Fluorspar Market Insights, Business Opportunities, Leading Players, COVID-19 Overview, Industry Statistics, Revenue and Future Investments 2023

Fluorspar is a commercial name for the mineral fluorite. The mineral is characterized by its hardness, fluorescence, and various colors. They are used in the manufacture of lenses of microscopes, cameras, and telescopes. The global fluorspar market report by Market Research Future (MRFR) enlightens industry users of the industrial uses as well as its future prospects for the period of 2017 to 2023.

Market Overview

The global fluorspar market is estimated to reach a value of USD 987.3 million by 2023. It can expand at a CAGR of 7.8% during the forecast period (2017-2023). The high demand from steel and aluminum industries can spark the need for fluorspar, which is one of the main constituents needed to strengthen the end material and give it a natural luster. The popularity of lithium-ion batteries is likely to drive the market demand till 2023. This can be attributed to the consumption of consumer electronics and electronic devices which require Li-ion batteries.

The expansion of ceramics, optics, and personal care sectors as well as the spike in expendable income levels of consumers can augment the market size considerably by the end of the forecast period. Opaque glasses used in windows and glass doors in commercial complexes and hi-rise buildings can bode well for the global fluorspar market. But environmental hazards pertaining to the extraction of fluorite can pose a challenge to the market growth.

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Competition Outlook

Mongolrostsvetmet LLC, ZHEJIANG WUYI SHENLONG FLOATATION CO LTD., Masan Group, Centralfluor Industries Group, Inc., Seaforth Mineral & Ore Co., Inc, Tertiary Minerals Plc, Kenya Fluorspar Company Ltd., MINERSA GROUP, British Fluorspar Ltd, China Kings Resources Group Co., Ltd., and Mexichem S.A.B. de C.V are prominent names in the global fluorspar market.

Segmentation

The global fluorspar market is segmented by form, purity and its application, and end-user.

By form, it is segmented into filter cake, lump form, dry powder, and others. The dry powder segment accounted for a large market share in 2017 due to the use of acid spar for chemical and metallurgical applications. Constant mining operations in Europe and North America can ensure a steady growth for the segment till 2023.

By purity, it is segmented into acid spar, ceramic spar, met spar, and others. The application of acid spar includes welding rods, hydrofluoric acid (HF), synthetic cryolite, aluminum fluoride, and others. The HF segment is further expanded to steel pickling process, fluorocarbons (foam blowing agent, refrigerant), Li-ion batteries, etchant for semiconductors, petroleum alkylation, toothpaste, and others. Applications of ceramic spar comprises enamelware, ceramics, glass, and others. Whereas, the applications of met spar include fluorite carved craftworks, cement, metal (iron, steel, and others), and others. The acid spar segment is predicted to exhibit a strong growth rate due to the utilization of HF for numerous applications.

By end-user, it is segmented into electrical & electronics, lapidary, optical, chemical, ceramic, metallurgy, personal care, and others. The metallurgy sector accounted for a high market share due to

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Regional Analysis

The Middle East & Africa (MEA), Latin America, Europe, Asia Pacific (APAC), and North America are the main regions considered during the compilation of the market report.

The APAC region is projected to exhibit the fastest growth rate during the forecast period owing to demand for the mineral in various end-use industries. China being one of the main producers and exporters of the mineral and its derivatives can drive the regional market growth till 2023. The rapid industrialization and urbanization, growing expendable income levels of customers, and the resurgence of the automotive sector are other drivers of the region.

North America can consume high amounts of the mineral and provide a much-needed boost to the global fluorspar market due to applications in metallurgy and chemicals. Import of fluorite from China, Mexico, and South Africa to the U.S. can favor the regional fluorspar market growth.

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This release was published on openPR.