Increasing Demand from Steel Industry Set to Drive Fluorspar Market.

Fluorspar is an essential industrial mineral that contains calcium and fluorine. Fluorspar is the marketable term of calcium fluoride (CaF2). In its purest form, fluorspar only contains 51.1% of calcium and 48.9% of fluorine. However, a small amount of aluminum, silicon, and magnesium is also present within. Fluorspar is generally categorized based on the CaF2 content in it. Fluorspar is differentiated under four different grades which include metspar (Metallurgical Grade), ceramic grade, acidspar (Acid Grade), and others (Optical and Lapidary Grade). In acidspar, the CaF2 content is 97% or above, in metspar, it is between 60% and 85%, and in ceramic grade, the CaF2 lies between 80% and 96%. Optical grade and lapidary grade fluorspar is the highest grade. The Global Fluorspar market has been segmented into key application segments such as aluminum production, steel production, hydrofluoric acid, and others including concrete add mixtures and lithium-ion battery. Growing demand for fluorspar in a diverse range of applications is likely to drive the global fluorspar market in the next eight years.

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Transparency Market Research, a leading U.S.-based market research firm, has analyzed the fluorspar market and projected a compounded annual growth rate of 4.5% in terms of volume for the period from 2015 to 2023.

Fluorspar is used in the steel manufacturing process to remove impurities such as sulfur and phosphorus. Steel production is anticipated to be the fastest growing application segment of the global fluorspar market in the next few years. Steel is mostly used for manufacturing automobiles, and in the construction industry due to its high material strength and low cost. Additionally, the rise in sales of automobiles coupled with increasing number of construction projects across the globe is anticipated to drive the market for fluorspar in the next eight years.

Fluorspar is largely used in the manufacturing of hydrofluoric acid, which is further used to manufacture fluorocarbons. Hydrofluoric acid is an important segment of the global fluorspar market. Hydrofluoric acid and its derivatives are mostly used in cooling equipment as refrigerants. Therefore, increasing use of cooling equipment such as refrigerators, air conditioners, and other cooling equipment in residential and commercial projects in the developing countries is set to propel the growth of fluorspar in this segment. Fluorspar is also used in the manufacturing of cryolite, which is further used in the production of aluminum. Furthermore, fluorspar is used to manufacture aluminum fluorite (AlF3) and it is also used in the aluminum smelting process. Increasing demand for fluorspar for use in the production of hydrofluoric acid and aluminum is expected to drive the demand for fluorspar during the forecast period.

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Thus, rising demand for fluorspar in various application segments, especially the steel production segment, is set to drive the global fluorspar market in the next few years.

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