The global potassium cryolite market is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Potassium cryolite is used to segregate metals from their oxides, especially aluminum, as it helps to achieve maximum metal recovery. The growth of the market can be attributed to the growing demand for aluminum alloy in the automotive and aircraft industry. Aluminum is a lightweight material, which is why, its demand is growing for manufacturing vehicles. Moreover, use of lightweight material in vehicles reduces the total energy consumption, and helps in the attainment of better energy efficiency. Additionally, the growing demand for passenger cars is estimated to promote the market growth. In 2020, more than 61 million cars were sold globally, and the sale of passenger cars is further estimated to cross 70 million in 2021. Furthermore, potassium cryolite is also used as a mild insecticide in the agriculture sector, which is estimated to boost the market growth. In addition to this, potassium cryolite is used in explosives and blasting materials, which are required for mining. This application of potassium cryolite is also expected to boost the market growth.
The market is segmented by application into mining, welding, construction, metalworking, and others, out of which, the metalworking segment is anticipated to hold a substantial share in the global potassium cryolite market over the forecast period on account of growing application of potassium cryolite for extracting metal from the metal oxide. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global potassium cryolite market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing mining activities in the region, combined with the growing automotive industry in Japan and India. Furthermore, the growth of the chemical industry is also estimated to boost the market growth.
The market in the North America, is anticipated to hold the largest market share over the forecast period, owing to the increasing number of cars manufactured and sold in the region. Moreover, the demand for electric vehicles is increasing in U.S.A and Canada, which is estimated to boost the demand for lightweight aluminum among the manufacturers of such vehicles. Around 85,000 plug-in hybrid electric vehicles (PHEVs) were sold in the United States in 2019. Such factors are further estimated to boost the market growth.
The global potassium cryolite market is further classified on the basis of region as follows:
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global potassium cryolite market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing application in mining and automotive sector is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2031.
Low electric conductivity of potassium cryolite and need for high investment are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing automotive industry in the region.
The major players in the market are Honeywell International Inc., Solvay S.A., Coronet Industries Incorporated, Strem Chemicals, Inc., CeramTec GmbH, S B Chemicals, AMG Aluminum, and Transcreek Engineers Pvt. Ltd.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by potassium content, application, end-user, and by region.
The metalworking segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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