Increasing Production of Steel Boosts Fluorspar Market, to Register 5.4% CAGR between 2015 and 2023 : Transparency Market Research
Transparency Market Research (TMR) has announced the addition of a new market study on the fluorspar market. The report is titled “Fluorspar Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the global fluorspar market is expected to be worth US$3.5 bn by 2023. It was valued at US$2.2 bn in 2014 and is expected to expand at a CAGR of 5.4% between 2015 and 2023.
Fluorspar is a market term for calcium fluoride (CaF2), which is also known as fluorite. It is an aggregate mineral and rock matter with varying proportions of fluorite. Fluorspar is used across various industries and in a number of applications. Different grades of fluorspar have uses in different industries. For instance, acidspar is used to produce hydrofluoric acid, which is further used in the production of fluorocarbons such as hydrofluorocarbons and hydrochlorofluorocarbons.
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Fluorspar is used in the production of cryolite, which is used in the production of aluminum by smelting. Metspar, another grade of fluorspar, can reduce the melting point of steel, and thus, it is used in the manufacturing of steel. Ceramic grade fluorspar is used for the production of glass, ceramics, and enamelware. Optical grade fluorspar is used in the lenses of telescopes, microscopes, cameras, and other optical devices. Lapidary grade fluorspar is used to cut gemstones in ornamental objects. The extensive use of various grades of fluorspar is thus driving the global market for fluorspar.
The growing demand for hydrofluoric acid for use in electronic devices such as air conditioners and refrigerators is one of the major drivers boosting the demand for fluorspar. The increase in aluminum and steel production is also encouraging the growth of the fluorspar market. The demand for steel is the highest in Asia Pacific and therefore the region enjoys dominance in the global fluorspar market. The use of fluorspar as concrete additive is expected to spur the market’s growth in the future. Similarly, the use of fluorspar as an electrolyte in lithium-ion batteries will open new growth opportunities for the fluorspar market in the coming years.
Asia Pacific held a share of 60% in the global fluorspar market in 2014 and is also projected to be the fastest growing market in the coming years. The demand for fluorspar will be low in Europe and North America due to the slow growth rate of the steel and aluminum industries. The market for fluorspar will be positive in the Middle East and Africa due to the presence of large fluorspar reserves in countries such as Kenya and South Africa. Moreover, large-scale production of steel will propel the demand for fluorspar in MEA. The demand for fluorspar is lower in Latin America as compared to other regions.
The market leaders that have been profiled in the report for the purpose of study include: Mexichem S.A.B. de C.V., China Kings Resources Group Co., Ltd., Mongolrostsvetmet LLC, Kenya Fluorspar Company Ltd. (KFC), British Fluorspar Ltd., and Jianyang Shanshui Chemicals Industry CORP. LTD.
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