USD 205.49 million
Report ID: SQMIG15A2178 | Region: Global | Published Date: October, 2023 | Pages: 157 | Tables: 67 | Figures: 75
Global Strontium Market size was valued at USD 205.49 million in 2021 and is poised to grow from USD 216.18 million in 2022 to USD 324.30 million by 2030, at a CAGR of 5.20% during the forecast period (2023-2030).
The global strontium market has experienced significant growth in recent years, driven by various factors such as increasing demand from the electronics, aerospace, and ceramics industries. Strontium, a chemical element with diverse applications, is widely used in the production of cathode ray tubes (CRTs), fireworks, pyrotechnics, and glass manufacturing. One of the key growth drivers for the strontium market is the growing electronics industry. With the rising adoption of smartphones, tablets, and other electronic devices, there has been a surge in the demand for strontium compounds, particularly in the production of color television screens and display panels. Furthermore, the aerospace industry has also witnessed substantial growth, leading to increased demand for strontium in the production of high-performance alloys and aviation-grade materials. However, the global market faces several challenges that could impede its growth potential. Firstly, the availability and sourcing of raw materials play a crucial role in the overall supply of strontium compounds. Strontium is primarily obtained from mining operations, and any disruptions in the mining activities or limited access to high-grade strontium ores can affect the market's stability. Additionally, environmental regulations and concerns pose another challenge for the strontium market. Strontium compounds are known to be toxic and hazardous if not handled properly. Strict regulations regarding their usage, disposal, and environmental impact have been imposed in many regions, which can increase compliance costs for manufacturers and limit market growth. Moreover, the increasing popularity of alternative technologies and materials may pose a threat to the strontium market. For instance, the shift towards LED displays and OLED technology in the electronics industry reduces the demand for strontium-based CRT screens. Similarly, the development of alternative materials in the aerospace industry could impact the demand for strontium alloys.
Global Market Size
USD 205.49 million
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Global Strontium Market is segmented on the basis of product, application, and region. By product, the market is segmented into Strontium Carbonate, Strontium Sulfate, Strontium Nitrate, and Other Products. By application, the market is segmented into Electrical and Electronics, Medical and Dental, Paints and Coatings, Personal Care, Pyrotechnics, and Other Applications. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product
The global strontium market can be segmented by product into Strontium Carbonate, Strontium Sulfate, Strontium Nitrate, and Other Products. Among these segments, Strontium Carbonate stands out as the dominant product in terms of both market share and overall demand. Strontium Carbonate is widely used in various applications such as the production of glass, ceramics, ferrites, and pyrotechnics. Its dominant position can be attributed to its versatility and extensive utilization across different industries. The demand for Strontium Carbonate is primarily driven by the electronics sector, where it is utilized in the manufacturing of CRT screens and display panels.
On the other hand, the fastest-growing segment in the global strontium market is Strontium Nitrate. Strontium Nitrate is commonly employed in the production of fireworks and pyrotechnics due to its ability to provide vibrant red color. The demand for Strontium Nitrate has witnessed significant growth, particularly during festive seasons and celebrations, where fireworks and pyrotechnic displays are in high demand. The increasing popularity of fireworks displays in various cultural and entertainment events worldwide has fueled the growth of the Strontium Nitrate segment.
Analysis By Application
The global strontium market can be segmented by application into Electrical and Electronics, Medical and Dental, Paints and Coatings, Personal Care, Pyrotechnics, and Other Applications. Among these segments, the dominant application is the Electrical and Electronics sector. The Electrical and Electronics industry utilizes strontium in various forms, such as strontium carbonate and strontium ferrite, for the production of cathode ray tubes (CRTs), display panels, and other electronic components. Strontium is an essential component in CRT screens, which have been widely used in televisions and monitors. Although the demand for CRTs has declined with the rise of newer technologies, strontium still holds a dominant position in the Electrical and Electronics segment due to its historical usage and diverse applications within the industry.
The fastest-growing segment in the global strontium market is the Medical and Dental sector. Strontium compounds, such as strontium ranelate, have gained significant attention in the medical field for their potential therapeutic benefits. Strontium ranelate, in particular, is used in the treatment of osteoporosis, as it helps promote bone formation and reduce the risk of fractures. The growing prevalence of osteoporosis and the increasing aging population worldwide are driving the demand for strontium-based medical treatments, making the Medical and Dental segment the fastest-growing application in the global strontium market.
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Asia Pacific dominated the global strontium market due to its extensive industrial base and the presence of key end-use industries such as electronics, ceramics, and pyrotechnics. Countries like China, Japan, South Korea, and India are major contributors to the region's dominance. These countries have a robust electronics manufacturing sector and a strong demand for strontium compounds in the production of CRTs, display panels, and other electronic devices. Additionally, the region's growing construction industry, coupled with the increasing use of ceramics and glass, further drives the demand for strontium in Asia Pacific.
Latin America, on the other hand, is experiencing the fastest growth in the global strontium market. The region has witnessed significant development in recent years, particularly in countries like Brazil, Mexico, and Argentina. The expanding industrial base, coupled with rising investments in infrastructure and construction projects, has led to increased demand for strontium compounds in the region. Furthermore, the region's vibrant cultural festivals and celebrations drive the demand for pyrotechnics, which utilize strontium-based compounds. These factors contribute to the fastest growth of the strontium market in Latin America.
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Expansion in the Aerospace Industry
Rising Demand in the Ceramics and Glass Industry
Emergence of Alternative Technologies
Fluctuating Prices of Strontium Ores
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The competitive landscape of the global strontium market is characterized by a mix of established players, emerging companies, and regional manufacturers. The market is highly fragmented, with several key players operating in various regions across the globe. These companies compete on factors such as product portfolio, quality, pricing, distribution networks, and technological advancements. The market players in the strontium industry focus on expanding their production capacities, investing in research and development activities, and forming strategic partnerships to strengthen their market presence. They also strive to meet the evolving customer requirements and adhere to stringent environmental regulations. In addition to established players, there is a presence of emerging companies that are exploring new technologies and innovative applications of strontium compounds. These companies aim to capitalize on niche markets and differentiate themselves through unique product offerings or specialized services. Moreover, regional manufacturers play a significant role in catering to the demand within their respective geographical areas. They often have a strong understanding of local market dynamics and leverage their proximity to customers to provide customized solutions.
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According to our global strontium market analysis, the market exhibits a positive outlook, driven by factors such as increasing demand from the electronics and aerospace industries, as well as the growing application of strontium compounds in ceramics, glass, and medical treatments. The market is characterized by a mix of established players, emerging companies, and regional manufacturers. Asia Pacific stands out as the dominant region, owing to its strong industrial base and high demand for strontium compounds. Latin America, on the other hand, showcases the fastest growth, fueled by infrastructure development and cultural events. However, the market faces challenges related to raw material availability, environmental regulations, and the emergence of alternative technologies. To maintain growth and capitalize on opportunities, industry participants must address these challenges strategically, invest in sustainable production practices, explore new applications, and focus on technological advancements. The ongoing trends of strontium in LED lighting, energy storage, medical treatments, and 3D printing further contribute to the market's evolution and expansion. Overall, with innovation, market consolidation, and strategic initiatives, the global market is poised for continued growth and development in the coming years.
|Market size value in 2021||USD 205.49 million|
|Market size value in 2030||USD 216.18 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Strontium Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Strontium Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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