Infrastructural Developments Keep Demand for Fluorspar at All-time High
Rising disposable income of consumers across the globe has led to a growth in the sales of air conditioners and refrigerators across the commercial and residential sector in recent years. The report by Transparency Market Research observes that rapid urbanization and growing research and development in the automotive sector to enhance cooling equipment have been driving the demand for fluorochemicals, of which fluorspar is an integral element. The rising temperatures resulting from global warming is also expected to trigger a demand for cooling equipment, thereby augmenting the global fluorspar market in the coming years.
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The global fluorspar market was worth US$2,193.0 mn in 2014 and is expected to reach US$3,489.7 mn by 2023, as the market expands at a CAGR of 5.4% between 2015 and 2023. The global fluorspar market will also receive an impressive impetus from the steel and aluminum industries in Japan and China. Ongoing infrastructural developments in the developing regions of Asia Pacific require dependable transportation facilities and speed in construction activities. This is anticipated to spur the demand for fluorspar in the near future. The positive outlook in the steel industries in India, China, and Brazil will also boost the intake of fluorspar. The only restraint in the global market is the stringent government regulations such as the Montreal Protocol signed in 1987 to reduce the consumption of fluorspar so as to prevent its hazardous impact on the ozone layer.
Asia Pacific Emerges as Leading Regional Segment
Asia Pacific has been the frontrunner in the global fluorspar market as of 2014, with a share of 61.4% in terms of volume. Research indicates that Asia Pacific has been the leading consumer and producer of fluorspar due to high reserves in Japan and China and stupendous manufacturing activities in recent years. The rise of steel and aluminum production in the developing countries of Asia Pacific has also been the reason behind the expansion of this regional market.
Out of all the products, acidspar has been an extensively used product in the Asia Pacific market. The demand for electronics and steel items and the rise in building and construction activities across Asia Pacific all through 2023 will result in the demand for hydrofluoric acid, which primarily uses fluorspar. The demand for cooling equipment in this region will also augment the market during the forecast period.
Thriving Aluminum Industry Continues to Augment Acidspar Segment
The primary usage of acidspar is seen in the production of hydrofluoric acid, which is largely used in making hydrofluorocarbons (HFC) and hydrochlorofluorocarbons (HCFC). Currently, acidspar holds the leading share in the global market, accounting for nearly 55% of the share in the global market in 2014. The growing number of applications of acidspar such as in the aluminum industry and in the manufacturing of hydrofluoric acid is expected to keep this segment in the lead.
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Some of the important players in the global fluorspar market are British Fluorspar Ltd., Jianyang Shanshui Chemicals Industry Corp. Ltd., Kenya Fluorspar Company Ltd. (KFC), China Kings Resources Group Co., Ltd., Mexichem S.A.B. de C.V., and Mongolrostsvetmet LLC. These companies are expected to focus on building strategic partnerships to benefit in terms of geographical reach and manufacturing capacities. Analysts anticipate that focusing on developing affordable goods will attract a wider consumer base in developing regions