The growth of the automotive sector is expected to drive global fluorspar market growth over the forecast period. Fluorspar is used in the production of hydrofluoric acid which is a key component for manufacturing aluminum. Heavy usage of aluminum in the automotive industry is projected to remain a key driver for global 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 market demand. Fluorspar is widely used in the production of opaque glasses. Opaque glasses find applications in offices, hospitals, and housing infrastructure. Increasing demand for opaque glasses in the infrastructure industry is projected to have a positive impact on the global fluorspar market. Increasing usage of fluoropolymers in lithium batteries coupled with fluorine usage for refrigeration is expected to foster the global 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 the production processes of fluorspar derivatives are expected to create challenges for market participants and hinder global market growth.
Asia Pacific is projected to emerge as the largest fluorspar 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 a steady growth rate due to the 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 Minerales, 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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