- Increasing demand for aluminum from major end-users is estimated to drive the cryolite market in the forecast period. The expanding industries of automobiles and packaging will also positively affect the market.
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Cryolite has an extremely limited natural occurrence. It is used for extracting aluminum from its ore. Aluminum extraction is carried out at temperatures ranging from 900 to 1000 degree celsius. Rising demand for aluminium from lightweight and fuel-efficient vehicles is also likely to boost the market over the coming years.
Reducing the body weight of vehicles by 10% can enhance fuel-efficiency by 6-8%. Cryolite is utilized as a pacifier and coloring agent in ceramics and pyrotechnic glass. The growth of participants in the cryolite market is affected by fluctuating prices of aluminum. Replacing potential plastic with aluminium has led to augmented research investments. This is projected to open new opportunities for market players.
The aluminum content of light-weight commercial vehicles globally is likely to cross 17 million tons. This will boost the revenues of the market. Additionally, rising adoption of fillers in synthetic resins for the production of abrasives would steer market sales. Asia Pacific was the dominating cryolite market in 2014. It exceeded over 60% of the global demand for aluminium.
This was due to changes in the preference of automobile makers in Malaysia, China, India, and Thailand. These countries are differentiated by population growth and governmental subsidies. With 40% of aluminum demand globally, China led Asia Pacific. To attain 85% in aluminum hood infiltration, 18% in complete bodies, and 45% in doors, North America aims at using aluminum in vehicles.
This factor is expected to lift the consumption of aluminium to more than 270 million tons. North America and Europe are likely to experience moderate growth. This would be due to the existence of key automobile makers in these regions. The cryolite market is sensitive to prices and witnesses high competition among players. The leading players in the market include Fluorsid S.p.A, Henan Buckton Industry & Commerce Co., and Xinhai Chemicals Co.
The other cryolite market players are Do Fluoride Chemicals Co., Zhengzhou Flworld Chemical Co., and Xinhai Chemicals Co.
Information Source: Grand View Research
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