Fluorspar Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023
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.
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“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.
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.
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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.
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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