Fluorspar usage is increasing significantly across the industrial sector. According to Coherent Market Insights, the global fluorspar industry is set to grow at a CAGR of 4.6% during the forecast period. The target industry value will likely cross US$ 3 billion by the end of 2030, presenting lucrative growth prospects for players.
Fluorsid, Masan Resources, Canada Fluorspar, Sallies Ltd., Kenya Fluorspar, China Kings Resources Group Co., Ltd, RUSAL, and Koura are key fluorspar manufacturers and suppliers. Top players are employing various organic and inorganic strategies. These include new product launches, processing facility expansions, acquisitions, partnerships, and collaborations.
Leading players are looking to employ sustainable fluorspar mining and processing methods to reduce environmental impacts. They are also striving to comply with government regulations.
In July 2024, Nui Phao Mining, a prominent producer of high quality acid-grade fluorspar materials, signed a MOU with Traxys North America LLC and Fluorine Korea to ensure supply of acid-grade fluorspar to AHF plant of Fluorine Korea in Ulsan. As per the agreement, Nui Phao Mining will supply around 70000 tons of acid-grade fluorspar per year to Fluorine Korea’s AHF plant.
In March 2024, Ares Strategic Mining Inc. completed the mine planning phase and commenced its mine construction. The company has already started ramp installation work to intersect fluorspar mineralization.
Key Factors Propelling Fluorspar Industry Growth
The future of fluorspar industry looks optimistic. This is due to rising demand and usage of fluorspar in a wide range of industries.
Fluorspar is being widely used as a flux in steel and aluminum production to reduce the melting point. As the demand for these metals from the construction and automotive industries continues to increase, so will the sales of fluorspar.
Fluorspar is extensively used in the production of hydrofluoric acid. Thus, growing demand for hydrofluoric acid from pharmaceutical, refrigeration, and plastic industries is also expected to boost the target industry.
Increasing usage of fluoropolymer in medical devices and electronics will support industry expansion. Similarly, expanding applications of fluorspar in the electric vehicles sector are expected to create revenue-generation opportunities for industry players.
Regional Insights
Asia Pacific dominates the global fluorspar industry, and the trend will likely persist through 2030. This is attributable to growing demand for fluorspar from the metallurgy and chemical industries. Expansion of pharmaceutical and refrigeration is also informing sales growth in the region.
China and India are witnessing rapid growth of automotive, chemical, and pharmaceutical industries. This is anticipated to uplift fluorspar demand as it is widely used for manufacturing different products in these sectors.
