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.
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North America led by, Canada and the U.S. cryolite market demand is poised to grow at significant growth rate over the predicted time frame. Transport sector accounted for more than one-fifth of the overall market in 2017. Aluminum products are broadly used in transportation industry owing to key benefits such as thermal conductivity, corrosion resistance and safety. The automotive manufacturers are planning to surge aluminum usage in cars and trucks by 45% in the near future, as aluminum possesses better inherent strength than its counterparts and the vehicles may not be affected upon impact, thus reducing the risk of injuries and enhancing product demand.
Fords F-150 pickup truck, is built from all aluminum body and it slacks down 15% of total body weight providing high strength to the vehicle, contributing to features like strong frame, rigidity and light duty pickup interiors, thus stimulating cryolite market size.
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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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.
Strict government protocols advocating the improved use of the product in automotive industry owing to its lightweight and eco-friendly nature will stimulate cryolite industry growth. 95% of aluminum used in vehicles can be recycled, thus enhancing product demand. Moreover, the lighter mass property of aluminum than its counterparts including steel and other metal products, will further boost industry growth.