The global fluorspar market is valued at 2.2 Billion in 2022 and is expected to reach at 3 Billion by 2030. The market is expected to grow at a CAGR of greater than 4.6% during the forecast period 2023-2030.
Increasing demand for fluorspar from fluorspar extracted chemicals: Increasing demand for fluorspar from fluorspar-extracted chemicals is driving growth of the fluorspar market. For instance, in 2021, some of the other minor applications of fluorspar used in fluorocarbon-derived products are manufacturing of welding road, aluminum, and steel. Furthermore, in the past, fluorocarbon-based chemicals were used in the production of chlorofluorocarbon (CFC).
Growing demand from oil and gas industry: Growing demand from the oil and gas industry is again expected to drive growth of the market. In the oil and gas industry, HCL (Hindustan Computers Limited) is commonly used in the stimulation of oil and gas wells, particularly in carbonate formations. With increasing demand in countries like China and India, oil and gas companies are planning on expanding their manufacturing activities, resulting in increased consumption of hydrochloric acid, which in turn boosts the consumption of fluorspar.
Strict environmental regulation: Environmental concerns over the extraction of chemicals from fluorspar are expected to hinder market growth. For instance, in 2020, huge amounts of rock overburden is lifted from the soil, processed, and eventually disposed of in mining. Mining has a substantial local impact on landscapes, particularly when open-pit mining is used. Fluorspar mining, like practically any other mining activity, has an impact on the local ecosystem and terrain.
Li-ion battery demand is growing: Increasing demand for li-ion batteries is expected to provide lucrative growth opportunities. Fluorspar is used to manufacture fluorinated polymers such as PTFE, PVDF, and others. Polyvinylidene fluoride (PVDF) is a widely used fluropolymer as a binder resin for electroactive materials in Li-ion batteries. It is also used for safety purposes in the form of separator coatings. PVDF’s high electrochemical stability and its capability to be easily solubilized in common solvents and solution cast on industrial production lines are the key reasons for its preference as a binder resin.
Strategic alliances are becoming more popular: The growing adoption of strategic alliances for increasing the production of batteries is again expected to offer bright market opportunities. For instance, in September 2021, CATL Contemporary Amperex Technology Co. Limited a Chinese battery manufacturer and technology company manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, as well as battery management systems, signed an agreement with the city government of Yichun in the Chinese province of Jiangxi to build a new production facility for lithium-ion batteries and a production plant for battery materials such as lithium carbonate. The total investment is expected to be around US$ 2 billion.
Fluorspar Market Report Coverage
|Market Size in 2022:
|US$ 2.1 Bn
|Historical Data for:
|2018 to 2021
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR:
|2030 Value Projection:
|US$ 3 Bn
Fluorsid (British Fluorspar), Canada Fluorspar, China Kings Resources Group Co. Ltd, Kenya Fluorspar, Koura, Masan Resources, MINCHEM IMPEX India Private Limited, Minersa Group, Mongolrostsvetmet LLC, RUSAL, Sallies Ltd, Steyuan Mineral Resources Group Ltd, and Seaforth Mineral & Ore Co
|Restraints & Challenges:
An increasing number of people are using smartphones.
The increasing number of smartphone users is expected to be a major trend in the market. As of December 2021, the number of smartphone users in the world was 6.64 billion, which translates to 83.96% of the world’s population owning a smartphone. In total, the number of people who own a mobile phone is 7.26 billion, making up 91.69% of the world’s population.
The growing penetration of electric vehicles is also projected to foster market growth. According to the International Energy Agency, in 2030, global electric vehicle sales are expected to reach 23 million as per the New Policies Scenario (excluding two-and three-wheelers). In the EV30@30 scenario, in 2030, around 70% of the vehicle sales in China are likely to be EVs. Also, it is estimated that the global market share of EVs will reach 30% (245 million vehicles) by 2030.
Figure 1: Global Fluorspar Market by Type in 2022
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Metallurgical grade held a dominant position in the global fluorspar market in 2022, accounting for 36% share in terms of volume, followed by ceramic grade, optical grade, lapidary grade and acid grade respectively.
Figure 2: Global Fluorspar Market by Region in 2022
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Asia Pacific held a dominant position in the global fluorspar market in 2022, accounting for 74.70% share in terms of volume, followed by Europe and Asia Pacific, respectively.
Global Fluorspar Market - Impact of Coronavirus (Covid-19) Pandemic
The global mining industry was badly hit by the COVID-19 pandemic, with mines, ports, rail and other transportation infrastructure shut down, shipments trapped at sea or captured in port, and uneven restrictions enforced from country to country, thereby impacting the fluorspar mining sector.
*Definition: Fluorspar is found naturally at the surface of the earth. Its presence can be detected in areas of recent volcanic eruptions as well as in hydrothermal fluids. Because it is composed of iron, fluorspar often has pastel colors. Fluorspar can help trace the history of a particular location or geological feature by demonstrating if it was formed during a recent geological event. In addition to its use in geology, fluorspar is also used to make fluoride-containing materials, including the chemical hydrogen fluoride.
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