Cryolite Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2647
Cryolite Market size may witness a significant growth rate over the foreseeable time frame. Superior properties of the product including high strength, lightness and sustainability may enhance global aluminum demand in major end-use industries such as packaging, glass and automotive.
Cryolite, a natural occurring element was found exclusively on the west cost of Greenland, before getting extinguished in 1987, thereby resulting into increased demand for synthetic cryolite market size. It is a combination of two major elements sodium and aluminum fluoride. The product is used in extracting aluminum from its ore, thus stimulating industry growth.
Global aluminum market size was valued at USD 135 million in 2017 and is predicted to surpass USD 165 million by 2024. Aluminum market growth is driven by advancement in automobile industry, laboratories and in construction & foil packaging industry which will propel cryolite market demand in predicted time frame.
Growing aluminum demand in manufacturing lightweight vehicles will boost cryolite market demand during the forecast period. The global demand for aluminum content in vehicle was over 160 kilo per vehicle in 2017 and may surpass 250 kilo per vehicle by 2024. Increased usage of aluminum in power train, chassis & suspension and car body have resulted into increased product demand.
Strict government protocols advocating the improved use of the product in automotive industry owing to its lightweight and eco-friendly nature will stimulate cryolite market growth. 95% of aluminum used in vehicles can be recycled, thus enhancing product demand. Moreover, the lighter mass property of aluminum than its counterparts including steel and other metal products, will further boost industry growth.
Cryolite is used as a coloring agent and opacifier in manufacturing units such as ceramics, glass, and pyrotechnic. The product is also used as an opacifier in glass coating application. In glazes, it is used as a stabilizer that aids to generate artificial reduction in electric firings which is attained over lack of oxygen, a valued and precise property that can be used to get enhanced results.
Aluminum extraction process is carried out at temperature ranging from 900 to 1000-degree Celsius which results in high melting point of cryolite, which induces more production cost and may act as a hinderance to the industry profitability and thus challenging cryolite market price trend.
Asia Pacific cryolite market size, driven by India and China may witness significant gains over the projected timespan owing to its growing end-use industries in the region. Increased usage of product in food & beverage sector has propelled market growth. Rise in population and increasing per-capita disposable income in these countries have driven the food & beverage industries, thus stimulating product demand. China, India, and Indonesia are some of the major producers and exporters of tea & coffee, which is dominant in inducing aluminum foil packaging, thus catalyzing industry growth in the proposed timeframe.
North America led by, Canada and the U.S. cryolite market demand is poised to grow at significant growth rate over the predicted time frame. Transport sector accounted for more than one-fifth of the overall market in 2017. Aluminum products are broadly used in transportation industry owing to key benefits such as thermal conductivity, corrosion resistance and safety. The automotive manufacturers are planning to surge aluminum usage in cars and trucks by 45% in the near future, as aluminum possesses better inherent strength than its counterparts and the vehicles may not be affected upon impact, thus reducing the risk of injuries and enhancing product demand.
Fords F-150 pickup truck, is built from all aluminum body and it slacks down 15% of total body weight providing high strength to the vehicle, contributing to features like strong frame, rigidity and light duty pickup interiors, thus stimulating cryolite market size.
Global cryolite market share is fragmented and is considered to be competitive amongst the producers as it is price sensitive. Key players include Do Fluoride chemicals, Yuzhou Deyi, S.B Co, Henan & Buckton, Gruppo Metalur and Sapa Group.
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