Albany - New York, Sept. 15, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report, titled "Fluorspar (Acidspar, Metspar, Ceramic, and Others) Market for Aluminum Production, Steel Production, Hydrofluoric Acid, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global fluorspar market was valued at US$2.19 bn in 2014 and will touch US$3.49 bn by 2023, expanding at a CAGR of 5.4% between 2015 and 2023.
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Fluorspar is a mined ore with the chemical formula CaF2. The ore primarily contains fluorine and calcium with a marginal amount of silicon, magnesium, and aluminum. Different grades of fluorspar are distinguished by the content of CaF2. Fluorspar is categorized under four different grades: acidspar, metspar, ceramic grade, and others (optical and lapidary grade). It is used in the production of aluminum and steel and hydrofluoric acid among others.
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Acidspar accounts for a major share of the global fluorspar market. Demand for acidspar in the manufacture of hydrofluoric acid and aluminum is anticipated to rise at a rapid pace during the forecast period. Furthermore, demand for metspar in the steel industry is estimated to fuel the fluorspar market over the forecast period.
In terms of application, the fluorspar market can be segmented into aluminum production, steel production, hydrofluoric acid, and others (including concrete additives, lithium-ion battery, etc.). Hydrofluoric acid application holds a major share of the global fluorspar market. Demand for fluorspar in steel and aluminum industries is projected to increase at the fastest pace during the forecast period. Hydrofluoric acid is the major application of fluorspar, accounting for over 50% share of the global market in 2014.
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In terms of demand, Asia Pacific accounted for over 60% of the global fluorspar market share in 2014, primarily due to high consumption in China. Apart from China, steel producing countries such as Japan, India, and South Korea held a significant share of the fluorspar market in 2014. Asia Pacific was followed by North America and Europe. These regions constituted the second and third largest shares, respectively, of the global fluorspar market in 2014. The fluorspar market in Asia Pacific is expected to expand significantly during the forecast period owing to an increase in the usage of refrigerators and other cooling equipment in the region. This, in turn, is estimated to fuel demand for fluorspar in Asia Pacific. Demand for fluorspar in Latin America and Middle East & Africa (MEA) is anticipated to rise during the forecast period.
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Companies such as China Kings Resources Group Co., Ltd., Mexichem S.A.B. de C.V., and Kenya Fluorspar Company Ltd. (KFC) held a significant share of the global fluorspar market in 2014. Other key companies include Jianyang Shanshui Chemicals Industry CORP. LTD., Mongolrostsvetmet LLC, and British Fluorspar Ltd.
The report provides in-depth analysis of the fluorspar market in terms of volume (kilo tons) and revenue (US$ Mn). It includes current demand analysis and forecast for each application segment at the global and regional level. Regions analyzed include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Each region has been further sub-segmented into key countries and sub-regions.
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The report segments the global fluorspar market as follows:
Fluorspar Market - Product Segment Analysis
- Ceramic grade
- Others (Including optical and lapidary grade)
Fluorspar Market - Application Analysis
- Aluminum production
- Steel production
- Hydrofluoric acid
- Others (Including concrete additives, lithium-ion battery, etc.)
Fluorspar Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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