Strontium Market Size In 2024 - 2032 : Trends, Top Companies

The global strontium market size was USD 4.22 Billion in 2022 and is expected to reach USD 6.9 Billion in 2032, and register a rapid revenue CAGR of 5.6% during the forecast period. Rising demand for strontium across a range of end-use industries, including electronics, medicine, and Energy Storage devices, is a major factor driving market revenue growth.A major end-user of strontium is the electronics sector. Strontium is employed as a dopant in Cathode Ray Tube (CRT) displays and color television tubes to increase the brightness of image. Ferrite magnets, which are commonly used in electrical devices including motors, loudspeakers, and sensors, are made using strontium as a raw element. In addition, rising demand for electronic devices, such as smartphones, laptops, and tablets, is another key factor driving revenue growth of the market.

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Market Overview

Strontium, an alkaline earth metal, finds applications in a wide range of industries, including:

Electronics: Strontium aluminate plays a crucial role in the production of flat-panel displays and cathode ray tubes (CRTs) .

Aerospace: Strontium is used in lightweight and heat-resistant alloys for aerospace applications .

Ceramics: Strontium carbonate enhances the glaze and durability of ceramic products .

Pyrotechnics: Strontium compounds impart vibrant red colors to fireworks .
Medical: Strontium ranelate is used in medications for osteoporosis treatment .
The market is segmented by product type (strontium carbonate, nitrate, sulfate, and others) and application (medical, pyrotechnics, electricals & electronics, paints & coatings, and others) .

Trends and Drivers

The strontium market is propelled by several key trends:

Expanding Electronics Sector: The burgeoning demand for smartphones, tablets, and other electronic devices is driving the need for strontium compounds used in their production .

Growing Medical Applications: The increasing prevalence of osteoporosis is expected to fuel demand for strontium ranelate for treatment .

Rise of Green Pyrotechnics: The growing focus on eco-friendly pyrotechnics is creating opportunities for strontium-based alternatives that minimize environmental impact .

Restraints and Challenges

Despite positive growth prospects, the market faces certain challenges:

Stringent Environmental Regulations: The production and disposal of strontium can be subject to strict environmental regulations, impacting overall costs .
Limited Availability of High-Grade Reserves: The geographical concentration of high-grade strontium reserves can lead to supply chain vulnerabilities .
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Growth Opportunities

The market presents exciting growth opportunities in the following areas:

Innovation in Strontium-Based Materials: Research and development efforts focused on novel strontium-based materials with improved functionalities can open doors to new applications .
Expansion into Emerging Markets: Growing economies in Asia Pacific, particularly China and India, are expected to witness a surge in demand for strontium across various industries .

SWOT Analysis

Strengths:
Versatile applications across diverse industries
Growing demand for strontium-based electronics components

Weaknesses:
Limited availability of high-grade strontium reserves
Stringent environmental regulations

Opportunities:
Innovation in strontium-based materials
Expansion into emerging markets

Threats:
Fluctuations in raw material prices
Geopolitical instability impacting supply chains

Latest Strategic Developments :
In 2021, Shenzhou Jiaxin Chemical Co., Ltd. expanded its strontium carbonate production capacity by over 20,000 tons per year to meet the growing demand for high-purity strontium products.

In 2020, Metallica Minerals Limited signed a strategic partnership agreement with a Chinese manufacturer of strontium carbonate to develop a new mine in Australia. The agreement aims to establish a reliable supply chain of high-purity strontium products.

In 2020, Chemalloy Company, Inc. announced its plans to expand its production capacity for strontium aluminum alloy to meet the growing demand from the aerospace and defense industries.

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Key Market Insights :

Markets for metallic strontium, strontium carbonate, strontium nitrate, strontium oxide, and other types of strontium have been divided into on the global scale. The worldwide strontium market's strontium carbonate segment accounted for a very sizable sales share in 2022.

The production of ferrite magnets, which are used in a variety of products like motors, speakers, and magnetic separators, is the main factor driving the need for strontium carbonate. During the forecast period, the strontium carbonate segment is anticipated to rise as a result of the rising demand for ferrite magnets across a variety of industries, including automotive, electronics, and healthcare. Additionally, strontium carbonate-based ferrite magnets are favored over other types of magnets due to their excellent thermal stability, high magnetic permeability, and low coercivity.

Chemical element strontium is widely employed in a wide range of industries, including pyrotechnics, ferrite magnets, medical imaging, electrical and electronics, and others. The worldwide strontium market has experienced substantial expansion as a result of the rising demand for strontium in these applications.

The Asia Pacific region is anticipated to dominate the global strontium market in terms of revenue share. The demand for strontium-based materials is rising across a variety of end-use industries, including electronics, pyrotechnics, and medicines, which is fueling the region's expansion. The development of the middle class and rising disposable income in developing nations like China and India is anticipated to increase demand for consumer goods and pharmaceuticals, which would in turn fuel strontium demand. Additionally, the region is home to numerous significant strontium market participants, giving it a pricing and availability edge. Strontium-based materials are in high demand for energy storage applications due to the region's expanding use of Renewable Energy sources.

Some major companies included in the global Strontium market report are:

Shenzhou Jiaxin Chemical Co., Ltd.
Solikamsk Magnesium Works OAO
Sakai Chemical Industry Co., Ltd.
Avon Metals Ltd.
Sigma-Aldrich Co. LLC (Merck KGaA)
Prochem, Inc.
Metallica Minerals Limited
Chemalloy Company, Inc.
Redstar Chemistry Ltd.
Jost Chemical Co.

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