Fluorspar Market

Fluorspar Market Outlook (2023 to 2033)

The global fluorspar market is valued at US$ 1.78 billion in 2023 and is forecasted to reach US$ 2.8 billion by the end of 2033, expanding at a CAGR of 4.5% from 2023 to 2033.

With the chemical formula CaF2, fluorspar, commonly known as fluorite, is a white or colorless mineral with a cubic structure with sporadic fluorescence, frequently with a color from impurities trapped inside.

Demand for pure fluorspar in the global market is anticipated to be boosted by the continued growth of the metal and foundry sectors. Fluorspar is commonly utilized in the creation of opaque glasses. Offices, hospitals, and housing infrastructure all use opaque glasses. Fluorine use for refrigeration, along with rising fluoropolymer usage in lithium batteries, is anticipated to fuel market expansion globally.

For commercial use, fluorite mineral is divided into three types. The first grading, or metallurgical grade, contains between 60% and 85% calcium fluoride and is mostly utilized in the manufacture of steel and cement. The second grade, also referred to as ceramic grade, contains between 85% and 95% calcium fluoride and is widely used to make enamel, nonstick cooking utensils, and some types of glass.

Acid-grade fluorspar is the third and highest grade of fluorite. Hydrofluoric acid is made using fluorspar of the acid grade and is employed in smelting aluminum.

Fluorite is utilized in many different industries for a variety of purposes, including the chemical, metallurgical, ceramic, and glass industries. Fluorspar is becoming ever more in demand as more steel, aluminum, and glass are being produced. To create fluoro compounds, fluorspar is employed in the chemical industry. Governments have established strict laws and standards on the mining business to ensure safety in mining practices since mining fluorite can have negative consequences on the environment.

Due to China's massive production and exports, the Asia Pacific region is anticipated to become the world's largest market over the coming period. China is the world's largest producer and exporter of fluorspar and is anticipated to continue to be a major force in the expansion of the Asia Pacific market due to the presence of major companies in the fluorspar market. Growing downstream operations in China are anticipated to drive regional market expansion.

• Sinochem Lantian Co. Ltd. (China) and ChemChina Group's merger was authorized by China in April 2021. The chemical and fluorspar industries are predicted to undergo combined restructuring and have greater growth as a result of this action.

Report Attributes	Details
Fluorspar Market Size (2022)	US$ 1.7 Billion
Estimated Market Value (2023)	US$ 1.78 Billion
Projected Market Value (2033)	US$ 2.8 Billion
Global Market Growth Rate (2023 to 2033)	4.5% CAGR
China Market Growth Rate (2023 to 2023)	7.7% CAGR
Key Companies Profiled	British Fluorspar Ltd. China Kings Resources Group Co., Ltd. Gupo Minersa Jianyang Shanshui Chemicals Industry CORP. Ltd. Mexichem Fluor S.A. de C.V. Prima Flurospar Corp. Seaforth Mineral & Ore Co. Sinochem Lantian Co., Ltd. Mongolrostsvetmet LLC

Which Determinants are Stimulating the Demand for Fluorspar?

“Fluorspar Used in Variety of Chemical Manufacturing Processes”

A key user of fluorspar is the chemical industry, which is anticipated to dominate the market. With ongoing R&D, investments from various chemistry-related sectors, and the use of hydrofluoric acid as a raw material in manufacturing processes such as glass etching and metal cleaning, the global market is expected to grow at a decent pace.

This is partly due to the adaptability of chemicals developed from fluorspar, which are used in the production of goods in numerous other industries, including computer chips, high-octane gasoline, high-performance plastics, enamels, and coatings.

• Sales increased 8% organically and 9% allegedly in the third quarter of 2021, according to Honeywell International, a manufacturer of hydrofluoric acid headquarters in the United States.

There is an increasing need for uranium fuel as a highly effective option for the production of electricity due to the construction of power plants all over the world.

“Increasing Usage of Fluorspar in Automobile Manufacturing”

Growth of the fluorspar market is predicted to be fueled by the rise of the automotive sector during the course of the forecast period. Hydrofluoric acid, a crucial ingredient in the manufacture of aluminum, is made from fluorspar. The automotive sector's extensive use of aluminum is anticipated to continue to be a major development for the global market.

The global automotive industry is predicted to develop as a result of rising demand and production in emerging markets. An increase in consumer disposable income and the growing use of luxury cars and automobiles worldwide, as a result of rising purchasing power, would further accelerate the growth of the fluorspar market. Advancements in lithium-particle batteries over conventional batteries are also anticipated to support market expansion.

What are the Challenges Faced by Fluorspar Manufacturers?

“Limited Supply of Fluorspar and Regulations Associated with Extraction”

One of the major obstacles to the growth of the global market share is the limited supply of fluorspar. Reduced production of hydrogen fluoride, which is necessary to raise the price of hydrogen fluoride within an anticipated time frame, is dependent on the lower supply of fluorspar.

Moreover, there are several environmental laws governing fluorspar-extracted chemicals, which are also anticipated to restrain market expansion. The rate of market expansion for fluorspar is being significantly hampered by these regulations.

Country-wise Analysis

Why is Asia Pacific Leading the Global Market?

“Availability of Cheap labor and several Production-based Units”

China's steelmaking has seen a tremendous rise in capacity because of rising environmental concerns and demand for high standards. Market expansion is predicted to be fueled by an increase in end-use industries such as steel and aluminum across developing countries in the region.

Several large companies from various industries are focusing on moving their production units here due to the availability of cheap labor and the region's fast-increasing industrial industry.

• The output of aluminum in Asia, primarily in China, was 347,000 tons, a decrease of 7.22% from the previous year's production.
• The entire fluorspar reserves/resources of the country are estimated at 18.18 million metric tons based on UNFC methodology, according to the National Mineral Inventory's (NMI) database. Of this sum, reserves make up 0.29 million metric tons (of which 0.22 million metric tons are under the Proved category and 0.06 million metric tons are under the Probable category). 17.89 million metric tons of resources are still available.

What Makes the United States an Attractive Market for Fluorine Compound Suppliers?

“Primary Consumer of Fluorspar and Major Importer of Fluoropolymers”

During the projected period, the fluorspar market in North America is anticipated to expand steadily. Since there is little fluorspar manufacturing in the United States, a majority of the product is imported from Mexico. The United States is one of the product's primary consumers. The product is mostly utilized in the country for the production of hydrofluoric acid and other fluorine compounds.

• The Chemours Corporation, the oldest and most important producer of high-performance fluorspar-made fluoropolymers, has its manufacturing facilities in the country.

In the end-use industries, these are the main importers of high-performance fluoropolymers.

Category-wise Analysis

Which is the Most Widely Used Type of Fluorspar?

“Powder Fluorspar Widely Used in Metallurgical Applications”

Due to the widespread use of high-purity corrosive fight, which is available in fluorspar powder form for compound assembly as well as metallurgical applications in developed regions such as North America and Europe, dry powder made up a significant portion of the global market. This trend is expected to continue over the projected period as well.

What are the Main Applications of Acid Spar?

“Manufacturing of Hydrofluoric Acid to Create Fluorocarbons”

Acid spar, which accounted for 60% of the global demand for fluorspar, is anticipated to continue being a very profitable product category over the course of the projected period. The main application of acid spar is in the manufacturing of hydrofluoric acid, which is then used to create fluorocarbon-derived products such as HFC and fluorspar-based (hydrochlorofluorocarbon) HCFC.

Furthermore, fluorspar is used to make cryolite and fluoropolymers. It mainly functions in the smelting of aluminum. Moreover, the main source of aluminum fluoride (AIF3) used in the smelting of aluminum is acid spar.

Competitive Landscape

Expanding use of fluoropolymers manufactured from fluorspar in lithium batteries will definitely prove to be a fruitful prospect for the growth of the fluorspar industry over the coming years.

Some of the key players in the fluorspar market are Gupo Minersa, Jianyang Shanshui Chemicals Industry CORP. Ltd., and Mexichem Fluor S.A. de C.V.

Recent Market Developments

• December 2020: Ares Strategic Mining, a Canadian firm that owns a fluorspar mine that is licensed and operating in the United States, received technical guarantees that will enable it to create a substance-grade fluorspar that wasn't anticipated to be produced at its Utah site. Ares claims that Mujim Group, its production partner, has created a novel procedure that enables it to produce fluorspar lumps from materials that were previously rejected.
• To enhance the supply of raw materials for the business itself, DFD Chemical Co., Ltd. bought 70% of the shares of Luoyang Lanbao Fluoride Industrial Co., Ltd., a fluorspar mining and beneficiation organization, in September 2019.

Key Segments of Fluorspar Industry Research

• By Form :

  • Powder
  • Lumps
  • Filter Cakes

• By Application :

  • Acid Spar
  • Met Spar
  • Ceramic Spar

• By End Use :

  • Aluminium Production
  • Steel Production
  • Hydrofluoric Acid Production

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa