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    Global Strontium Market Trends & Forecast

    Global Strontium Market Trends & Forecast
    Report code - SR1198 Delivery - 2 Weeks
    Strontium Market Size, Share, Trend, Forecast, & Growth Analysis: 2023-2028
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    Market Insights

    The Global strontium market is estimated to grow from USD 402.71 million in 2022 and is likely to grow at a CAGR of 6.20% during 2023-2028 to reach USD 579.38 million by 2028.

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    What is strontium?

    Strontium is a highly reactive metallic element that occurs naturally and is mostly mined from the minerals celestine and strontianite. Natural strontium is not harmful to health, whereas synthetic strontium is radioactive in nature. The mineral is also widely used in the electrical and electronics industries, where it is primarily used to manufacture cathode ray tubes (CRT) used in television sets.

    Global Strontium Market Report Overview

    Market Size in 2028

    USD 579.38 Million

    Market Size in 2022

    USD 402.71 Million

    Market Growth (2023-2028)

    CAGR of 6.20%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the key players in the Strontium market are-

    • Solvay S.A.
    • Sakai Chemical Industry Co., Ltd.
    • BassTech International
    • Canteras Industriales S.L.
    • Química del Estroncio SA
    • Joyieng Chemical Limited
    • Shenzhou Jiaxin Chemical Co., Ltd
    • Pro Chem Inc.
    • Chemalloy Co., Inc.
    • NOAH Technologies Corporation.

    Market Dynamics

    What is limiting the growth of strontium adoption?

    "Explosion and Fire Hazards Associated with Strontium" Contamination of strontium is increasing worldwide and there are high risks of explosion and fire associated with its use. These factors are expected to limit the uptake of strontium over the decade.

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    These factors are expected to boost the demand for the market in the coming years:

    • Increasing demand for pyrotechnics: Strontium is widely used in pyrotechnics, as it produces a bright red colour when burned. The demand for pyrotechnics is increasing, particularly in emerging economies, which is driving the demand for strontium.
    • Increasing use in other entertainment sectors such as in concerts, movies, and sports events; initiatives towards the innovation of environment-friendly flares, along with the mineral’s deployment in the electrical and electronic industries to manufacture cathode ray tubes (CRT) for television sets.
    • Growing demand for fireworks: Strontium is also used in the production of fireworks, as it produces a deep red colour. The increasing popularity of fireworks displays is driving the demand for strontium.
    • Increasing use of paints and coatings: Strontium is used in paints and coatings to improve their properties such as gloss, opacity, and weather resistance. It is also used to produce vibrant colours in paints and coatings. The increasing use of paints and coatings in various end-use sectors such as aerospace, automotive, construction, and electronics.
    • Increasing demand in medical and dental: Strontium is used in medical and dental applications to treat a variety of conditions, such as osteoporosis, cancer, and Alzheimer's disease. It is also used in toothpaste and other personal care products to whiten teeth.
    • Strontium is also used in a variety of other industries, such as electronics, automotive, and aerospace. It is used in electronics to produce red LEDs and in automotive to produce spark plugs and other components. Additionally, as a safer alternative to barium and lead, strontium oxide and strontium carbonate are used as frits in ceramic glazes.

    Segmentation

    The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The strontium market is segmented into the following categories:

    By product type:

    • Strontium Carbonate
    • Strontium Sulfate
    • Strontium Nitrate

    By application type:

    • Electrical & Electronics
    • Pyrotechnic
    • Medical & Dental
    • Personal Care
    • Paints & Coatings

    By region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Segments Analysis

    Product Trends

    The market is segmented into strontium carbonate, strontium sulfate, and strontium nitrate. Strontium carbonate is expected to witness a significant growth rate in the market during the forecast period owing to its widespread usage in fireworks as an oxidizer and colorant.

    In addition, strontium carbonate is also used in medical applications for treating osteoporosis, as well as in the paints and coatings industry for its ability to give solutions a glossy sheen and essence, which is further expected to drive market progress during the assessment period.

    Application Trends

    The market is segmented as electrical & electronics, pyrotechnic, medical & dental, personal care, and paints & coatingsThe pyrotechnic segment is anticipated to register a high growth rate in the market as strontium is often used as an affordable colorant in fireworks. Increasing demand for firecrackers and pyrotechnic activities at concerts, festivals, and other types of celebrations is expected to boost the product demand in the market during the forecast period.

    Regional Analysis

    Asia-Pacific is estimated to be the leading region in the market during the forecast period, owing to the gradual increase in the usage of strontium and its compounds in the electrical and electronics, and pyrotechnic industries in the APAC countries.

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    The availability of massive Celestine mineral reserves in China is also expected to fuel the regional market progress over the assessment period. Europe and North America are also expected to offer substantial progress opportunities during the forecast period.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the strontium market.

    How lucrative is the future?

    The market forecast and trend data and emerging trends.

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts.

    Which are the most attractive market segments?

    Market segment analysis and Forecast.

    Which are the top players and their market positioning?

    Competitive landscape and Market share analysis.

    How complex is the business environment?

    Porter’s five forces, PEST, and Life cycle analysis.

    What are the factors affecting the market?

    Drivers & challenges.

    Will I get the information on my specific requirement?

    10% free customization.

    Target Audience

    The target audience of the market includes-

    • Strontium distributors
    • Strontium suppliers
    • Strontium manufacturers
    • Logistics organizations
    • Government bodies

     COVID-19 Impact Analysis

    The COVID-19 pandemic has had a negative impact on the strontium market. Outbreaks related to the Coronavirus have adversely impacted the electronics, paint, and coatings industries. During this period, the medical and dental industries were on the other side. However, the market has started to grow in recent years and is expected to continue to do so in the coming years.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players) 

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Development

    On 9th January 2023, a team of US researchers developed a new strontium-loaded scaffold that can be customized to accommodate any size dental implant and may aid in patient healing and tissue adhesion. Strontium can improve the function of fibroblasts, which are cells that create connective tissues and play an important part in wound healing.

    Frequently Asked Questions (FAQs)

    Strontium is a highly reactive metallic element that occurs naturally and is mostly mined from the minerals celestine and strontianite. Natural strontium is not harmful to health, whereas synthetic strontium is radioactive in nature. The mineral is also widely used in the electrical and electronics industries, where it is primarily used to manufacture cathode ray tubes (CRT) used in television sets.

    The market is expected to grow at a CAGR of 6.20 % during the upcoming five years.

    The market size is estimated to grow from USD 402.71 Mn in 2022 to USD 579.38 Mn by 2028.

    Asia-Pacific is expected to largest share of the market during the assessment period.

    Solvay S.A., Sakai Chemical Industry Co., Ltd., BassTech International, Canteras Industriales S.L., Qumica del Estroncio SA, Joyieng Chemical Limited, Shenzhou Jiaxin Chemical Co., Ltd, Pro Chem Inc., Chemalloy Co., Inc. and NOAH Technologies Corporation are the key companies in the market.

    The strontium carbonate segment has the largest share of the market during the estimated time.

    The increased use of fireworks and other pyrotechnics during festivals and in other entertainment sectors such as in concerts, movies, and sports events; initiatives towards the innovation of environment-friendly flares, along with the minerals deployment in the electrical and electronic industries to manufacture cathode ray tubes (CRT) for television sets.

    The study period of the market is 2017-2028.