Strontium Market

The paints and Coatings Sector is driving the market growth

Strontium sulfate, a white, odorless, and non-hazardous powder, is widely used as a pigment extender or filler in the painting industry to enhance the performance of powder coatings and liquid paints. It not only acts as a color enhancer but also provides improved UV resistance, film coverage, and mechanical properties. Additionally, its usage varies depending on the environment and room type in which it is applied, making it a versatile material. Developing countries with a growing construction industry have untapped potential for strontium sulfate as it positively impacts corporate profits, public finances, and household income.

The consumption of paints and coatings is expected to rise due to the growth of end-user industries such as automobiles globally, driving the demand for strontium market CAGR

Additionally, High demand for strontium nitrate in the pyrotechnics industry; Fireworks and pyrotechnics have become increasingly popular in recreational shows and entertainment. Events such as sports events, media events, festivals, and award shows utilize various fireworks to add grandeur and extravagance to their shows. Growing demand for pyrotechnic chemicals is expected to, in turn, drive sales of strontium nitrate, which is commonly used as an oxidizer and colorant in pyrotechnic products. The increasing utilization of strontium nitrate is expected to further boost its demand globally during the forecast period.

Consequently, the increasing demand for strontium nitrate in the chemical industry to develop new products will open up substantial opportunities for industry players. Thus, these factors drive the Strontium market revenue.

The Global Strontium Market Industry is witnessing a surge in demand due to its application in electronics, particularly in the production of ferrite magnets. These magnets are essential components in various electronic devices, including smartphones and electric vehicles. As the electronics sector continues to expand, the need for high-performance materials like strontium is likely to grow. In 2024, the market is projected to reach 0.56 USD Billion, reflecting the increasing reliance on strontium-based products. This trend suggests a robust growth trajectory, with the market expected to reach 0.93 USD Billion by 2035, indicating a compound annual growth rate of 4.73% from 2025 to 2035.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American strontium market will dominate, owing to rising demand for strontium in several industries, including electronics, automotive, and aerospace. The country's well-developed army and military capabilities also contribute to this demand in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: GLOBAL STRONTIUM MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe's Strontium market accounts for the second-largest market share due to the increased wide variety of Applications and rising utilization of strontium nitrate in chemicals. Further, the GermanStrontium market had the largest market share, and the UK Strontium market was the fastest-growing market in the European Region.

The Asia-Pacific Strontium market is expected to grow at the fastest CAGR from 2023 to 2032. This is because growth can be attributed to a gradual rise in strontium consumption and its compounds in this Region's pyrotechnic, electrical, and electronics industries. Moreover, China’s Strontium market held the largest market share, and the Indian Strontium market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Strontium market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The strontium industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Strontium industry to benefit clients and increase the market sector. The Strontium industry has offered some of the most significant medical advantages in recent years.

Major players in the Strontium market, including Solvay (Belgium), SAKAI CHEMICAL INDUSTRY CO., LTD. (Japan), Basstech International (US), CanterasIndustriales, S.L. (Spain), QUIMICA DEL ESTRONCIO, S.A. (Spain), JOYIENG CHEMICAL LIMITED (China), SHENZHOU JIAXIN CHEMICAL CO., LTD. (China), ProChem, Inc. (US), CHEMALLOY (US), and Noah Technologies Corporation (US), and others, are attempting to increase market demand by investing in research and development operations.

Q BioMed Inc. is a biotech acceleration and commercial-stage Company. They are focused on licensing and acquiring undervalued biomedical assets in the healthcare sector.Q BioMed Inc., a commercial-stage biotech company, announced that it had received a confirmed USD 500,000 order for Strontium Chloride USP Injections under a recently inked supply contract between Q BioMed, isoSolutions Marketing and Management and Chinese radiopharmaceutical company, Chengdu Syncor Pharmaceutical Co. Ltd. The agreement is the first of what is expected to be a high-growth named patient opportunity to supply Strontium89 in the Chinese market.

Broadway Gold Mining Ltd. (TSX-V: BRD) is a junior explorer focused on developing world-class assets with production potential. The company owns a 100% interest in the Madison gold and copper project (“Madison”), subject to underlying royalties, located near Silver Star, Montana, USA, in the Butte-Anaconda mining region. The property covers 450 acres with extensive underground development and facilities. It hosts a gold-copper skarn deposit and a potentially deeper copper-gold porphyry deposit. Broadway Gold Mining Ltd., a Canada-based mining company, announced the discovery of significant strontium/yttrium reserves.

The asset is spread over a 2.4-kilometer zone and has a substantial potential to produce strontium minerals.