Fluorspar market is said to spectate gradual growth up to 2024

fluorspar market

Fluorspar market is said to spectate gradual growth during the forecast timespan, as it is a raw material and an antecedent to hydrofluoric acid. The product is significantly used in the manufacturing of aluminum and steel which in turn will boost the product industry growth by 2024. Significant aluminum and steel demand in the Asia Pacific and Latin American region is said to spur the product industry. Moreover, rising fluorochemicals applications in various end-user and in the production of steel and aluminum will foster the global fluorspar market in the coming years.

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Global fluorspar market has been one of the most debatable business spaces of recent times with regards to its extensive utilization in hydrofluoric acid and fluorocarbons production. This is perhaps due to the fact that fluorspar mining has been open to question many a time by international regulatory bodies on grounds of its environmental concerns during blasting process. Nonetheless, subject to the materials’ extensive application across a plethora of lucrative domains, such as aluminum and steel production, fluorspar industry has gained an appreciable popularity over the years. Bearing a testimony to the declaration is the past year valuation of the business space which depicts global fluorspar industry share to have garnered a revenue of USD 2 billion in 2016. Fluorspar mining, for the records, began in the year `1920, and since then the mineral has been recognized as one of the most versatile materials that can widely deployed for a variety of ceramic, metallurgical, and chemical process.

On the basis of application, the fluorspar market is segmented into four major segments mainly, aluminum production, steel production, hydrofluoric acid, and others. With a highest share in the fluorspar market, hydrofluoric acid segment is said to surpass USD 2 billion by the end of the forecast period. Moreover, the segment is said to grow at a highest CAGR of close to 8% in the next seven years.

The regional segmentation covers:

o Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
o North America Region (U.S., Canada, Mexico)
o South America Region (Argentina, Brazil, Columbia, Rest of South America)
o Asia-Pacific Region (China, South Korea, Japan, Southeast Asia, India, Rest of Asia-Pacific)
o The Middle East & Africa Region (UAE, Saudi Arabia, Nigeria, South Africa, Egypt, Rest of MEA)

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Considering APAC’s dominance in fluorspar production, it is quite overt that the region’s major economies play a pivotal role in transforming fluorspar industry price trends. In fact, China government’s imposition of strict anti-pollution control measures in the domestic mining sector has led to fluorspar costs going through the roof. In effect, reduced supplies and growing product demand from the steel & aluminum sectors have prompted several prominent market players to adopted strategies such as facility expansions and M&As to combat high price trends and supply shortage.

Asia Pacific holds a major share in the total fluorspar market and will surpass 60% by the end of the forecast span. Presence of a significantly developing and mature industry using aluminum and steel for various applications is said to augment the product industry in coming years. The region will display growth at a high CAR of close to 8.5% in the coming years. North America and Europe, in combine, will hold a share of close to 25% in the fluorspar market.

Prominent players operating in the fluorspar market include Zhejiang Wuyi Shenglong Flotation, Centralfluor Industries Group, Mexichem, British Fluorspar, Kenya Fluorspar Company, Seaforth Mineral, RUSAL, China Kings Resources Group, Minersa Group, Groupe Managem, Canada Fluorspar, Ying Peng Chemical, Mongolrostsvetmet, Masan Group, and Steyuan Mineral Resources to name a few.

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