Fluorspar Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast
The global fluorspar market was valued at US$ 2,200.0 Million in 2019 and is projected to reach US$ 2,612.2 Million by 2027 expanding at a CAGR of 3.0 % during the forecast period, 2020-2027. Fluorite, also known as fluorspar, is a naturally occurring mineral composed of calcium fluoride CaF2. It belongs to halide minerals group. Fluorite is easy to identity owing to its properties such as hardness, cleavage in its structure, and specific gravity of fluorite. It is the only common mineral which has perfect four directional cleavage often when it breaks into pieces, in the shape of an octahedron. It is also used and known for its hardness which represents hardness of four in Mohs hardness scale. It is one of the important industry mineral used for numerous applications.
Fluorite is graded into three categories for commercial purposes. First grading is known as metallurgical grade, which is composed of 60% to 85% of calcium fluoride and is majorly used in steel production, and cement production. The second grade is known as ceramic grade, which includes 85% to 95% of calcium fluoride and it is widely used for producing enamel, nonstick cooking utensils, and certain types of glass. The third and the highest grade of fluorite is known as acid-grade fluorspar. Acid grade fluorspar is used for the production of hydrofluoric acid. It is used in aluminum smelting.
Fluorite is used in a wide range of industries for various applications including the chemical industry, metallurgical industry, ceramic industry, and glass industry. The demand for fluorspar for producing steel, aluminum, and glass is increasing rapidly. Fluorspar is used in the chemical industry for producing fluoro chemicals. Mining of fluorite can cause severe effects on environment; therefore, there are stringent regulations and rules have been imposed by governments on the mining industry for ensuring safety in mining procedures.
Key Benefits for Industry Participants & Stakeholders:
In-depth Analysis of the Global Fluorspar Market
Historical, Current and Projected Market Size in terms of Value and Volume
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
Industry Drivers, Restraints and Opportunities Covered in the Study
Recent Industry Trends and Developments
Competitive Landscape & Strategies of Key Players
Neutral Perspective on Global Fluorspar Market Performance