ALUMINUM FLUORIDE MARKET ANALYSIS
Aluminum Fluoride Market - Size, Share, Outlook, and Opportunity Analysis 2019 – 2027
The global aluminum fluoride market size is expected to reach US$ 1710 million by 2024, and register a CAGR of 1.9% over the forecast period (2019 - 2027).
Market Overview
Aluminum fluoride, also known as aluminum trifluoride, is an inorganic, chemical compound that is primarily used in the production of aluminum. The compound occurs in a colorless (white crystalline solid) form, as well as in minerals such as rosenbergite and oskarssonite. Aluminum fluoride has a wide range of applications in the chemical industry.
Market Dynamics
Aluminum fluoride is primarily used as an additive in the production of aluminum through electrolysis. Aluminum manufacturing involves the extraction of aluminum from its ore. Pure aluminum oxide is electrolyzed using a combination of aluminum fluoride and cryolite, which helps in lowering the melting point of the aluminum solution, and increasing its conductivity. Other applications of aluminum fluoride include production of fluoroaluminate glass, which is used for fiber-optic imaging and other applications in the medical industry. It is also used as a main component in ceramics for adding glaze to finished ceramic products. Fermentation properties contained in aluminum fluoride make it a useful ingredient in the beer and wine making industry. The wide range of applications found in the compound majorly contribute to the overall market growth in the near future.
However, health issues associated with overexposure to aluminum fluoride may hinder growth of the market in the future. Prolonged exposure to the compound, especially in powder form, can cause asthma. Moreover, the neurotoxic effect created by small doses of the chemical and can affect bone health and the nervous system, and cause fluorosis, and nervous system impairment.
Market Outlook
Asia Pacific holds a dominant position in the global aluminum fluoride market, with China contributing significantly to the global market share. Furthermore, countries such as Japan and India are expected to emerge as key players in the market, owing to increasing demand in the region for products made using aluminum fluoride. Rising disposable income and GDP in both countries is also expected to generate high demand in end-user industries such as automotive, construction, and pharmaceuticals. As a result, the market is expected to witness the fastest growth in the Asia Pacific region over the forecast period.
Additionally, North America region is expected to be the second highest contributor to the overall market growth, owing to rising per capita income and increasing investments by key players in the region. Europe is also estimated to witness moderate growth as a result of increasing innovation and technological advancement by major players in the region. Furthermore, growth of several end-user industries and increasing demand for the product in regions such as Africa and Latin America is estimated to propel growth of the market.
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Key Players
Key players in the market are primarily engaged in research and development (R&D) activities, in order to improve technological efficiency and to strengthen their position in the market. The competitive landscape of the global aluminum fluoride market is expected to witness several key developments over the forecast period. Some of the prominent players in the market are Alfa Aesar, Shanghai IS Chemical Technology, Finetech Industry, Apollo Scientific Limited, and E. I. du Pont de Nemours and Company.
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