Fluorspar Market Size
|Market Volume (2023)||7.77 Million tons|
|Market Volume (2028)||8.79 Million tons|
|CAGR (2023 - 2028)||2.50 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Fluorspar Market Analysis
The Fluorspar Market size is estimated at 7.77 Million tons in 2023, and is expected to reach 8.79 Million tons by 2028, growing at a CAGR of 2.5% during the forecast period (2023-2028).
The outbreak of the COVID-19 pandemic resulted in prolonged lockdowns and strict social distancing norms. It also led to supply chain disruptions and a lack of labor, which greatly affected mining operations all over the globe. Additionally, a slump in steel demand further hampered fluorspar demand during this period.
- With the manufacturing and services sectors slowly resuming pre-pandemic activity levels, the chemical industry is expected to recover steadily. The demand for fluorspar is anticipated to be driven by the growing demand for fluorspar-extracted chemicals. This demand is expected to be further strengthened with the recovery of the steel industry and rising steel production.
- However, the negative impacts of mining activities on the environment have led to stringent regulations being imposed on the extraction of chemicals like fluorspar, which could potentially hinder the market's growth.
- On the flip side, the impending global shift to electric vehicles is expected to create long-term demand for lithium-ion batteries, augmenting demand for fluorspar-made fluoropolymers, which have been increasingly used in these types of batteries.
- With a lot of growth in the chemical industry and more steel being made, the Asia-Pacific region is likely to be the biggest fluorspar market in the world.
Fluorspar Market Trends
Growing Demand for Fluorspar from Fluorspar Extracted Chemicals
- Fluorspar is the mineral form of calcium fluoride, which belongs to the halide minerals and crystallizes in an isometric cubic habit. Some of the other minor applications of fluorspar used in fluorocarbon-derived products are in the manufacturing of welding rods, aluminum, and steel.
- According to the World Steel Association, global crude steel production in 2021 reached 1,951 million tons, increasing by 3.8% compared to 2020 due to the rebound after COVID-19. The steel demand seems to be recovering, and it is expected to increase significantly during the forecast period, especially in the Asia-Pacific region.
- Similarly, as of November 2022, according to the International Aluminium Institute, 73,514 thousand metric tons of aluminum were produced between October 2021 and October 2022, registering a year-on-year growth of 3.12%. Such a rising trend in aluminum and steel production looks favorable for driving demand for fluorspar in the market.
- On the other hand, according to TrendEconomy, the worldwide export of hydrochloric acid (HCl) exceeded USD 313 million in 2021, registering a year-on-year growth of over 18 percent. Since the HCl trend is directly related to the consumption of fluorspar, the growth of the fluorspar market looks promising in the coming years.
The aforementioned factors indicate a strong potential for a rise in demand for fluorspar-extracted chemicals from various end-user sectors during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the market for fluorspar during the forecast period. The rising demand for fluorspar from the chemical industry and its growing applications in the steel and automotive industries in developing countries like China, Japan, and India are expected to drive the demand for fluorspar in this region.
- In Asia-Pacific, 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 by its trade war with the United States. China's GDP increased by 2.3% in 2020 and by 8% in 2021, owing largely to a rebound in consumer spending following the pandemic. In 2022, it is estimated to grow by 5.6%, as per the IMF forecast.
- According to the World Steel Association, crude steel production in China was estimated at 1,033 metric tons in 2021, compared to 1,065 metric tons in 2020. Starting in the third quarter of 2021, a lot less fluorspar was made locally because several manufacturers were worried about the environment when they mined fluorspar.
- 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 sub-acid grade, which is also known as the metallurgical grade (metspar). When compared to global production, India produces extremely little fluorspar.
- According to the National Mineral Inventory's (NMI) database, the country's total fluorspar reserves and resources are estimated at 18.18 million metric tons based on UNFC methodology. Reserves account for 0.29 million metric tons of this total, of which 0.22 million metric tons are in the "proven" category and 0.06 million metric tons are in the "probable" category. There are 17.89 million metric tons of remaining resources.
- So, because of all of the above, it is likely that Asia-Pacific will lead the market in the coming years.
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Fluorspar Industry Overview
The fluorspar market is partially consolidated, with only a few major players dominating the market. Some of the major companies (not in particular order) are Mexichem Fluor SA de CV (Koura), China Kings Resources Group Co. Ltd., Mongolrostsvetmet LLC, Minersa Group, and Masan Resources.
Fluorspar Market Leaders
Mexichem Fluor SA de CV (Koura
China Kings Resources Group Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Fluorspar Market News
- April 2022: The Gujarat Mineral Development Corporation (GMDC), India's largest lignite miner, announced that it is in process of setting up a fluorspar beneficiation plant at Kadipani as a joint venture with Gujarat Fluorochemicals and Navine Fluorine International. The proposed capacity of the plant will be 40,000 tonnes per annum.
Fluorspar Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Demand for Fluorspar from Fluorspar Extracted Chemicals
4.1.2 Increasing Steel Production Driving the Demand
4.2.1 Environmental Regulation on Extraction of Chemicals from Fluorspar
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
4.5 Technological Snapshot of Fluorspar Beneficiation Process
5. MARKET SEGMENTATION (Market Size in Volume)
5.1.1 Acid Grade
5.1.2 Ceramic Grade
5.1.3 Metallurgical Grade
5.1.4 Optical Grade
5.1.5 Lapidary Grade
5.2.2 Blue John
5.2.6 Other Varieties
5.3.4 Other Applications
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.4 South America
220.127.116.11 Rest of South America
5.4.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Canada Fluorspar
6.4.2 China Kings Resources Group Co. Ltd
6.4.3 Fluorsid (British Fluorspar)
6.4.4 Kenya Fluorspar
6.4.6 Masan Resources
6.4.7 MINCHEM IMPEX India Private Limited
6.4.8 Minersa Group
6.4.9 Mongolrostsvetmet LLC
6.4.11 Sallies Ltd
6.4.12 Seaforth Mineral & Ore Co.
6.4.13 Steyuan Mineral Resources Group Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Use of Fluospar Made Fluoropolymers in Lithium Batteries
Fluorspar Market Research FAQs
How big is the Fluorspar Market?
The Fluorspar Market size is expected to reach 7.77 million tons in 2023 and grow at a CAGR of 2.5% to reach 8.79 million tons by 2028.
What is the current Fluorspar Market size?
In 2023, the Fluorspar Market size is expected to reach 7.77 million tons.
Who are the key players in Fluorspar Market?
Mexichem Fluor SA de CV (Koura, China Kings Resources Group Co. Ltd, Mongolrostsvetmet LLC, Minersa Group and Masan Resources are the major companies operating in the Fluorspar Market.
Which is the fastest growing region in Fluorspar Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Fluorspar Market?
In 2023, the Asia Pacific accounts for the largest market share in Fluorspar Market.
Fluorspar Industry Report
Statistics for the 2023 Fluorspar market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fluorspar analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.