-- Market Overview
Cryolite is an uncommon mineral with very limited natural occurrence. Synthetic Cryolite is also known as sodium aluminum fluoride. Cryolite finds application in aluminum metallurgy, automobiles, bonded abrasives, welding agents, enamel and glass frits, and blasting and pyrotechnics. It is widely used for the extraction of aluminum which finds application in various industries such as automotive, aerospace and defense, consumer goods, electrical, packaging, and building and construction.
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The rising demand for aluminum in various industries is expected to propel the growth of the Global Cryolite Market during the forecast period. The increasing use of aluminum in the automotive industry owing to its light weight is fuelling product demand. The expanding automotive industry with the increasing production of lightweight, electric, and hybrid vehicles to meet stringent environmental regulations aimed at reducing carbon emissions is likely to drive the growth of the Cryolite Market globally in the coming years. Additionally, the expanding aerospace industry as a result of increasing air traffic and rising disposable incomes is likely to fuel the demand for Cryolite in developing markets. The booming defense sector in these countries to strengthen military power is also expected to drive market growth.
Segmentation
The Global Cryolite Market has been segmented by Application and Region.
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.
The Global Cryolite Market has been divided into five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Regional Analysis
The market in Asia-Pacific accounted for the largest share of the Cryolite Market in 2017 owing to the growing automotive industry. The demand for Cryolite is rising due to the increased production of automobiles along with rising disposable incomes of consumers. The increasing demand for electric vehicles in India to meet the government’s objective of completely switching to electric cars by 2030 and reduce carbon emissions is likely to drive the growth of the Cryolite Market in the coming years. Furthermore, product consumption is rising in the manufacturing of aircraft parts by manufacturers such as Boeing, Honeywell International Inc., and BAE Systems in India and China due to the availability of skilled manpower and R&D in the aerospace and defense sector. The rapidly expanding building and construction industry in the developing markets such as India, China, and Thailand with the rise in residential and commercial construction is stimulating the demand for Cryolite.
The North American market is expected to grow at a significant rate during the forecast period. The automotive and aerospace and defense industries are the major consumers of Cryolite due to its light weight and low energy consumption. The increasing demand for electronic devices in vehicles, healthcare, and telecommunications is driving market growth.
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