As per the latest industry analysis of potassium cryolite market for historical assessment period of 2016-2020 and forecast period of 2021-2031, global potassium cryolite market is all set to witness significant rise with a CAGR ranging between 3% and 5% during the forecast period.
The demand is expected to witness significant rise due to growth in several end-use industries including aluminum production, metal casting, surface treatment, abrasive industry, glass industry, automotive industry and various others.
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What Is Driving the Demand For Potassium Cryolite?
Potassium cryolite is primarily used in extraction of metals from their oxides. It is mixed with electrolyte in order to decrease the smelting flux during the electrolysis process for extraction of metals from their oxides.
The demand is expected to rise steadily due to consistent growth in end-use industries including mining, welding, construction and industrial metal working. Owing to substantial rise in use of metals for various application demand for components used in metal extraction including potassium cryolite which is majorly consumed by metal extraction industries is increasing to cater the growing demand for metals
Rising infrastructure development activities and growing automobile sales across the globe especially in emerging economies such as India, China, Brazil and various others is elevating the demand for metals and hence augmenting the sales of this product over the forecast period.
Growth In End-Use Industries Is Driving The Demand
Growth in end-use industries including mining, construction, welding, industrial metal working and various others is elevating the sales in near future. Consumption in blasting and explosives industry is expected to grow steadily over the forecast period. Blasting and explosive is crucial segment of mining industry.
Moreover, Potassium Cryolite is majorly used in production of aluminium. Growing consumption of aluminium is a key factor bolstering the sales over the next decade. Aluminium industry is showing promising growth due to increased consumption of aluminium in automotive industry in order to make lightweight and fuel-efficient vehicles. Which is expected to create robust opportunities for the manufacturers.
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US And Russia Market Outlook
US is a significant market for the Potassium Cryolite. Demand for aluminium is rising steadily in the country due to shifting consumer base towards lightweight and fuel-efficient vehicles across the country. Demand for lightweight vehicles is rising owing to fluctuations in fuel prices, lightweight vehicles increase fuel-efficiency which is beneficial for the consumers. Growing demand for aluminium is expected to elevate the demand for potassium cryolite over the forecast period.
Russia is one of the leading countries in terms of production of metals and mining of other natural resources. Russia is expected to have US$ 1,600 Bn in metal and ore reserves with such a vast capacity Russia is one of the most lucrative market for the potassium cryolite.
Potassium cryolite is extensively used in blasting and explosive industry which is expected to grow at high CAGRs in the country. Growth in end-use industries is expected to create robust opportunities for manufacturers over the next decade.
Asia Pacific Demand Outlook
Asia pacific is expected to be the dominating region in the global market. Asia Pacific is expected to lead the world in terms of mining and metal extraction owing to presence of such a vast natural reserve.
Counties like India, China, and Australia which are ranked under top-10 for natural reserves creates robust demand for blasting and explosives from mining sector and pattern is expected to be carried over the forecast period. Growth in demand for welding, blasting, and explosives is expected to elevate the sales of potassium cryolite over the forecast period.
Moreover, presence of emerging economies such as India and China provide an additional advantage for the manufacturers to expand in the region. Demand in emerging economies is expected to elevate at much higher pace compared to matured economies.
High growth in demand is compelling manufacturers to expand in the region and relish maximum opportunity created.
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Who Are the Key Manufacturers Or Suppliers Of Potassium Cryolite?
Key manufacturers or suppliers includes
- AMG Aluminum
- KBM Affilips
- Solvay
- Honeywell
- Asturiana de Aleaciones
- SA
- Transcreek
- S B Chemicals
- Triveni Chemicals
Key manufacturers are indulged in research and development activities to provide tailored solutions to the consumers in order to gain the competitive edge in the market. Moreover, strategic acquisition/merger, partnerships and collaborations are key strategy adopted by the key manufacturers in order to expand geographically to relish maximum opportunity created in the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.