Global Fluorspar Market, 2023-2028
Market Overview
Key Findings
▸ Compared to the year 2022, the year 2023 will witness a growth of 7.5% in the sales volume of the global fluorspar market, reaching a scale of 8.564 million metric tons.
▸ Acid-grade fluorspar is expected to be the best performing category in 2023, with sales in this sector up 7.9% over last year to 5.094 million tons.
▸ The global fluorspar market is expected to grow at a CAGR of 6.1% (in terms of sales volume) during the forecast period to 11,585 thousand tons by 2028.
▸ Chemicals will continue to be the dominant application, generating a 56.2% share of sales volume in 2023, and the application is forecast to continue its dominance over the forecast period.
Fluorspar (CaF2), also commercially known as fluorite, is an important industrial mineral that is used as a raw material in the metallurgical, ceramics, chemical industries, metallurgy, optics, and lapidary among many other areas. Fluorspar comes in several distinct grades namely acid, ceramic, metallurgical among others. Acid grade fluorspar is important in the manufacture of hydrofluoric acid, cryolite, and hydrogen fluoride. Ceramic grade fluorspar is fundamental in the manufacture of glass, enamelware, and ceramics including in decorations. Metallurgical grade fluorspar is used in iron and steel production as a flux and in removing impurities. Optical grade fluorspar is an ingredient in making lenses due to their optical clarity that enables them to produce sharp images. Lapidary grade fluorspar is very useful in making ornamental objects such as vases.
Research Coverage
The report overview includes studying the market scope, leading players, market segments and sub-segments, market analysis by grade, application, and region. The report analyzes the potential of the Global fluorspar industry, providing statistical information about market size, market share, growth rate, and forecasts.
By Grade: Acid Grade, Ceramic Grade, Lapidary Grade, Metallurgical Grade, and Optical Grade
By Application: Ceramics, Chemicals, Metallurgical, and Others
By Region: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), and Latin America
The worldwide demand for fluorspar reached a volume of 7,969 thousand tons in 2022 and is projected to increase to 11,585 thousand tons by 2028, with an estimated compound annual growth rate (CAGR) of 6.1% between 2023 and 2028. The increasing adoption of electric vehicles (EVs) and lithium-ion batteries has led to a surge in demand for hydrofluoric acid (HF), which is a critical feedstock for the production of lithium hexafluorophosphate (LiPF6) and lithium bis(fluorosulfonyl)imide (LiFSl) electrolytes, polyvinylidene fluoride (PVDF) binders, and other important components of Li-ion batteries. This has created a new demand for fluorspar as a source of fluorine. Additionally, HF is used in the processing of natural flake graphite to produce a spherical graphite material, which is essential for manufacturing the current anode of lithium-ion batteries. This compounded demand has been steadily growing over the last five years and is expected to increase at a more rapid pace in the future.
The lithium-ion battery market has been expanding rapidly in recent years due to the increasing demand for electric vehicles (EVs) and other portable electronic devices. With the growing concerns about climate change and the need for sustainable energy sources, the demand for lithium-ion batteries is expected to continue to rise in the coming years. Many companies are investing heavily in lithium-ion battery technology and expanding their production capacity to meet the growing demand.
▸ In February 2023, Ford announced a collaboration with CATL to build a new $3.5 billion battery plant for electric vehicles in Michigan, despite the ongoing tensions between the US and China. The Detroit-based automaker expects the plant to open in 2026 and provide employment to around 2,500 people.
▸ On October 11, 2022, Honda and LG Energy Solution announced that they have chosen Fayette County, Ohio, as the location for their new joint venture (JV) battery plant. The two companies plan to commence construction in early 2023, with the aim of completing the new production facility by the end of 2024. The plant is expected to have an annual production capacity of approximately 40GWh and commence mass production of pouch-type lithium-ion batteries by the end of 2025.
▸ On May 25, 2022, Stellantis and Samsung SDI announced to team up to build a $2.5 billion lithium-ion battery plant in Kokomo, Indiana. The project will support the global juggernaut’s goal to ramp up electric vehicle production. The new battery factory in Kokomo will have an initial annual production capacity of 23 gigawatt-hours, with the ability to increase to up to 33 gigawatt-hours in the future.
▸ On March 23, 2022, Stellantis N.V. and LG Energy Solution (LGES) announced the execution of binding, definitive agreements to establish a battery manufacturing facility in Canada. The joint venture company will invest over $5 billion CAD ($4.1 billion USD) to establish operations, which will involve the construction of a brand-new battery manufacturing plant in Windsor, Ontario, Canada.
▸ In September 2021, Contemporary Amperex Technology Co. Limited (CATL) signed an agreement with the city government of Yichun in the Chinese province of Jiangxi to build a new production facility for lithium-ion battery and a production plant for battery materials such as lithium carbonate. The total investment is expected to be around USD 2 billion.
▸ On August 12, 2022, CATL announced to build its second lithium-ion battery plant in Debrecen, Hungary. The company has reportedly signed a real estate agreement with the city of Debrecen to begin the construction of the new plant. The plant has an 8 GWh annual production capacity initially and is expected to reach 14 GWh annually in the future. The new facility will produce batteries for electric vehicles (EVs) as well as for other applications, such as energy storage systems.
▸ On Apr 16, 2021, GM and LG Chem announced plans to build a second United States battery cell factory with USD 2.3 billion which is expected to be completed by late 2023. Once fully operational, the joint venture’s two battery factories will have production capacity of more than 70 gigawatt hours.
▸ In September 2022, Chinese battery manufacturer SVOLT Energy Technology announced its plans to construct an additional cell assembly in Germany to supply electric vehicles, with the state of Brandenburg being chosen as the location. The proposed site in Lauchhammer is expected to have an annual capacity of 16 gigawatt hours (GWh) and commence production in 2025.
China is the largest producer of fluorspar, and the imbalance between reserves and mining may drive stricter protection of fluorspar resources. Globally, China, Mexico, and South Korea are the top three producers of fluorspar, accounting for more than 85.8% of the world’s production. In 2022, China contributed 69% of the world’s production with only 19% of the world’s fluorspar reserves. The reserve-to-production ratio (RPR) is only 8.6, much lower than the world average of 31.5, indicating a serious imbalance between reserves and mining. From the current status of China’s fluorspar resource endowment, the protection of fluorspar resources in China may become stricter. This is reflected in the following aspects:
Competitive Landscape
The prominent players operating in the Global fluorspar market include China Kings Resources Group Co., Ltd., Fluorsid S.p.A., Grupo Minersa, Inner Mongolia Baotou Steel Union Co., Ltd., Kenya Fluorspar Company, Masan Resources Corporation, Mexichem Fluor S.A. de C.V. (Koura), Mongolrostsvetmet LLC, Sallies Ltd., Seaforth Mineral & Ore Company, Inc., Steyuan Mineral Resources Group Ltd., United Company RUSAL, Zhejiang Wuyi Shenlong Flotation Co., Ltd., Zhejiang Zhongxin Fluoride Materials Co., Ltd., ZheJiang Yonghe Refrigerant Co., Ltd., Sinochem Group Co., Ltd., etc.
Key Questions Answered
What is the projected global market size of fluorspar by 2028
Which grade segment demonstrates the most significant dominance
In terms of market dominance, which application segment prevails in the fluorspar market
Which region segment generates the highest revenue
Who are the key players with the largest market share in the fluorspar market
What is the estimated global market size for the fluorspar market in 2023
What are the main factors driving the growth of the fluorspar market
What is the expected incremental growth of the fluorspar market during the forecast period
Part.1 Report Scope 8
Key Findings 8
Report Scope 8
Grade 9
Application 9
Region 9
Part 2. Market Overview 10
Part 3. Global Fluorspar Market by Grade 13
Part 4. Global Fluorspar Market by Application 16
Introduction 16
Growth of Li-Ion Battery Production Capacity 18
Part 5. Global Fluorspar Market by Region 23
Part 6. Global Production and Reserves 26
Production 26
Reserves 28
Part 7. China's Fluorspar Industry 32
Policies of China's Fluorspar Industry 32
China to Tighten its Protection of Fluorspar Resources 33
China's Demand for Fluorspar to Experience Notable Growth in 2023 35
Development of New Energy to Drive Growth of China's Fluorspar Industry 38
China Fluorspar Trade 43
Competitive Landscape 47
China Fluorspar Price 48
Part 8. Competitive Analysis 50
China Kings Resources Group Co., Ltd. 50
Business Overview 51
Company Information 51
Business Performance 51
Fluorsid S.p.A. 55
Business Overview 55
Company Information 55
Business Performance 56
Grupo Minersa 56
Business Overview 56
Company Information 57
Inner Mongolia Baotou Steel Union Co., Ltd. 57
Business Overview 57
Company Information 57
Business Performance 58
Kenya Fluorspar Company 61
Business Overview 61
Company Information 61
Masan Resources Corporation 62
Business Overview 62
Company Information 62
Business Performance 62
Mexichem Fluor S.A. de C.V. (Koura) 65
Business Overview 65
Company Information 65
Mongolrostsvetmet LLC 66
Business Overview 66
Company Information 66
Sallies Ltd. 66
Business Overview 66
Company Information 66
Seaforth Mineral & Ore Company, Inc. 67
Business Overview 67
Company Information 67
Steyuan Mineral Resources Group Ltd. 67
Business Overview 67
Company Information 67
United Company RUSAL 68
Business Overview 68
Company Information 68
Business Performance 68
Zhejiang Wuyi Shenlong Flotation Co., Ltd. 70
Business Overview 70
Company Information 70
Zhejiang Zhongxin Fluoride Materials Co., Ltd. 70
Business Overview 70
Company Information 70
Business Performance 71
ZheJiang Yonghe Refrigerant Co., Ltd. 75
Business Overview 75
Company Information 75
Business Performance 76
Sinochem Group Co., Ltd. 79
Business Overview 79
Company Information 79
Research Methodology 81
Disclaimer 83
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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