Increasing End-user Demand for Extracted Chemicals to Drive Fluorspar Market Expansion
Rockville , March 24, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global fluorspar market is expected to garner US$ 2.8 billion by 2033, expanding at a CAGR of 4.5% from 2023 to 2033. The trade name for the mineral fluorite is fluorspar. Calcium fluoride, which contains 51.1% calcium and 48.9% fluorine, is the main component of fluorite minerals. They are present in the fissures and holes of dolomite and limestone. These appear as dull, translucent, highly dazzling cubic, isometric stones with a cleavable mass. Pollution can change the color of fluorspar to purple, blue, green, yellow, or any other color.
Fluorspar is the name for the crystalline form of calcium fluoride, a halide mineral that crystallizes in an isometric cubic habit. In its purest form, it is transparent to both visible and ultraviolet light. However, because of some flaws, it is usually used as a multicolored stone in ornamental and lapidary applications.
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Fluorspar is also utilized in the production of goods made from fluorocarbons to weld steel, aluminum, and roads. In the past, compounds based on fluorocarbons were also employed to make chlorofluorocarbons (CFC). Nevertheless, due to its environmental restrictions, CFC has been replaced by HCFC, which is based on fluorspar. Thus, it is predicted that increasing end-user demand for extracted chemicals would fuel fluorspar demand in the future.
According to the Global Steel Association, the recovery following COVID-19 caused worldwide crude steel production to increase by 3.6% in 2021 compared to 2020, reaching 1,911.9 million tons.
Demand for steel appears to be rebounding, and during the forecast period, it is anticipated to rise significantly, particularly in the Asia Pacific region.
In November 2021, Koura, a developer, producer, and supplier of fluoro products & technology and a member of the Orbia network of enterprises, inked a binding agreement to purchase Silatronix, an expert in organosilicon (OS) electrolytes. The greatest producer of fluorspar in the world, Koura, accounts for more than 20% of global output and 10% of the world’s supply of hydrofluoric acid. The acquisition of Silatronix broadens Koura’s capacity for energy storage deployment, which the business is pursuing as part of a comprehensive energy materials strategy.
Key Players of Fluorspar Market
British Fluorspar Ltd.
China Kings Resources Group Co., Ltd.
Jianyang Shanshui Chemicals Industry CORP. Ltd.
Mexichem Fluor S.A. de C.V.
Prima Flurospar Corp.
Seaforth Mineral & Ore Co.
Sinochem Lantian Co., Ltd.
Key Takeaways from Market Study
The global fluorspar market amounted to US$ 1.78 billion in 2023.
Worldwide demand for fluorspar is projected to rise at a CAGR of 4.5% during the forecast period (2023 to 2033).
The global market is estimated to touch US$ 2.8 billion by 2033.
China dominates the global market and is predicted to evolve at 7.7% CAGR during the forecast period.
Hydrofluoric acid production is expected to rise at a steady CAGR of 5.5% over the decade.
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“Significant investments by companies to outpace their rivals are the main reason why the global market is expanding. To boost profits and grow their enterprises, manufacturers are also likely to make use of modern technology and ongoing technological advancements. Also, increasing the amount of time and money spent on research and development projects will also greatly benefit their market expansion plans,” says a Fact.MR analyst.
Fluorspar can be utilized in the manufacturing of fluorocarbons, which are used for downstream processes. It is anticipated that rising downstream activities in developing countries such as China and Mexico will accelerate the expansion of the global fluorspar market.
Businesses are resorting to important initiatives such as geographic expansion and acquisitions to increase their capacity of fluorspar extraction. The two main trends in the market are the active participation of major players in R&D and the growing use of fluorspar in refrigeration. Based on their income, research and development (R&D) efforts, regional presence, and supply chain management systems, leading companies are enjoying the status of key fluorspar manufacturers.
Recent Market Developments
December 2020: Ares Strategic Mining, a Canadian firm that owns a fluorspar mine that is licensed and operating in the United States, received technical guarantees that will enable it to create a substance-grade fluorspar that wasn’t anticipated to be produced at its Utah site. Ares claims that Mujim Group, its production partner, has created a novel procedure that enables it to produce fluorspar lumps from materials that were previously rejected.
To enhance the supply of raw materials for the business itself, DFD Chemical Co., Ltd. bought 70% of the shares of Luoyang Lanbao Fluoride Industrial Co., Ltd., a fluorspar mining and beneficiation organization, in September 2019.
Key Segments of Fluorspar Industry Research
By Form :
By Application :
By End Use :
Hydrofluoric Acid Production
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global fluorspar market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on form (powder, lumps, filter cakes) and application (acid spar, met spar, ceramic spar), end use (aluminum production, steel production, hydrofluoric acid production, and others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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