Cryolite Market Research Report - Forecast to 2030

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) - Global Forecast till 2030

ID: MRFR/CnM/1086-HCR | January 2023 | Region: Global | 140 Pages         

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Cryolite Market

Cryolite Market is expected to reach CAGR 3.50% during the forecast 2021-2030.

Segmentation
By Application Aluminum Metallurgy Automotive Bonded Abrasives Enamel and Glass Frits Blasting and Pyrotechnics Welding Agents
Key Players
Companies Profiled   Fluorsid SpA (Italy)   S.B. Chemicals (India)   Solvay (Belgium)   Xinhai Chemicals (China)   Zhengzhou Flworld Chemical (China)   Henan Buckton Industry & Commerce Co.   Washington Mills Electro Minerals (US)   Skyline Chemical Corporation (US)   and Yuzhou Deyi Chemical (China).
Drivers
Market Driving Forces   The increasing use of aluminum in the automotive industry   The increasing production of lightweight    electric    and hybrid vehicles
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Cryolite Market Overview Cryolite Market is expected to reach CAGR 3.50% during the forecast 2021-2030. Cryolite is a rare mineral with a small natural distribution. Sodium aluminum fluoride is another name for synthetic cryolite. Aluminum metallurgy, vehicles, bonded abrasives, welding agents, enamel and glass frits, as well as blasting and pyrotechnics, all use cryolite. It is frequently used to extract aluminum, which is used in a variety of industries including automotive, aerospace and military, consumer products, electrical, packaging, and construction and building. During the forecast period, the worldwide cryolite market is expected to rise due to rising aluminum demand in various sectors. Aluminum's rising use in the automobile industry, because of its lightweight, is driving up product demand. The rising automotive sector, which is producing more lightweight, electric, and hybrid vehicles to comply with rigorous environmental rules aimed at decreasing carbon emissions, is expected to fuel cryolite market expansion in the coming years. In addition, the booming aircraft sector, which is fueled by rising air traffic and disposable incomes, is expected to drive cryolite demand in developing economies. The rising defense sector in these countries, which is expected to boost military power, will also fuel market expansion. The need for electronics such as home appliances, autonomous automobiles, and telecommunication devices is driving up cryolite consumption in the electrical and electronics industries.

Global Cryolite Market Share, by Application, 2019 (%)


 Cryolite Market Share


Source: MRFR Analysis


Key Players


Some of the key players in the global cryolite market are Fluorsid SpA (Italy), S.B. Chemicals (India), Solvay (Belgium), Xinhai Chemicals (China), Zhengzhou Flworld Chemical (China), Henan Buckton Industry & Commerce Co., Ltd (China), All-Chemie, Ltd (US), Washington Mills Electro Minerals (US), Skyline Chemical Corporation (US), and Yuzhou Deyi Chemical (China).


Regional Analysis


The market in Asia-Pacific accounted for the largest share of the cryolite market in 2019 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.


Europe is another prominent market due to the rapidly growing aerospace and defense industry in the region. Initiatives by the European Union in 2016, such as the Preparatory Action on Defense Research (PADR) and European Defense Research Programme (EDRP), are likely to fuel the demand for cryolite.


The markets in Latin America and the Middle East & Africa are expected to grow on account of rapid industrialization.


Market 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.


Recent Development


ALCORE Limited (Alcore), an 87 percent-owned subsidiary of Australian Bauxite Limited (ABx), used its unique method to create aluminum fluoride from pure dross in July 2021. The significance of this innovation, according to the business, is that the dross used had a variety of contaminants. Alcorn was able to separate aluminum fluoride from the dross in a single process. Eclipse Metals Ltd, an ASX-listed company, has announced the signing of a deal to acquire the Ivittuut Project in Greenland, as well as supporting mining information. The Ivittuut Project is known for being the world's largest and only cryolite mine.

Intended Audience



  • Cryolite manufacturers

  • Traders and distributors of cryolite

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   3050% 2030
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Application, Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Fluorsid SpA (Italy), S.B. Chemicals (India), Solvay (Belgium), Xinhai Chemicals (China), Zhengzhou Flworld Chemical (China), Henan Buckton Industry & Commerce Co., Ltd (China), All-Chemie, Ltd (US), Washington Mills Electro Minerals (US), Skyline Chemical Corporation (US), and Yuzhou Deyi Chemical (China).
  Key Market Opportunities

  • Increasing air traffic
  • Rising disposable incomes
  •   Key Market Drivers

  • The increasing use of aluminum in the automotive industry
  • The increasing production of lightweight, electric, and hybrid vehicles
  • Growing demand for electronics such as home appliances, driverless cars, and telecommunication devices
  • Rising demand for decorative enamels in households and hotels


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    Frequently Asked Questions (FAQ) :

    Increasing the use of aluminum to be the major cryolite market growth-inducer.

    The end user industries are automotive, aluminum metallurgy, enamel and glass frits, bonded abrasives, welding agents, blasting and pyrotechnics, and others.

    Automotive and aerospace & defense industries are going to boost the regional market.

    The Asia Pacific region would dominate the global cryolite market share.

    Major cryolite market players are Solvay (Belgium), Fluorsid SpA (Italy), S.B. Chemicals (India), Zhengzhou Flworld Chemical (China), Xinhai Chemicals (China), All-Chemie, Ltd (US), Henan Buckton Industry & Commerce Co., Ltd (China), Skyline Chemical Corporation (US), Washington Mills Electro Minerals (US), and Yuzhou Deyi Chemical (China).