Top Insights on the Global Fluorspar Market | Technavio

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LONDON–()–The latest market research report by Technavio on the global fluorspar market predicts a CAGR of around 2% during the period 2017-2021.

The report segments the global fluorspar market by application (hydrofluoric acid production, steelmaking, and aluminum production) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global fluorspar market, according to Technavio chemicals and materials researchers:

  • High demand from aluminum and steel industries: a major market driver
  • In 2016, the hydrofluoric acid production segment dominated the market by occupying almost 65% share
  • APAC dominated the global fluorspar market with 45% share in 2016
  • China Kings Resources Group, MINERSA GROUP, Mexichem S.A.B. de C.V., RUSAL, and Seaforth Mineral & Ore are the leading players in the market

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High demand from aluminum and steel industries: a major market driver

There has been an increase in the demand for aluminum in the automotive industry. During the aluminum production process, fluorspar is mixed with bauxite and soda ash which forms cryolite. Cryolite is further processed to form aluminum. The heavy use of aluminum in the automotive industry is projected to remain a key driver for the growth in the global fluorspar market during the forecast period. The growth in the automotive sector can be attributed to the rise in the disposable income and the rise in the GDP worldwide. Owing to the high consumption of aluminum, the demand for fluorspar is expected to increase in the next five years.

According to Mohd Shakeel Iqbal, a lead analyst at Technavio for research on olefins, “Steel is used in several end-user industries because of its high tensile strength, corrosion resistance, and better durability. The metallurgical grade fluorspar is added as a flux to increase the solubility of various compositions in the slag used for steel making. Fluorspar lowers the melting point and reduces slag viscosity. Steel is used in various applications such as construction, aerospace, household appliances, and automotive. With the growth in such application areas, the demand for steel is expected to increase. This is expected to drive the growth in the global fluorspar market during the forecast period.”

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APAC: largest fluorspar market

The fluorspar market in APAC is growing because of the increasing demand for fluorspar in various applications such as aluminum production, steelmaking, and hydrofluoric acid production. In addition, there are many reserves of fluorspar in China, Japan, and India. The increasing demand for fluorspar-added products from the refrigerant and automotive industries is also fostering the growth in the fluorspar market in this region.

Competitive vendor landscape

The global fluorspar market is concentrated because of the presence of only a few vendors. Fluorspar is used in many applications such as hydrofluoric acid production, steelmaking, and aluminum production. The major vendors of the fluorspar market compete because of the factors such as operation cost, price, product quality, and innovation. Some of the major players in the fluorspar market can drive the market because of the rise in the disposable income of consumers, rise in the automotive, refrigerant segments as well rise in the aluminum and steel segments.

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Sarah Thompson

Sarah Thompson

Sarah is a financial reporter, focusing on technology, national security, and policing. Before joining Daily Telescope she worked as a staff writer at Fast Company and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.
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