WILMINGTON, DE / ACCESSWIRE / May 25, 2023 / Transparency Market Research Inc. - Rapid increase in the usage of halide minerals as a precursor to several chemicals is expected to strengthen industrial applications. The rise in the utilization of halide minerals in the manufacture of industrial chemicals is propelling the market.
The global Halide Minerals Market was valued at US$ 4.2 Bn in 2022 and is projected to reach US$ 8.3 Bn by 2031.
Extensive usage of fluorite and halite in the production of chlorine and hydrofluoric acid, respectively, has spurred the commercialization of halide minerals. Steadily growing demand for fertilizers in developing countries is positively influencing the prospects of the Halide Minerals Market.
Halide minerals are widely utilized in the production of halite which is gaining traction in water treatment, paper manufacturing, glass manufacturing, and pharmaceutical applications. Price volatility of certain halide minerals such as potassium chloride has adversely impacted the market dynamics in the past few years. On the other hand, diverse applications of industrial chemicals made from halide minerals are anticipated to bolster market development.
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Key Findings of Study
- Significant Usage of Halide Minerals in Fertilizers: Based on form, the simple halides segment is projected to constitute major share in the global Halide Minerals Market from 2023 to 2031. Ease of purification and extraction, versatile use in several industrial applications, and low cost of production are expected to propel the segment. Increase in usage of gallium arsenide in the manufacture of high-speed transistors and high-performance electronic components has boosted the market value. Surge in production of fertilizers is estimated to fuel the market.
- High Pace of Adoption of Halide Minerals in Solar Cells to Bolster Market: Recent market trends indicate growing preference for cadmium telluride (CdTe) solar cells over conventional silicon-based technologies in solar energy generation. These thin-film solar cells can be manufactured in less time and are cost-effective. Cadmium telluride solar cells also have high absorption, which makes these cells popular in renewable energy technologies. Constant advancement in CdTe thin-film deposition is likely to surge the demand for solar cells made of halide minerals.
Key Drivers
- Globally growing demand for fertilizers to meet the burgeoning requirements of food crops is a key factor expected to drive the Halide Minerals Market. Rapid pace of production of fertilizers made from halite and sylvinite is likely to augment the market size in the next few years. Demand for potash fertilizer is estimated to be significant in cultivation of corn and several food crops.
- Considerable investments by governments and companies in solar power projects in many developed and developing countries are projected to boost the market in the near future. Rise in R&D in solar energy technologies in developed countries is broadening the market outlook.
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Regional Growth Dynamics
- Asia Pacific is projected to account for leading market share from 2023 to 2031. The markets in China and India are expected to witness significant growth during the forecast period. Rapid expansion of chemical and fertilizer industries is anticipated to fuel the market in the region (Asia Pacific). Rapid pace of industrialization in these countries is likely to further augment the market size in the region in the near future.
- North America is projected to witness rapid growth from 2023 to 2031. Surge in R&D in renewable energy technologies, especially in the U.S., and considerable adoption of inexpensive solar cells are trends expected to propel the market.
Competition Landscape
The business landscape is highly consolidated, with few large-scale vendors. Top players are collaborating to support product innovations.
Prominent companies in the halide minerals industry are:
- ICL Group
- Rio Tinto
- Gujrat Fluorochemicals
- Mitsui Mining & Smelting Co., Ltd.
- Derivados del Fluor, S.A.
- Mineral De Santa Marta
- Solvay S.A.
- Lithium X Energy Corp.
- Sociedad Química y Minera de Chile
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Halide Minerals Market Segmentation
Material
- Fluorine
- Bromine
- Iodine
- Chlorine
Form
- Simple Halides
- Complex Halides
- Oxyhydroxy Halides
Application
- Cooking Salt
- Fertilizer
- Water Softening
- Antimicrobial Drugs
- Roads
- Semiconductor Components
- Others
End-use
- Food & Beverage
- Building & Construction
- Agriculture
- Healthcare
- Electronics
- Others
Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
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