ID: MRFR/CnM/1086-HCR | February 2021 | Region: Global | 140 pages
Cryolite Market Overview
Cryolite Market is expected to reach CAGR 3.50% during the forecast 2021-2030.
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.
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.
The consumption of cryolite is increasing in the electrical and electronics industry due to the growing demand for electronics such as home appliances, driverless cars, and telecommunication devices. Additionally, the rising demand for decorative enamels in households and hotels is driving market growth globally.
Global Cryolite Market Share, by Application, 2019 (%)
Source: MRFR Analysis
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).
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.
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.
July 2021- Australian Bauxite Limited (ABx) disclosed that the company’s 87%-owned subsidiary ALCORE Limited (Alcore), utilized its patented technology to manufacture aluminium fluoride from pure dross. The company states the significance of this innovation, as the dross utilized included a variety of impurities. Alcore could distill aluminium fluoride from the dross just in a single step.
Dross refers to a waste by-product, which forms at the top of molten aluminium and comprises cryolite, aluminium nitride, aluminium metal, aluminium oxide, and other impurities. Aluminium smelters often have substantial stockpiles of the material that remains to be a burden to store safely.
January 2021- ASX-listed Eclipse Metals Ltd has disclosed the signing of an agreement to acquire the Ivittuut Project in Greenland and related mining information concerning the Project tenement. The Ivittuut Project is famous as the largest and only cryolite mine globally. Cryolite was historically manufactured to extract aluminium from bauxite (alumina) ore.
|Market Size||2030: Significant Value|
|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||
|Key Market Drivers||
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).