Global Fluorspar Market: Widespread Demand for Manufacturing Aluminum and Steel used in Infrastructural Developments to Accentuate Growth

The global fluorspar market features a moderately consolidated landscape as a handful of players currently account for substantial shares of the global market, notes Transparency Market Research (TMR). The players observed at the forefront are Zhejiang Wuyi Shenlong Floatation Co Ltd., Mexichem S.A.B. de C.V., and Centralfluor Industries Group, Inc. Some of the other prominent players are Masan Group, Mongolrostsvetmet LLC., British Fluorspar Ltd, Seaforth Mineral & Ore Co., Inc., MINERSA GROUP, Kenya Fluorspar Company Ltd., China Kings Resources Group Co., Ltd., and Mongolrostsvetmet LLC. Leading players are relentlessly investing in research and development of high-performance products, to stay ahead of the pack.

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The global fluorspar market is marked by glut in various regions accounting for the high intensity of competition. Over the years, the entry of new players is likely to up the level of competition. The emergence of players in regions such as Asia Pacific and the Middle East and Africa to tap opportunities on account of enormous fluorspar reserves in Africa and China is further expected to raise the ante in the forthcoming years. Intense competition notwithstanding, a number of players are interested in manufacturing inexpensive products to attract customers in price-sensitive regions, in order to gain a better foothold in the market.

The global fluorspar market is projected to rise at a lackluster CAGR of 2.7% from 2017 to 2025. The market stood at US$1,505.3 million in 2016 and is anticipated to touch a valuation of US$1,860.8 million by the end of the assessment timeline.

The major product types are acidspar, metspar, ceramic, lapidary grade, optical grade, and fluorspar. Of these, acidspar or acid grade fluorspar is projected to be the most attractive segment and accounted for the major market share in 2016. The attractiveness of the segment can be attributed primarily to a large number of applications of the high-purity material in the chemical industry. It is used widely in manufacturing hydrofluoric acid (HF), which is then used to make numerous useful chemicals, notably hydrofluorocarbons (HFC) and hydrochlorofluorocarbons (HCFC).

Geographically, Asia Pacific leads as it held the leading share of the global market in 2016. The regional market is anticipated to hold its sway throughout the forecast period. The substantial automotive manufacturing activities in various economies of the region has spurred the demand for aluminum and steel, which has bolstered the uptake of fluorspar.

The global fluorspar market is driven primarily by the substantial use of fluorspar in making fluorochemicals, which have widespread applications as refrigerants in the warming, ventilation, and cooling industry. The wide use of fluorspar in making a range of useful industrial chemicals, notably HFC, HCFC, fluoropolymers, and cryolite is boosting the market. The extensive application of fluorspar in the manufacturing processes of aluminum and steel is a noteworthy factor accentuating the growth of the market. The vast strides taken by infrastructural development in various developing economies has spurred the demand for aluminum and steel, which is bolstering the uptake of fluorspar. The substantial number of applications of ceramic grade fluorspar for making various products for consumer markets such as specialty glass, enamelware, and glazes and surface treatments is also providing a robust impetus to the growth of the market.

The potential number of specialized applications of fluorspar, such as in making electrolytes used for lithium-ion batteries, has opened up abundant promising opportunities for market. Furthermore, the use of material having high clarity for making microscopes, telescopes, and camera lens is expected to accentuate the growth of the overall market. The growth of the hydrofluoric acid market is likely to have a direct bearing on the growth of the overall fluorspar market.

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The international thrust on phasing out the production of ozone-depleting substances, including hydrochlorofluorocarbons and chlorofluorocarbons, is likely to cripple the growth of the market to an extent. For instance, the Montreal Protocol on Substances that Deplete the Ozone Layer has resulted in some serious efforts by several nations to look for alternatives to HCFCs and HFCs. This led a number of well-off and industrialized countries a pledge to cut down their production and consumption of these compounds. Be that as it may, the remarkably high demand for steel and aluminum from the construction industry is likely to sustain the growth of the market.

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