Global Fluorspar Market – Industry Trends and Forecast to 2029

Global Fluorspar Market, By Product Type (Acidspar, Metspar, Ceramic Grade, Optical Grade, Lapidary Grade), Variety (Antozonite, Blue John, Chlorophane, Yttrocerite, Yttrofluorite, Others), Forms (Powder, Lump, Filter Cake), Application (Aluminum Production, Steel Production, Hydrofluoric Acid, Concrete Additives, Lithium-Ion Battery) – Industry Trends and Forecast to 2029

Market Analysis and Size

Fluorspar has gained massive popularity across the chemical industries due to their increased utilization in manufacturing aluminum, refrigerants, steel, gasoline, insulating foams and uranium fuel. The global market is also accelerating primarily due to the companies' heavy investments in the market to put themselves ahead of their competitors. Moreover, increased volume of effort and funds poured into research and development activities also largely favors the market expansion.

Global Fluorspar Market was valued at USD 2.02 billion in 2021 and is expected to reach USD 2.86 billion by 2029, registering a CAGR of 4.46% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Fluorspar is a calcium fluoride mineral that occurs naturally. Fluorspar can be found in various forms, including acid, metal, and optical mineral. It is an essential industrial mineral with numerous applications. Because of its high melting point, it is employed in the manufacture of steel, aluminum, hydrofluoric acid, and other industrial chemicals. Fluorspar is also utilized in the fabrication of vitreous enamels and glazes, optical lenses, and as a gemstone.

Fluorspar Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Expansion of Automotive Sector

The expansion of the automotive sector is likely to boost worldwide fluorspar market growth over the forecast period. Fluorspar is used in the creation of hydrofluoric acid, which is a vital component in the synthesis of aluminum. Aluminum's widespread use in the automotive industry is expected to be a key driver of global market growth. Rising car demand and production in emerging markets are likely to drive global market expansion. The continued expansion of the metal and foundry industries is likely to boost global market demand.

Furthermore, the growing optics, pottery production, and individual consideration industry in emerging nations as a result of increased discretionary income flow and changing way of life are expected to drive the fluorspar market over the forecast period. The rising disposable incomes of the consumers and increasing adoption of the automobile and luxurious vehicles all over the globe due to increasing expenditure power will further propel the growth rate of fluorspar market. Additionally, the development of lithium-particle batteries over conventional batteries is projected to bolster the market's growth.

Opportunities

• Technological Breakthroughs and Investments

Furthermore, the manufacturers are likely to capitalize on cutting-edge technologies and ongoing technological breakthroughs to increase earnings and expand their businesses. Naturally, these breakthroughs and advancements are projected to extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increasing levels of investments and funding poured in for research and development activities will further expand the future growth of the fluorspar market.

Restraints/Challenges

• Limited Stockpile

The limited stockpile of fluorspar is one of the significant hurdles in the development of the global fluorspar market share. The reduced supply of fluorspar depends on reducing the production of hydrogen fluoride, which is required to build the cost of hydrogen fluoride within the expected time period.

• Regulations Associated with Extraction

Also, there are various environmental regulations regarding the extraction of chemicals from fluorspar, which are also expected to hamper growth of the global fluorspar market. These regulations pose as a significant challenge for the fluorspar market growth rate.

This fluorspar market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fluorspar market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Fluorspar Market

The recent outbreak of coronavirus had a negative impact on the fluorspar market. The severe disruptions in various manufacturing and supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease les to huge financial setbacks for the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.

On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.

Recent Development

• In November 2021, Silatronix, a specialist in organosilicon (OS) electrolytes, signed a definitive agreement to be purchased by Koura, a fluoroproducts and technology creator, manufacturer, and supplier part of the Orbia network of enterprises. Koura is the world's largest fluorspar producer, accounting for more than 20% of global production and 10% of global hydrofluoric acid supply. Koura is pursuing a holistic energy materials approach, and the Silatronix acquisition expands the company's energy storage deployment capabilities.
• In December 2020, Ares Strategic Mining, the Canadian business that owns the licenced and producing fluorspar mine in the United States, has received technical promises that will allow it to manufacture a fluorspar product not previously envisioned at its Utah site. According to Ares, its manufacturing partner, Mujim Group, has developed a novel process for producing fluorspar lumps from previously unsuitable materials.

Global Fluorspar Market Scope

The fluorspar market is segmented on the basis of product type, variety, forms and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Acidspar
• Metspar
• Ceramic Grade
• Optical Grade
• Lapidary Grade

Variety

• Antozonite
• Blue John
• Chlorophane
• Yttrocerite
• Yttrofluorite
• Others

Forms

• Powder
• Lump
• Filter Cake

Application

• Aluminum Production
• Steel Production
• Hydrofluoric Acid
• Concrete Additives
• Lithium-Ion Battery

Fluorspar Market Regional Analysis/Insights

The fluorspar market is analyzed and market size insights and trends are provided by country, product type, variety, forms and application as referenced above.

The countries covered in the fluorspar market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the fluorspar market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to China's huge production and exports within the region. Moreover, the rising downstream operations within the region are likely to drive regional market expansion.

Europe on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growing automotive industry within the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Fluorspar Market Share Analysis

The fluorspar market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fluorspar market.

Some of the major players operating in the fluorspar market are

• Tertiary Minerals (U.K.)
• Orbia (Mexico)
• Masan Group (Vietnam)
• ZHEJIANG WUYI SHENLONG FLOATATION CO LTD. (China)
• Dupont (U.S.)
• Minchem Impex (India)
• Mongolrostsvetmet LLC (Mongolia)
• Kenya Fluorspar Company Ltd. (Kenya)
• MINERSA GROUP (Spain)
• Seaforth Mineral & Ore Co., (U.S.)
• BASF SE (Germany)
• Puremin (Mexico)
• China Kings Resources Group Co., Ltd. (China)
• Mongolian Copper Corporation (Mongolia)