Cryolite Market Growth : Global Industry Analysis, Size, Share, Trends, and Forecast, 2022 - 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. Global Cryolite Market Growth Report by Market
Research Future (MRFR) contains useful insights for the period between 2018 and
2023 (forecast period).
Competitive Outlook:
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.
Market Scope:
Global Cryolite Market Growth 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.
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Segmentation:
Global Cryolite Market has been segmented by
application. On the basis of Application, Global Cryolite Market has been
segmented into aluminum metallurgy, automotive, bonded abrasives, enamel and
glass frits, blasting and pyrotechnics, welding agents, and others.
Browse Key Industry Insights spread across 140 pages with 24
market data tables & 9 figures & charts from the report, “Cryolite
Market Information: By Application (Aluminum Metallurgy, Automotive, Bonded
Abrasives, Enamel and Glass Frits, Blasting and Pyrotechnics, Welding Agents,
Others), and Region (North America, Europe, Asia-Pacific) – Growth
Potential, Price Trends, Competitive Market Share & Forecast 2023”
Regional Analysis:
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 Growth.
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.
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