Fluorite Market is Witnessing an Upsurge Due to the Demand for Fluorspar in the Growing Automobile Manufacturing Industry

Fluorite is a significant mineral that consists of fluorine and calcium or calcium fluoride. The fluorite industry is continuously experiencing growth owing to its increasing use in the end-use application industries such as glass, ceramics, metallurgy, chemical, and steel. Recently, in 2018, the fluorite market or fluorspar market witnessed a breakthrough with an invention of fluoride-ion battery (FIB) technology. Honda Research Institute along with California Institute of Technology and NASA’s Jet Propulsion Laboratory have collaborated to create this technology that has the potential to activate energy cells at room temperature without heating fluorspar at 150 degree Celsius. Since the electrolyte is a solid material, the fluoride-ion batteries provide high-energy-density. Because of such innovations, more than 2000 patents were filed between 2014 and 2019. In 2019, Sumitomo Metal Industries filed a patent for oxide sintered compact, sputtering target, and oxide semiconductor thin film. After in-depth scrutiny of the fluorite market growth prospects, Sumitomo metal industries are expecting a rise in the demand for fluorspar.

With an increase in the number of patents being registered, the global fluorite market was evaluated to be $1.5 billion in 2018. Moreover, the demand for the product is poised to increment at a CAGR of 4.8% during the forecast period 2019-2025.

APAC Dominates the Global Fluorite Market Revenue and Creating Vast Opportunities for the Companies

According to the ITC Organization, in 2018, the global import value of fluorite was $1.05 million. The growing need for fluorite in industries has increased. The flux for smelting and manufacturing of enamels and glasses has increased the demand for the product. Owing to this, APAC dominated the global fluorite market with a regional share of 41% in 2018. The demand for steel and aluminum in the developing region such as APAC is contributing to the growth of the fluorite market revenue. In the manufacturing of aircraft and automobiles, aluminum is extensively used. There is a substantial increase in automobile production in the APAC countries along with increasing demand for vehicle owing to GDP growth and rising disposable income. This will further fuel up the fluorite market in the coming years.  

The following table shows the import of the materials to various countries, according to the ITC-

Import Data Source – International Trade Center 

The upsurge in the parent industry to various countries in APAC is substantially attributed to the growing demand for fluorspar across end-use industries, which is creating growth prospects for the fluorite market companies. Subsequently, the existence of several automobile manufacturing companies in China, India, and Japan will spur the growth of the fluorspar market by 2025. 

Top Industries Impacting Growth of the Fluorite Market

·    Chemical Industry: The lucrative application end-use industries for the fluorite market companies are found to be the global chemical industry. This is because of the growth the chemical industry is experiencing is going to experience in which the US, China, and India will play a vital role. According to the European Chemical Industry Council, the global turnover of the chemical industry was valued at $3,876 billion in 2017, and the global sales grew by 4.6%.[3] Furthermore, acid grade fluorite is the high-purity material that is widely used in the chemical industry. Acid grade spar contains more than 97% CaF2, which is an extremely pure material. They are used as lower grade application as fluorspar in acid grade is the most consumed material in the United States. For manufacturing hydrofluoric acid, fluorspar is commonly used in the chemical industry. This acid is then used to produce various products such as foam blowing agents, fluorocarbon chemicals, and refrigerants.

·   Ceramic Industry: The economic shift after the last decade of a recession has led to a perceptible growth of the industries that are associated with home décor, cooking utensils, and ornaments. Home décor is one of the industry reaping benefits from the same. Ceramic grade fluorspar has approximately 85% to 96% CaF2. This material is used mainly for manufacturing specialty glasses, enamelware, optical telescope, and ceramics. Fluorspar is used for providing hard glossy surface and opalescent surface to the products. The products made of fluorspar increases the durability and gives a shiny appearance which attracts the customers. For instance, the fluorine is extracted from fluorine, which is used in non-stick cooking surface popularly known as Teflon. Thus, the fluorite market is witnessing exponential growth in the ceramic industry.

·         Metallurgy Industry: The metallurgy industry is considered as the fastest incrementing segment of the fluorspar market. The segment is poised to grow at a CAGR of 6% during the forecast period. Moreover, Metspar, a fluxing agent, accounts for around 37-40% of the total fluorspar production used in the metallurgy industry. Owing to the increasing usage of metspar in the synthesis of steel, aluminum, and iron, the fluorite market is experiencing significant growth. Also, the demand for fluorspar in the mentioned industry was estimated to be 6.33 million tonnes, including Hydrofluoric acid-40%, steel-30%, aluminum-25%, and others-5%, according to the fluoridealert.org.[4] The demand for fluorspar is increasing, which is boosting the fluorite market growth. In October 2018, SepFluor Ltd. expanded its manufacturing unit at the Nokeng Fluorspar Mine in South Africa. The facility is capable of processing 630,000 metric tonnes every year of ore that can produce 30,000 t/yr of metallurgic-grade fluorspar. The company is anticipating to produce 100,000t of fluorspar in 2019. Therefore, the growth of the metallurgy industry will create a sustainable fluorite marketplace for companies.

The Major Companies in the Fluorite Market

Some of the key dominating companies in the fluorite market are Zhejiang Yongtai Technology Co. Ltd, Mexichem, Centralfluor Industries Group, Zhejiang Wuyi Shenlong Flotation Co Ltd., China Kings Resources Group Co. Ltd., Sinochem Lantian Co. Ltd, and Inner Mongolia Xiang Zhen Mining Group Ltd. These pioneering companies are utilizing extensive resources on developmental and innovational activities to deliver essential products and solutions to global customers, deliberately strengthening their brand image and setting new trends for the global market.

·         Mexichem Acquired Fluorita De Rio Verde

In June 2018, Mexichem, Mexican Conglomerate Company, acquired the shares and the production plants of Fluorita De Rio Verde in Mexico. The objective is to boost the production capacity of the fluorite in the manufacturing units from 40,000 to 80,000 annual tonnes.

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