ID: MRFR/CnM/5613-HCR | February 2021 | Region: Global | 140 pages
Strontium is a soft metal with silvery luster. It is mined from two principal ores- celestine and strontianite. It is available in different forms such as disc, granules, ingot, pellets, and powder. It occurs naturally in four isotopes strontium-88, strontium-86, strontium-87, and strontium-84. Synthetically, there are around 16 radioactive isotopes of strontium formed through nuclear reactions. The Strontium Market is projected to register a CAGR of 5.50% during the forecast period 2021 to 2027.
The global strontium market is primarily driven by the high demand from paints & coatings industry owing to its superior properties such as gloss, contrast ratio, opacity, resistance to salt, fog, weather, and UV, improved film coverage, easy dispersion, high pellet flow, and smooth surface. The increasing use of paints & coatings in complementary end-use industries such as aerospace, automotive, construction, and electronics is driving the global strontium market. Furthermore, the use of strontium oxide and strontium carbonate as frits in ceramic glazes is another factor propelling the market growth as it is nontoxic alternative to barium and lead. It is also used as a glass modifier to enhance the optical properties of glass, increase its hardness and strength, and to intensify light refraction. The strontium-based glass is an ideal choice for cathode ray tube faceplates as it absorbs ultraviolet and x-ray radiation. It can be used in wireless devices and memory chips owing to its high dielectric constant. Additionally, it can be used as a substrate material for semiconductors and piezoelectric applications. Other factors propelling the market growth include its use as a coloring agent in pyrotechnic applications such as civilian and military flares, fireworks, and tracer ammunition to produce a bright red and in combination with copper compound to produce purple color.
Moreover, it is added to aluminium alloys to improve the strength and ductility of castings used in aerospace and automotive applications. It is also used in electrolytic production of zinc to remove lead impurities.
However, the stringent regulations regarding controlling mining activities coupled with the reactive nature of strontium is likely to hamper market growth during the forecast period.
Global Strontium Market, by Application (%)
Source: MRFR Analysis
The global strontium market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.The market in Asia-Pacific dominated the global strontium market in 2017 due to the high demand from packaging industry for paints & coatings, electronics, personal care, and others. The high growth of the market in this region can also be attributed to the fast-paced industrialization and urbanization in the emerging countries such as India, Thailand, Malaysia, and Singapore.
North America accounted for the second-largest market share in 2017 on account of the high demand for strontium from the aerospace, automotive, and electronics industries in the region. The developed militarily and army strength in the US is the major driver of the high product demand for military applications in this region.
The high production and sales of automotive parts in the Western European countries such as UK, Germany, France, and Italy are expected to fuel the demand for paints & coatings, which will further drive the demand for strontium.
The global strontium market has been segmented on the basis of product, application, and region.
On the basis of product, the market has been segmented into strontium carbonate, strontium sulfate, strontium nitrate, strontium chlorates, and others.
By application, the market has been divided into electrical & electronics, paints & coatings, personal care, pyrotechnic, refining, dental care, and others.
Some of the manufacturers operating in the global strontium market are Solvay (Belgium), SAKAI CHEMICAL INDUSTRY CO., LTD. (Japan), Basstech International (US), Canteras Industriales, 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).
|Market Size||2030 : Significant Value|
|CAGR||Substantial CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||product, application, and region|
|Geographies Covered||Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa|
|Key Vendors||Solvay (Belgium), SAKAI CHEMICAL INDUSTRY CO., LTD. (Japan), Basstech International (US), Canteras Industriales, 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).|
|Key Market Opportunities||Growing mining-related issues and reactive nature of the strontium can hold back the strontium market growth.|
|Key Market Drivers||Strontium market is its use in the dental industry to prepare tooth sensitive paste.|
Frequently Asked Questions (FAQ) :
Growing mining-related issues and reactive nature of the strontium can hold back the strontium market growth.
The Asia Pacific market has the scope to make sure of their dominance in the strontium market.
Industries like paints & coatings, refining, dental care, electrical & electronics, pyrotechnic, personal care, and others would ensure strong growth for the strontium market.
Players like SAKAI CHEMICAL INDUSTRY CO., LTD. (Japan), Solvay (Belgium), Canteras Industriales, S.L. (Spain), Basstech International (US), JOYIENG CHEMICAL LIMITED (China), QUIMICA DEL ESTRONCIO, S.A. (Spain), ProChem, Inc. (US), CHEMALLOY (US), SHENZHOU JIAXIN CHEMICAL CO., LTD. (China), and Noah Technologies Corporation (US) are taking keen interest in the growth of the strontium market.
Better expansion plans, product launches, effective agreement, mergers & acquisitions, joint ventures, investments, and R&D to meet industrial demands would ensure a hike in the growth rate for the strontium market.