Strontium Market worth $0.809 billion by 2032, growing at a CAGR of 5.50% - Exclusive Report by MRFR

Strontium, a soft metal with silvery luster is mined from two key ores such as celestine and strontianite. Strontium is also obtained synthetically formed through nuclear reactions, and there are around 16 radioactive isotopes of strontium. Strontium finds its extensive applications in various industries including electrical & electronics, paints & coatings, and personal care. However, paints & coatings are the largest end-user industry of strontium, which drives its market value.

The increasing use of paints & coatings in industries such as aerospace, automotive, construction, and electronics is a major factor driving the global Strontium Market. According to a recent research report published by Market Research Future (MRFR), the global Strontium market is expected to witness significant growth by 2032. MRFR also asserts that the market would grow at a substantial CAGR of 5.50% during the forecast period (2023 - 2032).

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The market demand is largely influenced by the increasing waterborne recreational activities and global defense expenditure. Furthermore, the growing use of strontium oxide and strontium carbonate as frits in ceramic glazes as a non-toxic alternative to barium and lead is another crucial factor propelling the growth of the market. Besides, increasing uptake of strontium-based glass in cathode ray tube faceplates as it absorbs ultraviolet and x-ray radiation fosters the growth of the market.

On the other hand, stringent regulations regarding controlling mining activities and the reactive nature of strontium would impede the growth of the market during the forecast period. Nevertheless, increasing usages of strontium as a glass modifier in electronic devices to intensify light refraction would support the market growth over the review period.

Segment Analysis

The Global Strontium Market has been segmented based on product and application.

On the basis of product, the market is segmented into 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.

Based on application, the market has been segmented into Electrical & Electronics, Paints & Coatings, Personal Care and Pyrotechnic. The pyrotechnic segment dominated the market. This is due to the rising demand for fireworks, flashes, streamers, theoretical glitter, and explosions confetti.

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Regional Analysis

The Global Strontium Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Strontium Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Strontium Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Global Strontium Market comprises of Middle East, Africa, and Latin America.

North America is likely to have a significant demand for strontium compounds, driven by applications in electronics, ceramics, and pyrotechnics. The presence of advanced electronics industries and a strong focus on innovation could fuel demand for strontium compounds used in electronic devices and components.

European countries often have well-established regulations regarding chemical usage, which could influence the production and consumption of strontium compounds. Research and development in fields such as catalysis and material science might drive demand for strontium-based catalysts and compounds.

Asia-Pacific could witness substantial growth in the strontium market due to the region's rapid industrialization, population growth, and increasing consumer demand. Increasing investments in research and development could result in the development of new applications for strontium compounds.

Furthermore, the rest of the world's Global Strontium Market is divided into the Middle East, Africa, and Latin America. Latin America's demand for strontium compounds might be driven by sectors like construction, ceramics, and metallurgy. The mining industry in some Latin American countries might contribute to the global strontium supply.

Key Companies in the strontium market include

Solvay (Belgium)
SAKAI CHEMICAL INDUSTRY CO., LTD. (Japan)
Basstech International (US)
CanterasIndustriales
L. (Spain)
QUIMICA DEL ESTRONCIO, S.A. (Spain)
JOYIENG CHEMICAL LIMITED (China)
SHENZHOU JIAXIN CHEMICAL CO., LTD. (China)
ProChem, Inc. (US)
CHEMALLOY (US)
Noah Technologies Corporation (US).

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Key Findings of the Study

The Global Strontium Market is expected to reach USD 0.89 Billion by 2032, at a CAGR of 5.50% during the forecast period.
North America is likely to have a significant demand for strontium compounds, driven by applications in electronics, ceramics, and pyrotechnics. The presence of advanced electronics industries and a strong focus on innovation could fuel demand for strontium compounds used in electronic devices and components.
Based on application, the market has been segmented into Personal Care and Pyrotechnic holding the largest market in 2022.
SAKAI CHEMICAL INDUSTRY CO. LTD., Basstech International, CanterasIndustriales L., QUIMICA DEL ESTRONCIO S.A., JOYIENG CHEMICAL LIMITED, SHENZHOU JIAXIN CHEMICAL CO. LTD., ProChem Inc., CHEMALLOY, and Noah Technologies Corporation.
Browse More Related Reports:
US Strontium Market- https://www.marketresearchfuture.com/reports/us-strontium-market-20169

Strontium Companies- https://www.marketresearchfuture.com/reports/strontium-market/companies

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