Potassium Cryolite Market Size

Potassium Cryolite Market size is set to expand at over 7.8% CAGR during the forecast period i.e., between 2024-2036. 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 potassium cryolite market growth.