The global fluorspar market is valued at 7,591 kilotons in 2021. The market is expected to grow at a CAGR of greater than 7% during the forecast period. One of the main factors driving the market is growing demand of fluorspar from fluorspar extracted chemicals.
New York, June 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fluorspar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249283/?utm_source=GNW
However, environmental regulation on extraction of chemicals from fluorspar is expected to hinder the growth of the market studied.
Major factors driving the market studied are the growing demand from fluorspar extracted chemicals and increasing steel production.
On the flipside, environmental regulation on extraction of chemicals from fluorspar has been hindering the market growth significantly.
Increasing use of fluorspar made fluoropolymers in lithium batteries is expected to create opportunities for the market studied.
Key Market Trends
Growing Demand of Fluorspar from Fluorspar Extracted Chemicals
Fluorspar is the mineral form of calcium fluoride which belongs to the halide minerals and crystallizes in isometric cubic habit.
Pure fluorspar is transparent, both in visible and ultraviolet light, but impurities usually make it a colorful mineral used as stone in ornamental and lapidary applications.
Some of the other minor application of fluorspar used in fluorocarbon derived products are in the manufacturing of welding road, aluminium, and steel. Furthermore, in the past the fluorocarbon-based chemicals were used in the production of chlorofluorocarbon (CFC). However, due to its environmental limitations, the fluorspar based (hydrochlorofluorocarbon) HCFC has replaced CFC in recent times.
According to world steel association, global crude steel production in the year 2021 reached 1,911.9 million ton, increased by 3.6% compared to 2020 due to the rebound after covid-19. The demand of steel seems to be recovering and it is expected to increase significantly in the forecasted period, especially from the Asia-pacific region.
Hence such rising demand for extracted chemicals for the end-user sector is estimated to drive the demand for fluorspar in the study period
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market for fluorspar during the forecast period. The rising demand of fluorspar from chemical industry and growing application in steel and automotive industry in developing countries like China, Japan and India is expected to drive the demand for fluorspar in this region.
In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. China’s real GDP grew by 2.3% in 2020 and by 8% in 2021, largely driven by consumer spending rebound post-pandemic. In 2022, it is estimated to grow by 5.6%, as per the IMF forecast.
According to World Steel Association Crude Steel production in china was estimated to be 1033 metric tones in 2021 compared to 1065 metric tons in 2020. This decrease is due to several manufacturers experiencing environmental concerns in the production of fluorspar in mines from Q3 2021, resulting in a major decrease in local supplies.
In India, fluorspar is mostly consumed and traded in two grades: acid grade (acidspar) and sub-acid grade. Metallurgical and Ceramic grades are included in the Subacid grade, which is also known as metallurgical grade (metspar). When compared to global production, India produces extremely minimal fluorspar.
According to the National Mineral Inventory (NMI) database, the country’s total fluorspar reserves/resources are estimated to be 18.18 million metric tonne, based on UNFC methodology. Reserves account for 0.29 million metric tonnes of this total (of which 0.22 million metric tonne are under Proved category and 0.06 million metric tonne under Probable category). There are 17.89 million metric tonnes of remaining resources.
Owing to all the abovementioned factors the Asia Pacific is expected to dominate the market in the upcoming years.
The global fluorspar market is partially consolidated in nature with only few major players dominating the market. Some of the major companies (not in any particular order) are Mexichem Fluor SA de CV (Koura), China Kings Resources Group Co. Ltd, Mongolrostsvetmet LLC, Minersa Group and Masan Resources, among others.
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