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Asia-Pacific Region to Dominate the Market

mordor intelligence
2022/03/18 10:16
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Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region is expected to dominate the market for fluorspar during the forecast period. The rising demand of fluorspar from chemical industry and growing application in steel and automotive industry in developing countries like China, Japan and India is expected to drive the demand for fluorspar in this region.
  • In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. China’s real GDP grew by 2.3% in 2020 and by 8% in 2021, largely driven by consumer spending rebound post-pandemic. In 2022, it is estimated to grow by 5.6%, as per the IMF forecast.
  • According to World Steel Association Crude Steel production in china was estimated to be 1033 metric tones in 2021 compared to 1065 metric tons in 2020. This decrease is due to several manufacturers experiencing environmental concerns in the production of fluorspar in mines from Q3 2021, resulting in a major decrease in local supplies.
  • In India, fluorspar is mostly consumed and traded in two grades: acid grade (acidspar) and sub-acid grade. Metallurgical and Ceramic grades are included in the Subacid grade, which is also known as metallurgical grade (metspar). When compared to global production, India produces extremely minimal fluorspar.
  • According to the National Mineral Inventory (NMI) database, the country's total fluorspar reserves/resources are estimated to be 18.18 million metric tonne, based on UNFC methodology. Reserves account for 0.29 million metric tonnes of this total (of which 0.22 million metric tonne are under Proved category and 0.06 million metric tonne under Probable category). There are 17.89 million metric tonnes of remaining resources.
  • Owing to all the abovementioned factors the Asia Pacific is expected to dominate the market in the upcoming years.