Press release
Strontium Carbonate Market Trends and Future Outlook 2024 - 2031 | Solvay, Muby Chemicals, American Elements
Strontium Carbonate Market
The strontium carbonate market is estimated to be valued at USD 228.1 Mn in 2024 and is expected to reach USD 274.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031.
Market Dynamics:
The increasing demand from the pyrotechnics industry is estimated to be the major driver for the growth of the strontium carbonate market during the forecast period. Pyrotechnics widely use strontium carbonate for its red color upon combustion which is used in flares, fireworks, and signal/smokes. Increasing applications of strontium carbonate in the glass industry is also expected to support the market growth. Strontium carbonate acts as a flux to lower the melting temperature of glass. It also improves optical properties and strength of glass which further increases its adoption in the glass industry. Moreover, rapid urbanization along with growing construction activities across developing nations drives the demand for strontium carbonate in the production of glass and ceramics.
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Major Growth in Pyrotechnics Industry Boosting Strontium Carbonate Demand
The pyrotechnics industry has witnessed significant growth over the past few years due to rising demand for fireworks display during festivals and events. Strontium carbonate is a key ingredient used in the manufacturing of red fireworks. It reacts with other substances in fireworks to produce bright red colors. As pyrotechnics companies scale up production to meet growing needs, substantial amounts of strontium carbonate are required. Various studies also show this industry is expected to expand at a CAGR of 4-5% over the next five years globally. The growth in pyrotechnics will directly increase consumption of strontium carbonate, driving higher revenues for suppliers.
Growing Popularity of Organic Farming Opening New Avenues
There is a rising consumer preference for organic and chemical-free foods across the globe. This changing trend represents a potential opportunity for strontium carbonate. It is approved by several regulatory bodies for use as a fertilizer in organic agriculture to provide necessary strontium and carbonate to crops. When used judiciously as a soil amendment, it can enhance yield, stimulate plant growth and increase overall farm productivity in a natural way. If organic farming continues to expand worldwide, demand for strontium carbonate as an organic fertilizer can witness lucrative gains. Suppliers may strive to promote its merits for organic cultivation and capture this developing opportunity.
Increasing Adoption of Strontium Substitutes Altering Industry Routes
With the objective of reducing production costs, various strontium substitute materials are gaining wider acceptance from manufacturers. For example, in fireworks some strontium carbonate applications are being replaced by inexpensive calcium compounds which provide comparable coloring effects. Similarly, alternatives to strontium carbonate are being evaluated for glass and polymer applications. While strontium carbonate still remains the material of choice for certain specialized end-uses, its importance is declining in others. This changing trend poses challenges to strontium carbonate companies, redirecting industry dynamics and competition in the coming years. Strategic innovation would be required to consolidate market position amid rising availability of substitutes.
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Top Companies Featured in This Report:
β Solvay
β Muby Chemicals
β American Elements
β Celtic Chemicals Ltd.
β Zaozhuang
β Yongli Chemical Co. Ltd.
β Sakai Chemical Industry Co. Ltd
β Shijiazhuang Zhengding.
β Hebei Xinji Chemical Group Co. Ltd.
β Jinshi Chemical Co. Ltd.
β Abassco
β Vishnupriya Chemicals
β Haihang Industry
β CDH Fine Chemical
β Wego Chemical Group
β Joshi Agrochem Pharma Pvt Ltd.
β Ataman Kimya
Market Segmentation:
By Product Type:
β By Grade: Electronic Grade and Industrial Grade
By Applications:
β By Application: Glass and Ceramics, Pyrotechnics and Signals, Electronics and Semiconductors, Paints and Coatings, and Others (Metallurgy, Pharmaceuticals, etc.)
Key Regions/Countries Classified as Follows:
Β» North America (U.S., Canada, Mexico)
Β» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Β» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Β» South America (Brazil, Argentina, Rest of SA)
Β» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
π What was the size of the Strontium Carbonate Market in 2024, and what is the projected value by 2031?
π What is the present global market landscape for the Strontium Carbonate Market?
π What strategies offer optimal opportunities for growth maximization in the business?
π What recent trends are shaping the Strontium Carbonate Market?
π How does the market share of Strontium Carbonate Market revenue, sales, and size vary across specific geographical regions?
π Who are the prominent industry players in the Strontium Carbonate Market?
π Which segment of the Strontium Carbonate Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Strontium Carbonate sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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