Sign in

The global Fluorspar Market driven by rising steel production is estimated to exhibit significant growth

Leena Shedmake
The global Fluorspar Market driven by rising steel production is estimated to exhibit significant growth

The global Fluorspar Market is estimated to be valued at US$ 2.2 Bn in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Fluorspar, also known as calcium fluoride (CaF2), is a commercial name given to the mineral fluorite. Fluorspar is used across various industries owing to its unique properties such as high hardness, chemical inertness, and resistance to acids. It is a primary source of fluoride for metallic, ceramic, glass, and enamel industries. The steel industry is the major consumer of fluorspar, accounting for over 50% of its consumption. Fluorspar is used as a flux to lower the melting point of slag in steelmaking and to remove impurities. Apart from steel, fluorspar also finds application in the aluminum, lime, ceramic and glass industries due to its properties. Owing to increasing usage across key industries, the global demand for fluorspar is expected to rise significantly over the forecast period.

Market key trends:

One of the key trends witnessed in the global fluorspar market is the rising steel production across the globe, especially in Asian countries including China, India, and Japan. As fluorspar acts as a fluxing agent in steelmaking, growing steel production is increasing the demand for fluorspar. According to the World Steel Association, the global steel production increased by 3.7% to reach 1,869 million tonnes in 2021 from 1,806 million tonnes in 2020. China, India, Japan, United States, and South Korea are among the leading steel producing nations globally. This rising steel production driven by infrastructure development and economic growth in developing countries will significantly drive the demand for fluorspar over the coming years. Additionally, growing aluminum production is another factor auguring well for the market, as fluorspar is widely used in the aluminum production process as slag conditioner and fluxing agent.

Porter's Analysis

Threat of new entrants: Low barrier to enter the market however high capital requirements for exploration and mining act as deterrents for new players.

Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitute products. However, dependence on fluorspar for select end use industries mitigates the bargaining power.

Bargaining power of suppliers: Major suppliers have established presence however increasing demand-supply gap enhances bargaining power of suppliers to a certain extent.

Threat of new substitutes: Limited availability of effective substitutes However, continuous R&D for development of new substitute products poses threat.

Competitive rivalry: Market dominated by large multinational firms. Intense competition on pricing and quality standards.

Key Takeaways

The Global Fluorspar Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing consumption in aluminum and chemicals industries.

Regional analysis: Asia Pacific dominates the global market with over 40% share due to strong presence of manufacturers in China. Rapid industrialization and infrastructure growth in India and Southeast Asia is likely to drive the regional market.

Key players: Key players operating in the fluorspar market are 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. Growing consumption and global availability issues are encouraging mergers and acquisitions by major players to enhance production capabilities.


Read More - https://www.pressreleasebulletin.com/fluorspar-market-share-demand-analysis-trends-and-size-forecast/ 

Leena Shedmake
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more