Fluorspar Market to Surpass US$ 3 Bn by 2030

Fluorspar Market to Surpass US$ 3 Bn by 2030 - Coherent Market Insights

Publish In : Aug 31, 2023

Report ID : CMI5073

Category : Specialty and Fine Chemicals

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Fluorspar, also known as fluorite, is a nonmetallic mineral composed of 51.1 percent calcium and 48.9 percent fluorine. The material is used to produce hydrofluoric acid, which is a common chemical compound. This acid is widely used in many industries, including glass etching. Fluorspar is typically found in cubic form within cavities. In geological formations, fluorspar forms globular aggregates of radial fibrous texture.

The global fluorspar market is valued at 2.1 Billion in 2022. The market is expected to grow at a CAGR of greater than 4.6% during the forecast period 2023-2030.

Global Fluorspar Market: Market Drivers

Increasing steel production is driving growth of the fluorspar market. According to the World Steel Association, global crude steel production in 2021 reached 1,911.9 million metric tons, an increase of 3.6% compared to 2020 due to the rebound after COVID-19. The demand for steel seems to be recovering, and it is expected to increase significantly in the forecasted period, especially from the Asia Pacific region.

Global Fluorspar Market: Market Opportunities

Growing demand from the paints and coatings industry is projected to offer significant growth opportunities. Also, the rise in the construction industry will further favor market growth in the near future.

Global Fluorspar Market: Market Restraints

Various other countries, such as China, India, and others, were imposed regulations during the mining and extraction of chemicals from fluorspar in order to reduce environmental pollution, thus hindering the market growth during the forecast period.

Global Fluorspar Market - Impact of Coronavirus (Covid-19) Pandemic

The global mining industry was severely 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. However, despite the impact in 2020, the global mining economy ended the year and began 2021 on a high note, continuing to make significant contributions to the global economy.

To know the latest trends and insights prevalent in the global fluorspar market, click the link below:

https://www.coherentmarketinsights.com/market-insight/fluorspar-market-5073

Key Takeaways:

The global fluorspar market is valued at 2.1 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

Metallurgical type segment held a dominant position in the global fluorspar market in 2022, accounting for 36% share in terms of value. Increasing approval and the launch of new products are expected to propel growth of the segment during the forecast period.

Market Trends:

Advancement in the technology for producing fluorspar products is emerging as a major trend in the market. For instance, in December 2020, Ares Strategic Mining Inc. a Canada-based junior mining Company announced that the company has received technology commitments that will enable Ares to manufacture a fluorspar product not previously anticipated at its Utah mining operation.

Growing partnerships and agreements among key players is projected to be key trend in the market. For instance, in June 2020, Arkema a premier provider of chemicals and materials in the global marketplace announced the signing with Nutrien Ltd., the largest integrated agricultural company in the world, of a long-term supply agreement for anhydrous hydrogen fluoride (AHF) for its Calvert City (KY) site, of which about half will be used for the production of high-added-value polymers and fluoro-derivatives and the remainder for the production of low-GWP (global warming potential) Fluorinated gases.

Global Fluorspar Market: Competitive Landscape