Fluorspar Market to Reflect Impressive Growth Rate During 2017 - 2025
The TMR report projects the global fluorspar market to exhibit a CAGR of 2.7% during the forecast period of 2017 to 2025, estimating it to reach a worldwide worth of US$1,860.8 mn by the end of 2025, considerably up from its evaluated valuation of US$1,505.3 mn in 2016. As far as growth strategies are concerned, the fluorspar market players are constantly investing in the research and development of new products. The report observes that although the degree of competition remains high owing to oversupply, the players aspire to introduce cheaper products in the cost-sensitive regions. In addition to that, fluorspar market players are also indulging in mergers and acquisitions to maintain steady supply contracts and build goodwill. The entry of new players in the near future will further intensify the competitive landscape of the global fluorspar market, particularly in the regions of Asia Pacific and the Middle East and Africa as there are plenty of reserves of fluorspar in China and South Africa.
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Product-wise, the global fluorspar market gains maximum demand for acidspar, which is mainly utilized in the production of hydrofluoric acid and aluminum. Metspar segment’s demand is dependent chiefly on the requirement for steel. Application-wise, the market for fluorspar has been bifurcated into aluminum production, steel production, hydrofluoric acid, lithium-ion batteries, and concrete additives. Geographically, Asia Pacific is the most lucrative region by a long margin, which is a reflection of increasing infrastructure projects in the region that requires a constant supply of steel and aluminum.
Growing Demand for Aluminum and Steel Driving Demand
The demand in the global fluorspar market is essentially driven by rising demand for fluorochemical as well as increasing requirement and consequent production of aluminum and steel. In the near future, the dynamics of the hydrofluoric acid market will have a direct impact on fluorspar market. Increasing investments in infrastructure projects globally is augmenting the demand for aluminum and steel. Increasing demand for aluminum and steel will in turn poise the growth of fluorspar market during the forecast period. Unconventional applications of fluorspar such as electrolyte in lithium-ion battery and concrete additive are likely to provide potential growth of fluorspar market. Industrially, fluorspar has applications in the production of enamels and ceramic glasses as well as flux for smelting. Pure form of fluorspar has applications in microscopes and telescopes as they have low light dispersion and exhibit less chromatic aberrations in comparison to unconventional glasses. Fluorspar’s usage in li-ion batteries and growing consumption of cement in the construction industry are two fresh new opportunities for the vendors operating in the global fluorspar market.
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Environmental Concerns May Hamper Market’s Growth
The global fluorspar market has several drivers, but stringent government regulations pertaining to the protection of ozone layer, as the global warming concerns escalates, is obstructing it from attaining its true potential. About 22 countries signed The Montreal Protocol in 1987, pledging to reduce the production and consumption of hydrochlorofluorocarbons (HCFCs) and chlorofluorocarbons (CFCs). This move, aimed at preventing the depletion of the ozone layer, has had a negative impact on the demand for fluorspar in the recent past.
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A fresh study by Transparency Market Research (TMR) notifies that the global fluorspar market is moderately consolidated, with a few companies holding significant chunk of overall shares. The report identifies Centralfluor Industries Group, Inc., Mexichem S.A.B. de C.V., and Zhejiang Wuyi Shenlong Floatation Co Ltd. as three most prominent participants of the fluorspar market, whereas China Kings Resources Group Co., Ltd., Kenya Fluorspar Company Ltd. (KFC), MINERSA GROUP, Seaforth Mineral & Ore Co., Inc., British Fluorspar Ltd, Mongolrostsvetmet LLC., and Masan Group are a few other notable companies connected to the value chain.
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