Fluorspar Market to Breach US$2 bn mark by 2023 as Demand for Fluorochemicals Shows Upsurge

An uptick in the production of steel and aluminum, especially in developing regions where industrialization is occurring at a frantic pace, will help drive up the demand for fluorspar in the near future. Owing to this factor, the global fluorspar market is forecast to expand at a 5.4% CAGR between 2015 and 2023, says Transparency Market Research in a recently published study. By 2023, the fluorspar market will rise to US$3.49 bn, up substantially from its 2014 value of US$2.19 bn. Fluorspar is more commonly known as fluorite. Being the mineral form of calcium fluoride, the chemical formula of fluorspar is CaF2.

However, the recent years have seen a fluctuation in the supply of fluorspar, which has brought about a certain degree of uncertainty in the global fluorspar market. Despite this, the Asia Pacific region will continue to demonstrate strong demand for fluorspar – a factor that will largely contribute to the sustained demand for fluorspar in the global market.

Increasing use of Fluorspar in Li-ion Batteries Presents Market Opportunity 

Lithium-ion batteries, more commonly known as li-ion batteries, comprise specialty materials such as cobalt, lithium, and graphite. But they also contain fluorspar. The growing use of lithium-ion batteries in powering vehicles as well as in taking homes off the conventional power grid will indirectly stimulate greater demand for fluorspar, too. With companies such as Tesla making a foray into the home energy storage systems market with the launch of batteries in the range of 7kw and 10kw, and a simultaneous increase in the demand for batteries for electric vehicles (EVs), the demand for fluorspar will see an uptick.

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The other factor that will help the fluorspar market expand is the demand for cement in the construction industry. The building and construction industry is witnessing an upswing in BRICS and this factor will lead to appreciable demand for fluorspar as well.

However, growth in the fluorspar market will be restrained to some degree because of the imposition of environmental restrictions on fluorocarbon chemicals because of their adverse impact on the ozone layer.

From Demand Perspective, Acidspar Leads Flourspar Market; Soaring Consumption of Metspar to Fuel Further Growth of Market 

Over the recent past, the demand for acidspar has been a major growth impeller for the global fluorspar market. This can be attributed to the heavy reliance of the aluminum and hydrofluoric industries on the use of fluorspar as a raw material. However, the future growth of the fluorspar market will not be hinged merely on the consistently high consumption of acidspar. 

The demand for metspar has reported a visible increase in last few years. Metallurgical grade fluorspar, which is marketed under the name metspar, has an impressive range of uses. It finds applications in the ceramics industry, steelmaking industry, as well as in steel and iron casting processes. Although metspar stood at second spot in the global fluorspar market in terms of demand, it will register a healthy rate of growth in the coming years.

When the fluorspar market is analyzed from a regional perspective, it becomes clear that Asia Pacific leads the market (the region accounted for 60% of the global market in 2014). The outlook of the fluorspar market in the Asia Pacific region is currently positive and it is projected to remain so over the next eight years. 

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