Global Fluorspar Market Report and Forecast 2022-2027

Global Fluorspar Market Report and Forecast 2022-2027

Market Outlook

According to the global fluorspar market report by Expert Market Research (EMR), the growth of the market is driven by the growing demand for the product from various end-use industries and the market is projected to grow at a CAGR of 5.6% in the forecast period of 2022-2027.

Fluorspar, also known as fluorite, is defined as a chemical compound which is found in the mineral form of calcium fluoride. It is found in various colours including purple, green, yellow, and blue, among others. The material is hard and its extensive application in the manufacturing of various metallurgical, ceramic, and commercial components is driving the global fluorspar market. The product is also used in the product of refrigerants, uranium fuel, and steel, among others.

Fluorspar is crucial in the manufacturing process of aluminium. In this regard, the increasing application of aluminium across various end-use industries, such as automotive, construction, and defence, among others, is fuelling the demand for fluorspar. Meanwhile, fluorspar is also witnessing a heightened demand for manufacturing steel and lithium-ion batteries.

Over the forecast period, the anticipated increase in the sale of electric vehicles is likely to generate high demand for lithium-ion batteries, which in turn, will boost the application of fluorspar in the automotive industry.

The growth of the fluorspar market is expected to be aided by the rapid induction of steel in the construction industry. In addition to this, the rapid urbanisation, investments in the development of infrastructure, and increasing scope of steel application across various end-use industries are some of the factors which are anticipated to provide impetus to the market growth in the coming years.

In terms of region, the Asia Pacific region accounts for a significant share in the fluorspar market, driven by the favourable policies of the government of the emerging economies bolstering the expansion of the end-use industries of the product. In addition, the strong foothold of automotive companies in the region is further boosting the demand for fluorspar.

Market Segmentation

The market can be divided into the following segmentations.

Market Breakup by Product Type

• Acidspar
• Metaspar
• Ceramic
• Optical Grade
• Lapidary Grade
• Others

Market Classification by Application

• Aluminium Production
• Steel Production
• Hydrofluoric Acid Production
• Lithium-Ion Battery
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Mexichem S.A.B. De C.V.
• Masan Group
• Fluorsid S.p.a.
• Minersa Group
• Kenya Fluorspar Company Ltd.
• China Kings Resources Group Co.,Ltd.
• Others

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.