May 21, 2024
Aluminum Fluoride Market

Aluminum Fluoride Market Propelled By Growing Automotive Production

The aluminum fluoride market has experienced significant growth due to the various applications of aluminum fluoride in automotive, construction, and petrochemical industries. Aluminum fluoride is commonly used as fluxing agent for aluminum production and in welding rods. It increases the strength and resistance of aluminum and provides protection against corrosion.

The global Aluminum Fluoride Market is estimated to be valued at US$ 2.03 Billion in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key drivers for the growth of the aluminum fluoride market is the rapid expansion of the automotive industry. Aluminum fluoride is a important raw material that is used in the production of aluminum which is extensively used in the automotive sector for manufacturing engine parts, wheels and other lightweight components due to its properties such as high strength-to-weight ratio and corrosion resistance. According to industry experts, the global automobile production is expected to grow at over 3% during the forecast period. This rise in automotive production will subsequently increase the demand for aluminum and aluminum fluoride over the coming years.

SWOT Analysis

Strength: Aluminum fluoride has very good properties such as high thermal and chemical stability. It is also non-flammable in nature.

Weakness: Strict regulations regarding usage of aluminium fluoride may hamper the growth. Transportation of aluminium fluoride also requires precautions due to its hazardous nature.

Opportunity: Increasing usage of aluminium fluoride in petrochemical industries for cracking catalyst applications offers significant growth opportunities. Growing aluminium production also drives the market.

Threats: Volatility in raw material prices poses major threat. Growing environmental concerns regarding emissions from aluminium fluoride usage restrains the market growth.

Key Takeaways

The global Aluminum Fluoride Market Growth is expected to witness high growth. The market size is projected to reach US$ 2.03 Billion by 2023 growing at a CAGR of around 10% during the forecast period.

Regional Analysis- Asia Pacific dominates the global market and is expected to maintain its dominance during the forecast period. Growing aluminum production in China, India and other Asia Pacific countries drives the regional market.

Key players operating in the aluminum fluoride market are INKIA, Martha Tilaar Group, Wipro Unza, Clara International, Ivy Beauty Corporation, Sdn Bhd Overview, Paragon Technology & Innovation, and Brataco Group of Companies. Inkia has emerged as the leading player with strong presence across regions. The other major players are expanding their production capacities to cater to growing demand from end-use industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it