Potassium Cryolite Market size is set to expand at over 7.8% CAGR during the forecast period i.e., between 2025-2037.
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 potassium cryolite market growth.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
7.8% |
Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
By Potassium Content |
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By Application |
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By End-User |
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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 industry is set to dominate majority revenue share by 2037, driven by 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 potassium cryolite market growth.
March 08, 2022: Honeywell International Inc. to collaborate with Duke Energy Sustainable Solutions (DESS), to jointly develop and deliver comprehensive energy resiliency solutions in the United States.
September 13, 2021: Orica launched 4D, its latest bulk explosives technology, which can enable the real-time tailoring of explosives energy to geology across a blast.
Author Credits: Rajrani Baghel
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