Published Date : May 06, 2016
Fluorspar is a marketable term of for calcium fluoride (CaF2), which is also known as fluorite. It is an aggregate mineral and rock matter with varying proportions of fluorite. Fluorspar is used across various industries and for a number of applications. Fluorspar is used in the production of cryolite, which is used in aluminum smelting. Metspar, another grade of fluorspar, can reduce the melting point of steel, and thus, it is used in the manufacturing of steel. Ceramic grade fluorspar is used for the production of glass, ceramics, and enamelware.
According to the report published by Transparency Market Research (TMR), a market intelligent company, the global fluorspar market is expected to be worth US$3.49 bn by 2023, after being valued at US$2.19 bn in 2014, expanding at a CAGR of 5.4% between 2015 and 2023.
Growing Demand for Hydrofluoric Acid for Use in Electronic Devices Spurs Global Fluorspar Market
The growing demand for hydrofluoric acid for use in electronic devices such as air conditioners and refrigerators, is one of the major drivers boosting the demand for fluorspar. An increase in the requirement of aluminum and steel production is also encouraging the growth of the fluorspar market. The use of fluorspar as concrete additive is expected to spur the market’s growth in the future. Fluorspar is also used as an electrolyte in lithium-ion battery, which is expected to open growth opportunities for the fluorspar market in the coming years.
Asia Pacific to be Fastest Growing Regional Segment
Asia Pacific held a share of 60% in the global fluorspar market in 2014 and is also projected to be the fastest growing market in the coming years. The demand for fluorspar will be low in Europe and North America due to the slow growth rate of the steel and aluminum industries. The market for fluorspar will be positive in the Middle East and Africa due to the presence of large fluorspar reserves in countries such as Kenya, Africa, and South Africa.