Elemental Fluorine Market
Elemental Fluorine Market Study by Metallurgy, Glass & Ceramics, Sulphur Hexafluoride & Halogen Fluoride, Electronics & Semiconductors, Polymers, Nuclear Fuel, and Others from 2024 to 2034
Analysis of Elemental Fluorine Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Elemental Fluorine Market Outlook (2024 to 2034)
The global elemental fluorine market size is estimated to be valued at US$ 1,011.7 million in 2024 and is forecast to reach a valuation of US$ 2,263.3 million by 2034, with a projected compound annual growth rate (CAGR) of 8.1% from 2024 to 2034.
The global demand for elemental fluorine stems from its distinct advantages in comparison to other cleaning gases. On-site production of fluorine gas proves more cost-effective and beneficial. Unlike other fluorine gases like ClF3, NF3, SF6, and F2/N2 mixtures, pure fluorine gas ensures superior cleaning performance as it lacks inactive components that might compromise its efficacy.
Pure fluorine gas stands out for dry chamber cleaning due to its exceptional productivity gains in CVD tools, heightened cleaning performance, and shorter cleaning durations. Notably, it boasts environmental friendliness with minimal impact and reduced energy consumption.
Rising demand within the chemical manufacturing sector is poised to have a favorable influence on the elemental fluorine market. During the forecast period, the expanding range of applications leveraging elemental fluorine is expected to drive significant growth within the market.
The elemental fluorine market is marked by the presence of major players across North America, Europe, and APAC regions. The dominance of the nuclear fuel sector is anticipated to persist as the key driver of growth within the elemental fluorine market throughout the forecast period.
| Report Attributes | Details |
|---|---|
| Estimated Market Value (2024E) | US$ 1,011.7 million |
| Forecasted Market Value (2034F) | US$ 2,263.3 million |
| Global Market Growth Rate (2024 to 2034) | 8.1% CAGR |
| Nuclear Fuel Segment Growth Rate (2024 to 2034) | 7.6% CAGR |
| Sulphur Hexafluoride & Halogen Fluoride Segment Growth Rate (2024 to 2034) | 8.5% CAGR |
| North America Market Share (2024) | 28.6% |
| East Asia Market Share (2024) | 21.5% |
| Key Companies Profiled | Advance Research Chemicals Inc.; Air Products and Chemicals, Inc.; Kanto Denka Kogyo Co. Ltd.; Linde AG; Navin Fluorine International Limited; Pelchem SOC Ltd.; Solvay SA; F2 Chemicals Ltd |
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What Are the Prominent Factors Affecting the Elemental Fluorine Market Growth?
Rising Demand for Nuclear Fuel to Drive the Market Demand
The transformation of uranium oxide into uranium hexafluoride stands as a pivotal phase within the nuclear cycle. This conversion yields uranium hexafluoride, a uranium form that can undergo enrichment in the nuclear fuel production process. Given the rising demand for nuclear fuel, conversion plants are under pressure to operate at high capacity.
The growth trajectory of the uranium hexafluoride market is anticipated to align with the escalating need for nuclear fuel. This surge in demand subsequently fuels the market for fluorine gas. These interconnected factors are projected to sustain and propel the elemental fluorine market's growth in the foreseeable future.
Glass and Ceramics Manufacturing Significantly Contribute to the Demand for Elemental Fluorine
Fluorine compounds like fluorite or fluorspar act as fluxes in glass manufacturing, lowering the melting point and improving the flow properties of glass, leading to increased demand for elemental fluorine. Fluorine-based compounds are crucial in producing specialized glasses like fluorocarbon glasses, used in high-performance optics, lenses, and coatings for various industries, driving the need for elemental fluorine.
Certain safety glasses, including laminated glass used in automobiles and buildings, utilize fluorine compounds to enhance their properties, indirectly influencing the demand for elemental fluorine.
Similar to glass, fluorine compounds act as fluxes in ceramic production, lowering the melting point and aiding in the fusion of raw materials, thus driving the demand for elemental fluorine. Fluorine compounds play a role in producing advanced ceramic materials used in specialized applications like aerospace, electronics, and medical devices, thereby influencing the elemental fluorine market.
What are the Challenges Faced by Elemental Fluorine Market Players?
Safety and Handling Challenges May Impede Market Growth
The potential risks associated with elemental fluorine, including its corrosive nature causing skin etching and potential painful wounds upon contact; pose significant concerns regarding human safety. These risks could potentially impede the global market's growth.
Strict regulations govern the production, transportation, and use of elemental fluorine due to its hazardous properties. Compliance with these regulations adds complexity and cost to operations.
The production of elemental fluorine involves intricate processes like electrolysis of hydrogen fluoride, demanding specialized equipment and expertise. Innovation in production methods to enhance efficiency while maintaining safety remains a challenge.
Continuous advancements in alternative materials and technologies might challenge the dominance of fluorine-based products, requiring ongoing innovation and cost-efficiency improvements to maintain market competitiveness.
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Country-wise Insights
The North America elemental fluorine market is poised for exceptional growth, projecting a CAGR of 8.5% through 2034. The high demand for elemental fluorine is coming from key countries, like United States and Canada is driving the market growth. In 2024, the United States dominates the elemental fluorine industry with an estimated 77.4% market share.
Meanwhile, the East Asia elemental fluorine market is anticipated to exhibit substantial progress, aiming for a 7.2% CAGR through 2034. In East Asia, China emerges as the key player in the elemental fluorine industry, commanding a significant share of 57.8% in 2024.
What is the Demand Outlook for Elemental Fluorine in United States?
“Rising Demand in Various End-use Industries to Boost Elemental Fluorine Market Demand in United State”
| Attributes | United States |
|---|---|
| Market Value (2024) | US$ 224.0 million |
| Growth Rate (2024 to 2034) | 8.2% CAGR |
| Projected Value (2034) | US$ 490.7 million |
The United States is forecasted to hold 74.5% of the North American market share by the end of 2034. The increasing demand for elemental fluorine in chemical manufacturing, electronics, pharmaceuticals, aerospace, and automotive sectors. The United States chemical industry heavily relies on elemental fluorine for producing fluorinated compounds, fluoropolymers, and specialty chemicals, which are used in diverse applications.
Industries like aerospace and automotive rely on fluorine-based materials due to their exceptional properties, contributing to the demand for elemental fluorine. Ongoing advancements in production techniques and technology enhancements contribute to the efficiency and competitiveness of the elemental fluorine market in the United States. Increasing emphasis on sustainability and eco-friendly materials may drive innovation and the adoption of greener alternatives in the elemental fluorine market.
How is China projected to Create Growth Opportunity for Elemental Fluorine Market?
“Robust Chemical Industry Drives Elemental Fluorine Market Demand in China”
| Attributes | China |
|---|---|
| Market Value (2024) | US$ 125.7 million |
| Growth Rate (2024 to 2034) | 7.0% CAGR |
| Projected Value (2034) | US$ 247.6 million |
China is forecasted to hold a 56.4% share of East Asia market revenue by 2034. Elemental fluorine finds extensive use in China's chemical, electronics, and metallurgy industries. Its applications in manufacturing fluoropolymers, specialty chemicals, and semiconductors drive demand.
China's chemical industry heavily relies on elemental fluorine for the production of fluorocarbons, fluorinated polymers, and various chemical compounds, contributing to market growth. The growth of China's pharmaceutical sector, coupled with research into fluorine-containing drug molecules, fuels demand for elemental fluorine in drug development and production.
China's rapid economic growth and infrastructure development stimulate the demand for construction materials, some of which utilize fluorine-based products. Supportive government policies, investments in research and development, and strategic initiatives to strengthen domestic industries likely contribute to the elemental fluorine market's growth.
Category-wise Insights
Based on the application, the nuclear fuel segment is estimated to hold a 43.5% of the globalelemental fluorine market share in 2024. Simultaneously, the Sulphur Hexafluoride & Halogen Fluoride segment is anticipated to secure a 17.5% share, contributing significantly to the market growth.
Which Application Segment Account for High Share of Elemental Fluorine Market?
“High Demand Predicted For Nuclear Fuel Segment”
| Attributes | Nuclear Fuel |
|---|---|
| Segment Value (2024) | US$ 440.1 million |
| Growth Rate (2024 to 2034) | 7.6% CAGR |
| Projected Value (2034) | US$ 1,000.4 million |
The demand for enriched uranium, obtained through elemental fluorine-assisted processes, remains high to fuel nuclear reactors worldwide, contributing to the growth in demand for elemental fluorine within the nuclear fuel industry. Enriched uranium, produced through the utilization of elemental fluorine in the enrichment process, is a crucial fuel source for nuclear power plants, providing a sustainable and efficient energy generation method.
Fluorine's exceptional reactivity and ability to form stable compounds, like UF6, make it an ideal choice for converting uranium into a volatile and easily separable form suitable for enrichment. UF6, produced using elemental fluorine, allows for the separation of uranium isotopes using centrifuges or other enrichment techniques, enabling the concentration of the fissile isotope uranium-235 for nuclear fuel.
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Competitive Landscape
Companies investing in R&D for innovative production methods and product development gain a competitive edge. Players with diverse product portfolios catering to different industries have a competitive advantage.
- Solvay SA is known for its extensive chemical portfolio, Solvay is a significant player in the elemental fluorine market, supplying various fluorine-based products to multiple industries.
- In July 2022, Navin Fluorine commenced production of Honeywell’s Solstice ZD, a hydrofluoroolefin, in Delhi, India. This material serves as a versatile refrigeration liquid for chillers, foam insulation blowing agents, and solvents. The company's objective was to enhance energy efficiency and reduce carbon footprint by offering an environmentally friendly solution.
Elemental Fluorine Market - Key Segments
-
By Application:
- Metallurgy
- Glass & Ceramics Manufacturing
- Sulphur Hexafluoride & Halogen Fluoride
- Electronics & Semiconductor
- Polymer Manufacturing & Processing
- Nuclear Fuel
- Others
-
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Background
- 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
- 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
- 5.1. Metallurgy
- 5.2. Glass & Ceramics Manufacturing
- 5.3. Sulphur Hexafluoride & Halogen Fluoride
- 5.4. Electronics & Semiconductor
- 5.5. Polymer Manufacturing & Processing
- 5.6. Nuclear Fuel
- 5.7. Others
- 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
- 6.1. North America
- 6.2. Latin America
- 6.3. Western Europe
- 6.4. Eastern Europe
- 6.5. South Asia and Pacific
- 6.6. East Asia
- 6.7. Middle East and Africa
- 7. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
- 8. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
- 9. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
- 10. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
- 11. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
- 12. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
- 13. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
- 14. Key Countries Market Analysis
- 15. Market Structure Analysis
- 16. Competition Analysis
- 16.1. Advance Research Chemicals, Inc
- 16.2. Air Products and Chemicals, Inc.
- 16.3. Kanto Denka Kogyo Co., Ltd.
- 16.4. Linde AG
- 16.5. Navin Fluorine International Limited
- 16.6. Pelchem SOC Ltd.
- 16.7. Solvay SA
- 16.8. F2 Chemicals Ltd
- 17. Assumptions & Acronyms Used
- 18. Research Methodology
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List Of Table
Table 1: Global Market Value (US$ Million) Forecast by Region, 2019 to 2034
Table 2: Global Market Volume (Tons) Forecast by Region, 2019 to 2034
Table 3: Global Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 4: Global Market Volume (Tons) Forecast by Application, 2019 to 2034
Table 5: North America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 6: North America Market Volume (Tons) Forecast by Country, 2019 to 2034
Table 7: North America Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 8: North America Market Volume (Tons) Forecast by Application, 2019 to 2034
Table 9: Latin America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 10: Latin America Market Volume (Tons) Forecast by Country, 2019 to 2034
Table 11: Latin America Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 12: Latin America Market Volume (Tons) Forecast by Application, 2019 to 2034
Table 13: Western Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 14: Western Europe Market Volume (Tons) Forecast by Country, 2019 to 2034
Table 15: Western Europe Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 16: Western Europe Market Volume (Tons) Forecast by Application, 2019 to 2034
Table 17: Eastern Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 18: Eastern Europe Market Volume (Tons) Forecast by Country, 2019 to 2034
Table 19: Eastern Europe Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 20: Eastern Europe Market Volume (Tons) Forecast by Application, 2019 to 2034
Table 21: South Asia and Pacific Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 22: South Asia and Pacific Market Volume (Tons) Forecast by Country, 2019 to 2034
Table 23: South Asia and Pacific Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 24: South Asia and Pacific Market Volume (Tons) Forecast by Application, 2019 to 2034
Table 25: East Asia Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 26: East Asia Market Volume (Tons) Forecast by Country, 2019 to 2034
Table 27: East Asia Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 28: East Asia Market Volume (Tons) Forecast by Application, 2019 to 2034
Table 29: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 30: Middle East and Africa Market Volume (Tons) Forecast by Country, 2019 to 2034
Table 31: Middle East and Africa Market Value (US$ Million) Forecast by Application, 2019 to 2034
Table 32: Middle East and Africa Market Volume (Tons) Forecast by Application, 2019 to 2034
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List Of Figures
Figure 1: Global Market Value (US$ Million) by Application, 2024 to 2034
Figure 2: Global Market Value (US$ Million) by Region, 2024 to 2034
Figure 3: Global Market Value (US$ Million) Analysis by Region, 2019 to 2034
Figure 4: Global Market Volume (Tons) Analysis by Region, 2019 to 2034
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034
Figure 7: Global Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 8: Global Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 9: Global Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 10: Global Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 11: Global Market Attractiveness by Application, 2024 to 2034
Figure 12: Global Market Attractiveness by Region, 2024 to 2034
Figure 13: North America Market Value (US$ Million) by Application, 2024 to 2034
Figure 14: North America Market Value (US$ Million) by Country, 2024 to 2034
Figure 15: North America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 16: North America Market Volume (Tons) Analysis by Country, 2019 to 2034
Figure 17: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 18: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 19: North America Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 20: North America Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 21: North America Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 22: North America Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 23: North America Market Attractiveness by Application, 2024 to 2034
Figure 24: North America Market Attractiveness by Country, 2024 to 2034
Figure 25: Latin America Market Value (US$ Million) by Application, 2024 to 2034
Figure 26: Latin America Market Value (US$ Million) by Country, 2024 to 2034
Figure 27: Latin America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 28: Latin America Market Volume (Tons) Analysis by Country, 2019 to 2034
Figure 29: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 30: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 31: Latin America Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 32: Latin America Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 33: Latin America Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 34: Latin America Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 35: Latin America Market Attractiveness by Application, 2024 to 2034
Figure 36: Latin America Market Attractiveness by Country, 2024 to 2034
Figure 37: Western Europe Market Value (US$ Million) by Application, 2024 to 2034
Figure 38: Western Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 39: Western Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 40: Western Europe Market Volume (Tons) Analysis by Country, 2019 to 2034
Figure 41: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 42: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 43: Western Europe Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 44: Western Europe Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 45: Western Europe Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 46: Western Europe Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 47: Western Europe Market Attractiveness by Application, 2024 to 2034
Figure 48: Western Europe Market Attractiveness by Country, 2024 to 2034
Figure 49: Eastern Europe Market Value (US$ Million) by Application, 2024 to 2034
Figure 50: Eastern Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 51: Eastern Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 52: Eastern Europe Market Volume (Tons) Analysis by Country, 2019 to 2034
Figure 53: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 54: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 55: Eastern Europe Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 56: Eastern Europe Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 57: Eastern Europe Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 58: Eastern Europe Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 59: Eastern Europe Market Attractiveness by Application, 2024 to 2034
Figure 60: Eastern Europe Market Attractiveness by Country, 2024 to 2034
Figure 61: South Asia and Pacific Market Value (US$ Million) by Application, 2024 to 2034
Figure 62: South Asia and Pacific Market Value (US$ Million) by Country, 2024 to 2034
Figure 63: South Asia and Pacific Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 64: South Asia and Pacific Market Volume (Tons) Analysis by Country, 2019 to 2034
Figure 65: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 66: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 67: South Asia and Pacific Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 68: South Asia and Pacific Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 69: South Asia and Pacific Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 70: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 71: South Asia and Pacific Market Attractiveness by Application, 2024 to 2034
Figure 72: South Asia and Pacific Market Attractiveness by Country, 2024 to 2034
Figure 73: East Asia Market Value (US$ Million) by Application, 2024 to 2034
Figure 74: East Asia Market Value (US$ Million) by Country, 2024 to 2034
Figure 75: East Asia Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 76: East Asia Market Volume (Tons) Analysis by Country, 2019 to 2034
Figure 77: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 78: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 79: East Asia Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 80: East Asia Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 81: East Asia Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 82: East Asia Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 83: East Asia Market Attractiveness by Application, 2024 to 2034
Figure 84: East Asia Market Attractiveness by Country, 2024 to 2034
Figure 85: Middle East and Africa Market Value (US$ Million) by Application, 2024 to 2034
Figure 86: Middle East and Africa Market Value (US$ Million) by Country, 2024 to 2034
Figure 87: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 88: Middle East and Africa Market Volume (Tons) Analysis by Country, 2019 to 2034
Figure 89: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 90: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 91: Middle East and Africa Market Value (US$ Million) Analysis by Application, 2019 to 2034
Figure 92: Middle East and Africa Market Volume (Tons) Analysis by Application, 2019 to 2034
Figure 93: Middle East and Africa Market Value Share (%) and BPS Analysis by Application, 2024 to 2034
Figure 94: Middle East and Africa Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034
Figure 95: Middle East and Africa Market Attractiveness by Application, 2024 to 2034
Figure 96: Middle East and Africa Market Attractiveness by Country, 2024 to 2034
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- FAQs -
How big is the elemental fluorine market in 2024?
The global elemental fluorine market is expected to be valued at US$ 1,011.7 million in 2024.
What is the anticipated value for elemental fluorine market in 2034?
By 2034, the market value of elemental fluorine is expected to reach US$ 2,263.3 million.
What is the expected forecast CAGR for elemental fluorine market from 2024-2034?
From 2024-2034, elemental fluorine demand is likely to surge at a 8.1% CAGR.
How opportunistic is the Chinese market for plastic film?
China is expected to register a 7.0% CAGR with regard to the elemental fluorine industry.
At what rate is the market in North America predicted to grow?
The North America market for elemental fluorine is forecasted to expand at a CAGR of 8.5% through 2034.
What portion of global market is East Asia projected to hold by 2034?
East Asia is forecasted to account for 7.2% share of global market by 2034.
Elemental Fluorine Market