Potassium Cryolite Market Share

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.