Fluorspar Market:Global Industry Analysis,Trends and Forecast 2023
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The leading players – China Kings Resources Group Co., Ltd, Mexichem S.A.B de C.V., Centralfluor Industries Group, Inc., MINERSA Group, and Kenya Flourspar Company Ltd (KFC) – held a collective share of 37.2% in the global fluorspar market in 2014. These players will focus on strategic acquisitions and mergers to fortify their hold in the overall market.
“Though the degree of competition is high due to an oversupply of fluorspar in the market, vendors will have to focus on introducing cheaper products due to price-sensitivity, especially in developing countries,” suggests the lead author of this research report.The opportunity in the global fluorspar market will be worth US$3,489.7 mn by 2023 as compared to US$2,193.0 mn in 2014, with the market surging at a CAGR of 5.4% between 2015 and 2023.
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Fluorspar manufacturers are also tying up with final product manufacturers to acquire steady supply contracts and build goodwill. The market will also witness the entry of new players, especially in the emerging economies of the Middle East and Africa and Asia Pacific as there are abundant reserves of fluorspar in South Africa and China.
Demand for Cooling Equipment Generates Demand for Fluorochemicals
The growing demand for refrigerators and other types of cooling equipment in residential as well as commercial sectors is anticipated to augment the demand for fluorochemicals. Advanced cooling systems being developed by the automotive sector are also driving the demand for fluorochemicals. Both of these trends are especially pronounced in developing countries such as India and China. These countries have been witnessing rapid urbanization and are home to major automobile manufacturing units. The increasing sales of air conditioners and refrigerators due to a rise in the standard of living is anticipated to fuel the uptake of fluorochemicals, thereby increasing the consumption of fluorspar in the near future.
The rising production of steel and aluminum in BRIC nations has also contributed significantly to the expanding fluorspar market. Analysts predict that infrastructural developments in these countries and the need for steady transportation and construction activities will also bolster the fluorspar market.
Restriction on Ozone-depleting Substances Hampers Market Growth
Despite several growth drivers, the market is hampered by stringent government regulations aimed at protecting the ozone layer in the wake of global warming. The Montreal Protocol signed in 1987 urges about 22 countries across the globe to reduce the production and consumption of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) to prevent the depletion of the ozone layer. Over the years, such restrictions have had a negative impact on the demand for fluorspar.
Asia Pacific Remains Leading Consumer and Producer of Fluorspar during Forecast Period
The acidspar segment holds a dominant share in the global market and is expected to lead the market in the coming years. The high demand for acidspar in the hydrochloric acid industry is expected to boost this product segment in the near future. The report states that the acidspar product segment will represent an opportunity worth US$2,523.1 mn in 2023 as it expands at a CAGR of 5.6% between 2015 and 2023.
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Currently, Asia Pacific is the leading producer and consumer of fluorspar. China and Japan have been driving the demand for fluorspar in Asia Pacific and are expected to lead the region with high production levels of steel and aluminum.
This review is based on Transparency Market Research’s report, titled “Fluorspar Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Takeaways:
Demand for refrigeration to create opportunity worth US$3,489.7 mn in global fluorspar by 2023
Asia Pacific fluorspar market expands at 5.9% CAGR as manufacturing activities rise
Acidspar becomes the leading product segment of the global market
The report segments the global fluorspar market as follows:
Fluorspar Market - Product Segment Analysis
Acidspar
Metspar
Ceramic grade
Others (Including optical and lapidary grade)
Fluorspar Market - Application Analysis
Aluminum production
Steel production
Hydrofluoric acid
Others (Including concrete additives, lithium-ion battery, etc.)
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