Cryolite Market Overview
Cryolite Market is expected to reach CAGR 3.50% during the forecast 2021-2030.
Cryolite is a rare mineral which also goes by the name of sodium aluminum fluoride. It has applications in welding agents, aluminum metallurgy, bonded abrasives, automobiles, blasting, and pyrotechnics. It is highly recognized for its role in the extraction of aluminum from its ore. The global cryolite market report by Market Research Future (MRFR) contains useful insights for the period between 2021 and 2030(forecast period).
The global cryolite market size is anticipated to attain a huge valuation by 2023. It is mainly driven by the high demand for aluminum from various industries. The automotive industry in particular prefers aluminum for lowering the vehicle weight in compliance with latest regulations. The expansion plans of the industry due to development of electric and hybrid vehicles to lower carbon emission levels can bode well for the market.
Fluoride has great value due to their use in the production of chemical reagents, industrial chemicals, and mostly hydrogen fluoride. Cryolite is of vital importance for the extraction of fluoride from wastewater. It uses the crystallization process with a high molar ratio of cryolite. The high fluorine content wastewater produced from photovoltaic, steel, chemical, and aluminum electrolysis industries. The aerospace industry can also drive the global cryolite market demand owing to rise in disposable income levels of passengers and the rise in air traffic. Defense industry can also demand cryolite due to the need for nations to increase their military strength.
The global cryolite market has been segmented by application.
On the basis of application, the global cryolite market has been segmented into aluminum metallurgy, automotive, bonded abrasives, enamel and glass frits, blasting and pyrotechnics, welding agents, and others.
North America, the Middle East Africa (MEA), Asia Pacific (APAC), Latin America, and Europe are regions the center of interest in the global cryolite market.
APAC accounted for the largest market share in 2017 owing to the growth witnessed in the automotive sector. Rise in the production of automobiles as well as the rising disposable income levels of consumers for procuring cars of all makes is likely to drive the global cryolite market demand in the region. Efforts by governments to electrify cars by 2030 can work in favor of the market and spike demand. Rise in product consumption by aircraft manufacturers such as Honeywell, BAE Systems, and Boeing in India and China due to the abundance of skilled laborers can drive market demand. Another influencing driver is the growth in the construction industry in Thailand, China, and India.
North America can exhibit a stellar growth rate due to demand from aerospace, automotive, and defense sectors. Mandatory aluminum body programs due to environmental regulations can work favorably for the market. Inclination towards low energy consumption and demand for energy-efficient vehicles is likely to spur the global cryolite demand in the region. High demand for the mineral in electronic devices can spur market growth. Europe, on the other hand, can drive demand for cyrolite due to defense programs such as Preparatory Action on Defense Research (PADR) and European Defense Research Programme (EDRP). Renewal of extraction licenses in select mines in the region can bode well for the global market at large.
MEA and Latin America can showcase exemplary growth and provide opportunities for the market due to industrialization.
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Fluorsid SpA, Solvay, Yuzhou Deyi Chemical, S.B. Chemicals, Xinhai Chemicals, All-Chemie, Ltd, Washington Mills Electro Minerals, Henan Buckton Industry Commerce Co., Ltd, Zhengzhou Flworld Chemical, and Skyline Chemical Corporation are prominent players of the global cryolite market.
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