Global fluorspar market to reach a scale of 8.6 million metric tons

Key Findings
▸ Compared to the year 2022, the year 2023 will witness a growth of 7.5% in the sales volume of the global fluorspar market, reaching a scale of 8.564 million metric tons.
▸ Acid-grade fluorspar is expected to be the best performing category in 2023, with sales in this sector up 7.9% over last year to 5.094 million tons.
▸ The global fluorspar market is expected to grow at a CAGR of 6.1% (in terms of sales volume) during the forecast period to 11,585 thousand tons by 2028.
▸ Chemicals will continue to be the dominant application, generating a 56.2% share of sales volume in 2023, and the application is forecast to continue its dominance over the forecast period.

Fluorspar (CaF2), also commercially known as fluorite, is an important industrial mineral that is used as a raw material in the metallurgical, ceramics, chemical industries, metallurgy, optics, and lapidary among many other areas. Fluorspar comes in several distinct grades namely acid, ceramic, metallurgical among others. Acid grade fluorspar is important in the manufacture of hydrofluoric acid, cryolite, and hydrogen fluoride. Ceramic grade fluorspar is fundamental in the manufacture of glass, enamelware, and ceramics including in decorations. Metallurgical grade fluorspar is used in iron and steel production as a flux and in removing impurities. Optical grade fluorspar is an ingredient in making lenses due to their optical clarity that enables them to produce sharp images. Lapidary grade fluorspar is very useful in making ornamental objects such as vases.

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The report overview includes studying the market scope, leading players, market segments and sub-segments, market analysis by grade, application, and region. The report analyzes the potential of the Global fluorspar industry, providing statistical information about market size, market share, growth rate, and forecasts.

Report Scope
By Grade: Acid Grade, Ceramic Grade, Lapidary Grade, Metallurgical Grade, and Optical Grade
By Application: Ceramics, Chemicals, Metallurgical, and Others
By Region: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), and Latin America

The worldwide demand for fluorspar reached a volume of 7,969 thousand tons in 2022 and is projected to increase to 11,585 thousand tons by 2028, with an estimated compound annual growth rate (CAGR) of 6.1% between 2023 and 2028. The increasing adoption of electric vehicles (EVs) and lithium-ion batteries has led to a surge in demand for hydrofluoric acid (HF), which is a critical feedstock for the production of lithium hexafluorophosphate (LiPF6) and lithium bis(fluorosulfonyl)imide (LiFSl) electrolytes, polyvinylidene fluoride (PVDF) binders, and other important components of Li-ion batteries. This has created a new demand for fluorspar as a source of fluorine. Additionally, HF is used in the processing of natural flake graphite to produce a spherical graphite material, which is essential for manufacturing the current anode of lithium-ion batteries. This compounded demand has been steadily growing over the last five years and is expected to increase at a more rapid pace in the future.

The lithium-ion battery market has been expanding rapidly in recent years due to the increasing demand for electric vehicles (EVs) and other portable electronic devices. With the growing concerns about climate change and the need for sustainable energy sources, the demand for lithium-ion batteries is expected to continue to rise in the coming years. Many companies are investing heavily in lithium-ion battery technology and expanding their production capacity to meet the growing demand.

▸ In February 2023, Ford announced a collaboration with CATL to build a new $3.5 billion battery plant for electric vehicles in Michigan, despite the ongoing tensions between the US and China. The Detroit-based automaker expects the plant to open in 2026 and provide employment to around 2,500 people.
▸ On October 11, 2022, Honda and LG Energy Solution announced that they have chosen Fayette County, Ohio, as the location for their new joint venture (JV) battery plant. The two companies plan to commence construction in early 2023, with the aim of completing the new production facility by the end of 2024. The plant is expected to have an annual production capacity of approximately 40GWh and commence mass production of pouch-type lithium-ion batteries by the end of 2025.
▸ On May 25, 2022, Stellantis and Samsung SDI announced to team up to build a $2.5 billion lithium-ion battery plant in Kokomo, Indiana. The project will support the global juggernaut's goal to ramp up electric vehicle production. The new battery factory in Kokomo will have an initial annual production capacity of 23 gigawatt-hours, with the ability to increase to up to 33 gigawatt-hours in the future.
▸ On March 23, 2022, Stellantis N.V. and LG Energy Solution (LGES) announced the execution of binding, definitive agreements to establish a battery manufacturing facility in Canada. The joint venture company will invest over $5 billion CAD ($4.1 billion USD) to establish operations, which will involve the construction of a brand-new battery manufacturing plant in Windsor, Ontario, Canada.
▸ In September 2021, CATL signed an agreement with the city government of Yichun in the Chinese province of Jiangxi to build a new production facility for lithium-ion battery and a production plant for battery materials such as lithium carbonate. The total investment is expected to be around USD 2 billion.
▸ On August 12, 2022, CATL announced to build its second lithium-ion battery plant in Debrecen, Hungary. The company has reportedly signed a real estate agreement with the city of Debrecen to begin the construction of the new plant. The plant has an 8 GWh annual production capacity initially and is expected to reach 14 GWh annually in the future. The new facility will produce batteries for electric vehicles (EVs) as well as for other applications, such as energy storage systems.
▸ On Apr 16, 2021, GM and LG Chem announced plans to build a second United States battery cell factory with USD 2.3 billion which is expected to be completed by late 2023. Once fully operational, the joint venture's two battery factories will have production capacity of more than 70 gigawatt hours.
▸ In September 2022, Chinese battery manufacturer SVOLT Energy Technology announced its plans to construct an additional cell assembly in Germany to supply electric vehicles, with the state of Brandenburg being chosen as the location. The proposed site in Lauchhammer is expected to have an annual capacity of 16 gigawatt hours (GWh) and commence production in 2025.

China is the largest producer of fluorspar, and the imbalance between reserves and mining may drive stricter protection of fluorspar resources. Globally, China, Mexico, and South Korea are the top three producers of fluorspar, accounting for more than 85.8% of the world's production. In 2022, China contributed 69% of the world's production with only 19% of the world's fluorspar reserves. The reserve-to-production ratio (RPR) is only 8.6, much lower than the world average of 31.5, indicating a serious imbalance between reserves and mining. From the current status of China's fluorspar resource endowment, the protection of fluorspar resources in China may become stricter. This is reflected in the following aspects:

The prominent players operating in the Global fluorspar market include China Kings Resources Group Co., Ltd., Fluorsid S.p.A., Grupo Minersa, Inner Mongolia Baotou Steel Union Co., Ltd., Kenya Fluorspar Company, Masan Resources Corporation, Mexichem Fluor S.A. de C.V. (Koura), Mongolrostsvetmet LLC, Sallies Ltd., Seaforth Mineral & Ore Company, Inc., Steyuan Mineral Resources Group Ltd., United Company RUSAL, Zhejiang Wuyi Shenlong Flotation Co., Ltd., Zhejiang Zhongxin Fluoride Materials Co., Ltd., ZheJiang Yonghe Refrigerant Co., Ltd., Sinochem Group Co., Ltd., etc.

Tanalyze Limited
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Beijing, 100162,
China
Paul Chen
pr@tanalyze.com
Web: www.tanalyze.com

Tanalyze Ltd. was established in Beijing in 2011 by a group of expert consultants with rich experience in market research and data mining. The company is committed to output research reports with opinions, attitudes and conclusions, covering new technologies, retail, biotechnology, medical, high-end manufacturing, environmental protection, etc.

This release was published on openPR.