Fluorspar Market Size was valued at USD 2.3 Billion in 2023. The Fluorspar industry is projected to grow from USD 2.42 Billion in 2024 to USD 3.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.10% during the forecast period (2024 - 2032). Increased demand for opaque glasses in the infrastructure sector, sustained growth of the metal and foundry industries, and growth of the automotive sector, are the key market drivers enhancing the market growth.
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The rise of the automotive sector is predicted to drive fluorspar market growth over the course of the forecast period. Fluorspar is used to make hydrofluoric acid, an essential component in the production of aluminum. It is projected that the substantial use of aluminum in the automotive industry will continue to be a key growth factor for the market. Rising demand and production in emerging nations are expected to have an impact on how the automobile market develops. The demand on the market is anticipated to be boosted by the continued growth of the metal and foundry sectors. In order to create opaque glasses, fluorspar is frequently employed. Offices, hospitals, and housing infrastructure all use opaque glasses. The worldwide fluorspar market is anticipated to benefit from rising demand for opaque glasses in the infrastructure sector. Fluorine use for refrigeration along with rising fluoropolymer usage in lithium batteries is anticipated to fuel market expansion globally. Fluorspar can also be utilized in the manufacturing of fluorocarbons, which is used for downstream processes. It is anticipated that rising downstream activities in developing nations like China and Mexico will accelerate the expansion of the fluorspar market.
The crystalline form of calcium fluoride, which is a halide mineral and crystallizes in an isometric cubic habit, is known as fluorspar. Fluorspar is transparent in both visible and ultraviolet light when it is pure, however due to imperfections, it is typically employed as a multicolored stone in ornamental and lapidary applications. In addition to these modest uses, fluorspar is also utilized in the production of goods made from fluorocarbons to weld steel, aluminum, and road. In the past, compounds based on fluorocarbons were also utilized to make chlorofluorocarbon (CFC). Due to the environmental restrictions of CFC, HCFC, which is based on fluorspar, has taken the role of it.
According to the World Steel Association, the recovery following COVID-19 caused worldwide crude steel production to increase by 3.6% in 2021 compared to 2020, reaching 1,911.9 million tons. The demand for steel appears to be rebounding, and during the forecast period, it is anticipated to rise significantly, particularly in the Asia-Pacific area. Therefore, it is predicted that increasing end-user demand for extracted compounds would fuel fluorspar demand in the future. Thus, driving the Fluorspar market revenue.
The Fluorspar market segmentation, based on form, includes powder, lump, and filter cake. In 2022, the powder segment led the market, and this trend is anticipated throughout the forecast period. In developed regions like North America and Europe, dry powder is available in powder form for compound assembly as well as metallurgical applications. This market is expected to grow steadily over the projected time period due to the significant use of high purity corrosive fight.
The Fluorspar market segmentation, based on purity and its application, includes acid spar, met spar, and ceramic spar. In 2022, the acid spar segment ruled the worldwide fluorspar market. This can be related to the rise in acid spar demand globally.
The Fluorspar market segmentation, based on end use industry, includes metallurgy, chemical, ceramic, optical, and electrical & electronics. Due to expanding infrastructure projects, the car and transportation industries, and the metallurgy section, it had the greatest share in 2022.
Figure 1: Fluorspar Market, by End Use Industry, 2022 & 2032 (USD Billion)
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By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Fluorspar market, dominated this market in 2022 (45.80%), due to China's massive exports and production. 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. Growing downstream operations in China are anticipated to drive regional market expansion. Moreover, China’s Fluorspar market held the largest market share, and the Indian Fluorspar market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FLUORSPAR MARKET SHARE BY REGION 2022 (USD Billion)
Form: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America Fluorspar Market is expected to register significant growth from 2023 to 2032. The North American fluorspar market will be impacted by the expanding demand for aluminum and steel from the building and construction sector. Fluorspar demand in the area will also remain strong due to rising hydrofluoric acid demand for the production of HFC and HCFC and rising cooling equipment demand. Further, the U.S. Fluorspar market held the largest market share, and the Canada Fluorspar market was the fastest growing market in the North America region.
Europe Fluorspar market accounted for the healthy market share in 2022, owing to the increasing automotive industry across the region. Further, the German Fluorspar market held the largest market share, and the U.K Fluorspar market was the fastest growing market in the European region
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Fluorspar market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Fluorspar industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Fluorspar industry to benefit clients and increase the market sector. In recent years, the Fluorspar industry has offered some of the most significant advantages to medicine. Major players in the Fluorspar market, including Tertiary Minerals Plc, Mexichem S.A.B. de C.V, Masan Group, Centralfluor Industries Group Inc., Kenya Fluorspar Company Ltd., MINERSA GROUP, Seaforth Mineral & Ore Co. Inc, British Fluorspar Ltd, China Kings Resources Group Co. Ltd., and Mongolrostsvetmet LLC, are attempting to increase market demand by investing in research and development operations.
Manufacturer of patented organosilicon products intended for energy storage. The company's materials enable users in the development of advanced Li-ion batteries for all applications, including portable products, electric-drive vehicles (EDVs), and utility-scale use. They also boost cell life, capacity, temperature operability ranges, and allow for the safe and successful use of greater charge voltages in Li-ion batteries. Koura, a creator, manufacturer, and supplier of fluoroproducts and technology and a part of the Orbia network of companies, signed a definitive agreement to acquire Silatronix, a specialist in organosilicon (OS) electrolytes, in November 2021. With more than 20% of fluorspar production and roughly 10% of the world's hydrofluoric acid supply, Koura is one of the top producers in the world. The acquisition of Silatronix broadens Koura's capacity for energy storage deployment, which the business is pursuing as part of a comprehensive energy materials strategy.
A junior mining firm focused on natural resources is Ares Strategic Mining Inc. It buys and explores properties with potential lithium resources. Among its undertakings are the properties Lost Sheep, Vanadium Ridge, and Liard. Ares Strategic Mining received technical guarantees in December 2020 that will enable it to produce a fluorspar product that was not previously anticipated at its Utah facility. 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. The Asia-Pacific region is home to the largest fluorspar manufacturers. China Kings Resources Group, RUSAL, MINERSA GROUP, Zhejiang YiPeng Chemical Co., Ltd., and British Fluorspar Ltd. are a few of the major businesses involved in the production of fluorspar.China continued to be the largest producer and supplier of aluminum in the world in 2019, with total production reaching 35.7 million metric tons (MMT), or the majority of the output.
February, 2023: Kanto Denka Kogyo and Orbia's Fluorinated Solutions Business Koura have signed a technology licensing agreement to supply vital electrolyte salt to the North American battery market. The agreement reads, "Kanto Denka Kogyo is recognized by the leading battery producers for its reliable and high quality LiPF6 technology. With their vertically integrated fluorspar and fluorine value chain, Koura is best prepared to construct and run a LiPF6 facility in North America, thus we are thrilled to extend this production know-how to them.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 2.3 Billion |
| Market Size 2024 | USD 2.42 Billion |
| Market Size 2032 | USD 3.4 Billion |
| Compound Annual Growth Rate (CAGR) | 5.10% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form, Purity and its Application, End Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Tertiary Minerals Plc, Mexichem S.A.B. de C.V, Masan Group, Centralfluor Industries Group Inc., Kenya Fluorspar Company Ltd., MINERSA GROUP, Seaforth Mineral & Ore Co. Inc, British Fluorspar Ltd, China Kings Resources Group Co. Ltd., and Mongolrostsvetmet LLC |
| Key Market Opportunities | Expanding utilization of fluorspar-made fluoropolymers in lithium batteries |
| Key Market Dynamics | Growth of the automotive sector, continued expansion of metal and foundry industries, and increasing demand for opaque glasses in the infrastructure industry |
Fluorspar Market Highlights:
Frequently Asked Questions (FAQ) :
The Fluorspar Market size was valued at USD 2.3 Billion in 2023.
The Fluorspar Market is projected to grow at a CAGR of 5.10% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the Fluorspar Market.
The key players in the market are Tertiary Minerals Plc, Mexichem S.A.B. de C.V, Masan Group, Centralfluor Industries Group Inc., Kenya Fluorspar Company Ltd., MINERSA GROUP, Seaforth Mineral & Ore Co. Inc, British Fluorspar Ltd, China Kings Resources Group Co. Ltd., and Mongolrostsvetmet LLC.
The Powder Form dominated the Fluorspar Market in 2023.
The Acid Spar Purity and its Application had the largest share in the Fluorspar Market.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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