Fluorspar is a mineral compound of calcium fluoride which is used as a flux in metal refining and in the manufacture of hydrofluoric acid and cryolite, which are important industrial and commercial chemicals. Fluorspar is a significant raw material used in various industrial applications including steelmaking, aluminum smelting, uranium enrichment and many more owing to its versatile properties. The increasing usage of fluorspar as a fluxing agent in steel and aluminum production is driving the demand of this market.
The global Fluorspar Market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased usage of fluorspar in steel and aluminum production is one of the major trends fueling the growth of this market. Fluorspar is primarily used as a flux which lowers the melting point of materials in steel making and aluminum smelting industries. According to World Steel Association, the global steel production is expected to reach 1.7 billion tonnes by 2030 from 1.6 billion tonnes in 2020. The rising steel production globally is driving significant demand for fluorspar from this industry. Similarly, aluminum production has also been rising globally owing to increased usage of aluminum in various end-use industries including automobiles, aerospace, construction and more. The growing steel and aluminum production will continue to present lucrative opportunities for fluorspar market over the forecast period.
Segment Analysis
The global fluorspar market size is divided into two key segments based on grade - acid grade and ceramic grade. The acid grade fluorspar segment is expected to remain the largest as well as the fastest growing segment during the forecast period. Acid grade fluorspar, which consists of at least 97% calcium fluoride, is used as a fluxing agent in the manufacture of hydrofluoric acid and other chemicals. Growing demand from several chemical applications such as manufacturing of refrigerants, aluminum, and uranium enrichment is expected to drive the demand for acid grade fluorspar in the coming years.
Key Takeaways
The global fluorspar market is expected to witness high growth over the forecast period of 2023 to 2030. The global Fluorspar Market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
Regional analysis:
The Asia Pacific region currently dominates the global fluorspar market and is expected to maintain its leading position during the forecast period as well. Growing exports from China combined with increasing domestic demand for fluorspar from developing nations such as India is expected to drive the market in the region. The construction and automotive industries which are fast expanding in the region require large amounts of fluorspar in enamel and aluminum production.
Key players:
Key players operating in the fluorspar market are Fluorsid (British Fluorspar), Canada Fluorspar, China Kings Resources Group Co. Ltd, Kenya Fluorspar, Koura, Masan Resources, MINCHEM IMPEX India Private Limited, Minersa Group, Mongolrostsvetmet LLC, RUSAL, Sallies Ltd, Steyuan Mineral Resources Group Ltd, and Seaforth Mineral & Ore Co. MINCHEM IMPEX India, for example, is the largest producer of acid grade fluorspar in the country. China Kings Resources is the top exporter of fluorspar globally. The market is quite consolidated with the top few players accounting for a major share of global fluorspar production.
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