USD 205.49 million
Strontium Market Size, Share, Growth Analysis, By Product(Strontium Carbonate, Strontium Sulfate), By Application(Electrical and Electronics, Medical and Dental) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2333 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
67 |
Figures:
75
Strontium Market Insights
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.
US Strontium Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Strontium Carbonate
Fastest Growth
Strontium Carbonate
Growth Rate
5.20% CAGR
Global Strontium Market ($ Bn)
Country Share for Asia pacific Region (%)
Global Strontium Market By Product ($ Bn)
Global Strontium Market By Product (%)
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Strontium Market Segmental Analysis
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.
Strontium Market 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.
Strontium Market 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.
Global Strontium Market By Product, 2023 (%)
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Strontium Market Regional Insights
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.
Global Strontium Market By Region, 2024-2031
- Largest
- Fastest
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Strontium Market Dynamics
Strontium Market Drivers
Expansion in the Aerospace Industry
- The aerospace sector utilizes strontium in the production of high-performance alloys and aviation-grade materials. The growth of the aerospace industry, driven by increasing air travel, defense spending, and technological advancements, contributes to the demand for strontium.
Rising Demand in the Ceramics and Glass Industry
- Strontium compounds find extensive use in ceramics and glass manufacturing. The growing construction industry and increasing use of ceramics and glass in various applications, such as tiles, tableware, and decorative glass, drive the demand for strontium in this sector.
Strontium Market Restraints
Emergence of Alternative Technologies
- The shift towards alternative technologies and materials, such as LED displays, OLED technology, and alternative alloys, can reduce the demand for strontium-based products in certain applications. The adoption of newer technologies can pose challenges to the growth of the strontium market in specific sectors.
Fluctuating Prices of Strontium Ores
- The prices of strontium ores are subject to fluctuations based on supply and demand dynamics, geopolitical factors, and market conditions. Volatile prices of strontium ores can impact the profitability of strontium producers and create uncertainty in the market.
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Strontium Market Competitive Landscape
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.
Strontium Market Top Player’s Company Profiles
- Solvay SA - Belgium
- Sakai Chemical Industry Co., Ltd. - Japan
- BassTech International - US
- Reade International Corp. - US
- Joyieng Chemical Limited - China
- Hunan Jingshi Group Co., Ltd. - China
- Shenzhou Jiaxin Chemical Co., Ltd. - China
- ProChem, Inc. - US
- Yubei Chemical Co., Ltd. - China
- Tianjin Chemical Industry Co., Ltd. - China
- Qingdao Kwan Tat Chemical Co., Ltd. - China
- Shenyang Huachang Non-Ferrous Mining Co., Ltd. - China
- Quzhou Lianzhou Industrial Development Co., Ltd. - China
- Krishna Chemicals - India
- Starmet Corporation - US
- BassTech International - US
- Nanjing Jiayi Sunway Chemical Co., Ltd. - China
- Gangmu Advanced Materials Technology Co., Ltd. - China
- Shenlong Strontium Industry (Yuanjiang) Co., Ltd. - China
- Taizhou Mingguang Chemical Co., Ltd. - China
Strontium Market Recent Developments
- In January 2023, BassTech International announced the launch of a new line of strontium carbonate products for the pharmaceutical industry.
- In February 2023, Sakai Chemical Industry Co., Ltd. announced the expansion of its strontium carbonate production capacity in Japan.
- In March 2023, Solvay announced the launch of a new waterborne Halar ECTFE coating system that broadens metal corrosion prevention applications for the chemical processing industry.
Strontium Key Market Trends
- Growing Application in Energy Storage: Strontium compounds, particularly strontium titanate, are being explored for their potential use in energy storage applications. Strontium titanate-based materials have shown promise in solid-state batteries and supercapacitors, offering high energy density and improved performance.
- Advancements in Strontium-Based Medical Treatments: Strontium compounds, such as strontium ranelate, continue to be studied for their potential therapeutic benefits in treating bone-related conditions like osteoporosis. Ongoing research and clinical trials aim to further understand the efficacy and safety of strontium-based treatments.
Strontium Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 205.49 million |
| Market size value in 2031 | USD 324.30 million |
| Growth Rate | 5.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Strontium Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Strontium Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Strontium Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Strontium Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Strontium Market Report Snapshots
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