Fluorspar Market Growth is Set to Exhibit CAGR of 5.1% from 2022 to 2030

Fluorspar Market is projected to be worth USD 2.96 Billion by 2030, registering a CAGR of 5.1% during the forecast period (2022 – 2030).

The reason behind this estimation is that Fluorspar is used to produce hydrofluoric acid, which is the crucial element for the production of Aluminium. There’s a heavy demand for aluminum in the automotive industry this is, due to a rise in the global market in the Automobile sector. In addition to this, there’s also a rise in the utilization of lithium batteries in replace of ordinary batteries.

The outbreak of Covid-19 has decreased the demand for the fluorspar market because of the large interruption in the supply chain.

Also, the chemical and automotive sectors were shut down, which reduced demand for fluorspar and had an impact on the fluorspar market.

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Regional analysis

The primary areas of the Fluorspar Market are  Middle East and Africa, Latin America, Europe, Asia Pacific and North America. Out of these regions, Asia Pacific has proved to be more dominant because of the rise in the automotive industry in countries like India, China & Japan. In addition to this China is the largest producer of Flourspar. Also, Europe & South Africa will too have a major coverage for this market because of the rise in the demand for the fluorspar in the construction & automotive industry.

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Market Segmentation

The Fluorspar Market has been particularly divided into 3 Segments. That is on the basis of Forms, Purity and Its Application & End user.

On the basis of Forms, the market has been subdivided into Powder

Lump & Filter Cake. Dry powder is expected to acquire more market share. Moving to the next based on Purity & Its Application, it’s been further segmented into Acid Spar,

Met Spar & Ceramic Spar. Out of this the Met spar & Ceramic spar are further subdivided into minor parts. Incase of Met spar, it is sub-portioned on the basis of  Application into metal (steel, iron, and others), concrete & fluorite cut craftworks. In case of Ceramic spar, it is sub-sectioned on the basis of Application into glass, ceramics & enamelware. Lastly, on the basis of End-User the market has been splitted into Metallurgy, Chemical, Ceramic, Optical & Electrical & Electronics. Out of this, the Metallurgy industry is expected to show more growth as compared to the other segments.

Key players

The competitive players of this Fluorspar Market are Tertiary Minerals Plc (UK), Mexichem S.A.B. de C.V (Mexico), Masan Group (Vietnam), Central Fluor Industries Group Inc. (China), Kenya Fluorspar Company Ltd. (Kenya), MINERSA GROUP (Spain), Seaforth Mineral & Ore Co. Inc (U.S.), British Fluorspar Ltd (UK), China Kings Resources Group Co. Ltd. & Mongolrostsvetmet LLC (Mongolia)

Most of the key companies are highly involved in R&D to achieve product development. This trend is expected to drive market competitiveness.

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