Strategic collaborations and increasing investment in automotive and construction sector across U.S, Germany and Japan to create growth opportunities for market players.
DUBAI, UAE / ACCESSWIRE / April 12, 2021 / Recovery in automotive industry and demand for metallurgical grade to augment the growth of aluminum fluoride suppliers, evaluates the market study by Future Market Insights. According to the report, apart from a minor setback in 2020, the market is expected to have a positive outlook through 2021 and beyond. Rising demand for metallurgical grade in industrial and commercial sector to propel the aluminum fluoride growth through 2031.
Properties such as low melting point, high efficiency in solution conductivity is increasing the usage of metallurgical grade in automotive and construction industry. Although, disadvantages like high cost laboratory set-ups, lack of professional handling and risk of hazards are likely to cause a challenge for the aluminum fluoride manufacturers. Despite these restraints, numerous automotive and construction projects in upcoming years are expected to overcome the challenges and provide future expansion prospects for manufacturers.
For instance, according to the U.S. Auto Industry and EU car sales report, sales for light vehicles were recorded to total US$ 17.2 million in 2018 and are expected to increase by 10% in the upcoming years. These numbers indicate the surging demand of aluminum fluoride among suppliers and manufacturers.
"High investment in research and development activities in automotive industry and high demand of metallurgical grade among suppliers is expected to boost the market demand," remarks the FMI analyst.
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Key Takeaways
- Concrete admixture to account for over 35% of market share in 2021
- Based on grade, metallurgical grade is the most lucrative segment through 2021
- High demand from the automotive industry to make US the highest revenue generating aluminum fluoride market
- Germany to vanguard European aluminum fluoride market, owing to the high demand for metallurgical aluminum fluoride
- China is expected to lead the market in Asia Pacific through 2031 backed by increasing application in construction industry
- Steady flow of raw material and well-developed construction sector to create lucrative growth opportunities for manufacturers in India
- Application in automotive and laboratory research sector to push aluminum fluoride sales
Prominent Drivers
- Rising demand from building & construction industry for aluminum fluoride is bolstering the market growth
- Recovery in automotive and residential construction industry to create growth opportunities for aluminum fluoride manufacturers
- Cost-effectiveness in diverse end-use industry is expected to drive the demand
Key Restraints
- Sluggish growth recorded due to the pandemic is likely to create slow growth opportunities for aluminum fluoride suppliers
- Costly laboratory set-ups is expected to pose a challenge for the aluminum fluoride manufacturers
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Competitive Landscape
Aluminum fluoride suppliers profiled by FMI includes Alufluoride Ltd., Rio Tinto PLC., Tanfac Industries Ltd., Fluorsid S.p.A, Mexichem S.A.B. de C.V., Industries Chimiques du Fluor, PhosAgro PJSC, Do-Fluoride Chemicals Co. Ltd., Pingquan Greatwall Chemical Co. Ltd., Gulf Fluor, AB Lifosa and Alufluor AB among some others. According to the study, market seems to be highly competitive. Leading players are launching diverse products to maintain their position in the industry.
On December 2020, AluFluoride Ltd., announced the completion of its expansion of new Aluminum Fluoride plant to increase the production capacity by 2.68%.
Likewise, in 2020, Aluminium Bahrain B.S.C (ALBA) signed a long term agreement with an Italian leading producer of fluorochemicals, Fluorsid which made it the world's largest smelter with the production of 1.5 million metric tons.
More Insights on FMI's Aluminum Fluoride Market
In its latest report, Future Market Insights offers a detailed segmentation on global aluminum fluoride market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better understanding of the global market potential, its competitive landscape, drivers, restraints and opportunities, the market is segmented on the basis of grade (metallurgical grade, and other industrial grade), application (aluminum, fluorocarbons, ceramics, and chemical intermediate), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights