of the Company in Singapore entered into a joint venture to commission a Greenfield aluminium fluoride manufacturing facility at Jordan.
In October 2021, The Jordan Phosphate Mines Company (JPMC) and Alufluoride Limited of India signed a US$30 million agreement to establish an aluminium fluoride factory in Shidiyeh in Maan.
In May 2021, the Alufluoride company started the commercial production of aluminium fluoride at its new aluminium fluoride plant at Visakhapatnam in the state of Andhra Pradesh.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=508177
Key Takeaways
The Asia Pacific is expected to register a CAGR of 3.1% during the forecast period (2022-2027). The increasing demand from end-use industries such as automotive, food & beverages, and others in Asian countries such as China, India, Japan, and South Korea is driving the market demand for aluminium fluoride.
The bolstering demand from building & construction has led to a rise in the production and sales of aluminium fluoride.
The increasing demand for aluminium based products is boosting demand for the aluminium fluoride market.
Relevant Reports
A. Aluminium Chloride Market
https://www.industryarc.com/Report/15285/aluminum-chloride-market.html
B. Aluminium Profiles And Fittings Market
https://www.industryarc.com/Research/Aluminium-Profiles-And-Fittings-Market-Research-5031971
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Contact Information:
Venkat Reddy Sales Director Email: venkat@industryarc.com Website: https://www.industryarc.com Phone: (+1) 970-236-3677
Tags:
Reportedtimes, PR-Wirein, Extended Distribution, Research Newswire, English