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Cryolite Market growth will be driven by an aluminum demand in manufacturing lightweight vehicles

Author : Ronak Bora | Published Date : 2019-03-22 

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.

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.

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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.

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.

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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.

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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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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