Fluorspar Market

The global fluorspar market is forecasted to continue its growth trend, with a projected increase in market volume and value by 2030. China remains the largest consumer and producer of fluorspar, while the United States, Italy, and India are key importers. Prices and exports have shown fluctuating trends over the years, with noticeable growth rates in certain countries. Overall, the fluorspar market is expected to see continued growth and expansion in the foreseeable future.

Market Forecast

Driven by increasing demand for fluorspar worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 12M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $5.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fluorspar

In 2022, after four years of growth, there was decline in consumption of fluorspar, when its volume decreased by -2.1% to 9.9M tons. The total consumption volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption reached the peak volume at 10M tons in 2021, and then dropped slightly in the following year.

The global fluorspar market value contracted to $3.5B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $3.5B in 2021, and then fell in the following year.

Consumption By Country

The country with the largest volume of fluorspar consumption was China (5.2M tons), accounting for 53% of total volume. Moreover, fluorspar consumption in China exceeded the figures recorded by the second-largest consumer, Mexico (794K tons), sevenfold. The third position in this ranking was taken by Mongolia (501K tons), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +2.4%. In the other countries, the average annual rates were as follows: Mexico (+11.3% per year) and Mongolia (+29.5% per year).

In value terms, China ($1.9B) led the market, alone. The second position in the ranking was taken by Mexico ($372M). It was followed by the United States.

In China, the fluorspar market increased at an average annual rate of +2.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Mexico (+15.4% per year) and the United States (-1.4% per year).

In 2022, the highest levels of fluorspar per capita consumption was registered in Mongolia (148 kg per person), followed by Bulgaria (47 kg per person), Mexico (6 kg per person) and Spain (4 kg per person), while the world average per capita consumption of fluorspar was estimated at 1.3 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the fluorspar per capita consumption in Mongolia stood at +27.2%. In the other countries, the average annual rates were as follows: Bulgaria (+17.0% per year) and Mexico (+10.0% per year).

Production

World Production of Fluorspar

In 2022, after four years of growth, there was decline in production of fluorspar, when its volume decreased by -1.1% to 9.1M tons. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the production volume increased by 17%. Over the period under review, global production reached the maximum volume at 9.2M tons in 2021, and then fell in the following year.

In value terms, fluorspar production stood at $3.5B in 2022 estimated in export price. Overall, production, however, posted a tangible expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 70%. Over the period under review, global production hit record highs at $3.7B in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Production By Country

China (5.4M tons) remains the largest fluorspar producing country worldwide, accounting for 59% of total volume. Moreover, fluorspar production in China exceeded the figures recorded by the second-largest producer, Mexico (952K tons), sixfold. The third position in this ranking was taken by Mongolia (743K tons), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +2.1%. The remaining producing countries recorded the following average annual rates of production growth: Mexico (-2.3% per year) and Mongolia (+4.7% per year).

Imports

World Imports of Fluorspar

Global fluorspar imports dropped to 2.5M tons in 2022, shrinking by -12.4% compared with the previous year's figure. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 22% against the previous year. Global imports peaked at 2.9M tons in 2021, and then fell in the following year.

In value terms, fluorspar imports skyrocketed to $978M in 2022. Overall, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +24.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 44%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (467K tons), followed by Italy (293K tons), India (280K tons), China (280K tons), Russia (187K tons), Germany (142K tons) and the Netherlands (120K tons) represented the key importers of fluorspar, together generating 70% of total imports. Japan (75K tons), Tunisia (75K tons), Turkey (72K tons), Indonesia (54K tons), Canada (50K tons) and South Korea (45K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Indonesia (with a CAGR of +33.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($165M), Italy ($138M) and India ($125M) were the countries with the highest levels of imports in 2022, together comprising 44% of global imports. Germany, the Netherlands, China, Russia, Japan, Tunisia, Indonesia, Canada, South Korea and Turkey lagged somewhat behind, together accounting for a further 41%.

Among the main importing countries, Indonesia, with a CAGR of +34.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average fluorspar import price amounted to $388 per ton, growing by 33% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($549 per ton), while China ($205 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fluorspar

Global fluorspar exports shrank to 1.8M tons in 2022, with a decrease of -12.4% against 2021. Over the period under review, exports recorded a noticeable decrease. The most prominent rate of growth was recorded in 2018 with an increase of 38% against the previous year. The global exports peaked at 2.7M tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, fluorspar exports expanded remarkably to $648M in 2022. Overall, exports showed a mild downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 84% against the previous year. Over the period under review, the global exports hit record highs at $762M in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, China (478K tons), distantly followed by South Africa (272K tons), Mongolia (241K tons), Mexico (158K tons), Italy (129K tons) and Vietnam (120K tons) represented the key exporters of fluorspar, together comprising 78% of total exports. The following exporters - the Netherlands (78K tons), Pakistan (64K tons), the United States (50K tons) and Germany (37K tons) - together made up 13% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Pakistan (with a CAGR of +19.3%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($212M) emerged as the largest fluorspar supplier worldwide, comprising 33% of global exports. The second position in the ranking was taken by South Africa ($105M), with a 16% share of global exports. It was followed by Vietnam, with a 10% share.

In China, fluorspar exports increased at an average annual rate of +3.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Africa (+3.2% per year) and Vietnam (+18.8% per year).

Export Prices By Country

In 2022, the average fluorspar export price amounted to $361 per ton, picking up by 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2018 an increase of 33% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($639 per ton), while Italy ($80 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform