According to Fact.MR, the global fluorspar market is projected to reach US$ 2.8 billion by 2033, with a CAGR of 4.5% from 2023 to 2033. Fluorspar, the trade name for fluorite, is primarily composed of calcium fluoride (51.1% calcium and 48.9% fluorine) and is found in dolomite and limestone fissures. These minerals typically appear as dull, translucent cubic stones, and their color can vary due to pollution, leading to shades of purple, blue, green, and yellow.

Fluorspar refers to the crystalline form of calcium fluoride, a halide mineral that forms in an isometric cubic structure. In its purest state, it is transparent to both visible and ultraviolet light. However, due to certain impurities, it is often found in various colors, making it a popular choice for ornamental and lapidary applications.

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Fluorspar is used in the production of fluorocarbon-based products for welding steel, aluminum, and paving roads. Historically, fluorocarbon compounds were used to produce chlorofluorocarbons (CFCs), but due to environmental concerns, CFCs have been replaced by HCFCs derived from fluorspar. This shift is expected to drive future demand for fluorspar, particularly as end-user demand for extracted chemicals increases.

According to the Global Steel Association, global crude steel production rose by 3.6% in 2021, reaching 1,911.9 million tons, indicating a recovery in steel demand, especially in the Asia-Pacific region.

In November 2021, Koura, a leading fluorspar producer, signed an agreement to acquire Silatronix, a specialist in organosilicon electrolytes. This acquisition enhances Koura's energy storage capabilities as part of its broader energy materials strategy, and the company produces over 20% of the world's fluorspar and 10% of hydrofluoric acid.

Key Players of Fluorspar Market

  • 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

Key Takeaways from Market Study 

  • The global fluorspar market amounted to US$ 1.78 billion in 2023.
  • Worldwide demand for fluorspar is projected to rise at a CAGR of 4.5% during the forecast period (2023 to 2033).
  • The global market is estimated to touch US$ 2.8 billion by 2033.
  • China dominates the global market and is predicted to evolve at 7.7% CAGR during the forecast period.
  • Hydrofluoric acid production is expected to rise at a steady CAGR of 5.5% over the decade.

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“Significant investments by companies to stay ahead of their competitors are a primary driver of growth in the global market. Manufacturers are also expected to leverage modern technologies and continuous advancements to boost profits and expand their businesses. Increasing investments in research and development will further support their market growth strategies,” states a Fact.MR analyst.

Winning Strategy

Fluorspar is used in the production of fluorocarbons for downstream applications, and rising activities in developing countries like China and Mexico are likely to propel the global fluorspar market. Companies are focusing on geographic expansion and acquisitions to enhance their fluorspar extraction capacity. Major trends include increased R&D participation and a growing application of fluorspar in refrigeration. Leading manufacturers benefit from their revenue, R&D investments, regional presence, and effective supply chain management.

Recent Market Developments

In December 2020, Ares Strategic Mining, a Canadian company operating a licensed fluorspar mine in the U.S., received technical guarantees to produce a substance-grade fluorspar previously not anticipated from its Utah site. Their partner, Mujim Group, developed a novel process to create fluorspar lumps from previously rejected materials. In September 2019, DFD Chemical Co., Ltd. acquired a 70% stake in Luoyang Lanbao Fluoride Industrial Co., Ltd., enhancing its raw material supply.

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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

More Valuable Insights on Offer 

Fact.MR, in its new offering, presents an unbiased analysis of the global fluorspar market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033). 

The study divulges essential insights on the market based on form (powder, lumps, filter cakes) and application (acid spar, met spar, ceramic spar), end use (aluminum production, steel production, hydrofluoric acid production, and others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

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