The Strontium Market Size was valued at USD 0.5 billion in 2022. The Strontium market industry is projected to grow from USD 0.5275 Billion in 2023 to USD billion by 0.809547137 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2024 - 2032). Increased wide variety of applications and rising utilization of strontium nitrate in chemical, marine, and defense sectors are the key market drivers 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.
Based on Product, the Strontium market segmentation includes strontium carbonate, strontium sulfate, strontium nitrate, and strontium chlorates. The strontium chlorates category holds the largest market share due to the surging demand for fireworks across several countries. Strontium carbonate is commonly used as an oxidizer and colorant in the production of fireworks. This chemical is considered a vital raw material due to its high oxygen content, which is used to ignite various firework mixtures. Moreover, the electronics industry's growth is also predicted to escalate the demand for strontium carbonate since it is widely utilized in making cathode ray tubes for televisions. As a result, the expanding demand from these sectors is expected to drive the demand for strontium carbonate in the market.
Figure1: Strontium Market, by Product, 2022&2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Application, the Strontium market segmentation includes electrical & electronics, paints & coatings, personal care, pyrotechnic, and refining. The pyrotechnic segment dominated the market. This is due to the rising demand for fireworks, flashes, streamers, theoretical glitter, and explosions confetti.
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, MRFR 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.
March 2019: Solvay launched a new waterborne liquid coating system known as Halar® ECTFE. The Product is designed to provide enhanced corrosion prevention for the chemical industry, thereby improving Solvay's penetration across different industries.
November 2018:Â Broadway Gold Mining Ltd., a Canada-based mining company, discovered significant strontium/yttrium reserves. The asset is spread over a 2.4-kilometer zone and has a substantial potential to produce strontium minerals.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.5 billion |
| Market Size 2023 | USD 0.5275 billion |
| Market Size 2032 | USD 0.809547137 billion |
| Compound Annual Growth Rate (CAGR) | 5.50%(2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â 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) |
| Key Market Opportunities | Growing mining-related issues and the reactive nature of the strontium can hold back the strontium market growth. |
| Key Market Dynamics | The dental industry uses the strontium market to prepare a tooth-sensitive paste. |
Frequently Asked Questions (FAQ) :
The Strontium Market size was valued at USD 0.5 Billion in 2022.
The Strontium Market is projected to grow at a CAGR of 5.50% during the forecast period, 2024-2032.
North America had the largest share of the Strontium Market.
The key players in the market areSolvay (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).
The Strontium Carbonate Strontium category dominated the Strontium Market in 2022.
The Pyrotechnic had the largest share in the Strontium Market.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
