Growth of automotive sector is expected to drive global fluorspar market growth over the forecast period. Fluorspar is used in production of hydrofluoric acid which is a key component for manufacturing aluminum. Heavy usage of aluminum in automotive industry is projected to remain a key driver for global fluorspar market growth. Increasing automobile demand as well as production in emerging economies is expected to fuel global market growth. Continued expansion of metal and foundry industries is expected to foster the global fluorspar market demand. Fluorspar is widely used in production of opaque glasses. Opaque glasses find applications in offices, hospitals and housing infrastructure. Increasing demand for opaque glasses in infrastructure industry is projected to have a positive impact global fluorspar market. Increasing usage of fluoropolymers in lithium batteries coupled with fluorine usage for refrigeration is expected to foster the global fluorspar market growth. Fluorspar can be further used in fluorocarbon production, which is used for downstream activities. Increasing downstream activities in emerging economies such as China & Mexico is projected to augment global fluorspar market growth. Stringent government rules and regulations regarding production processes of fluorspar derivatives is expected to create challenges for market participants and hinder global fluorspar market growth.
Asia Pacific is projected to emerge as the largest market over the forecast period owing to huge production & exports from China. China is the largest producer and exporter of fluorspar globally and is expected to remain a key driver for Asia Pacific market growth. Rising downstream activities in China is expected to fuel market growth for the region. Large fluorspar reserves in Mexico are anticipated to drive the Latin American market growth over the forecast period. Europe is expected to witness steady growth rate due to growing automotive industry. South Africa is also projected to grow at a substantial rate owing to high fluorspar demand in construction and automotive applications.
Key players operating in the global fluorspar market include RUSAL, Sallies Limited , Seaforth Mineral & Ore Co. Ltd., Zhejiang Yingpeng Chemical Ltd., Minersa Minerals, Mexichem Fluor, Canada Fluorspar And Moodie Mineral Company. Major companies are actively involved in R&D to achieve product development. This trend is expected to drive market competitiveness.
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