Strontium carbonate finds wide applicability in glass production owing to its ability to reduce melting point of glass and act as a decolorizer. It is used as a color redressing agent and decolorizer in glass production. Strontium carbonate lowers the melting point of glass and helps enhance workability. It aids in achieving clarity and brightness in glass by removing color impurities.
The global strontium carbonate market is estimated to be valued at US$ 228.1 Mn in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the strontium carbonate market are Solvay, Muby Chemicals, American Elements, Celtic Chemicals Ltd., Zaozhuang, Yongli Chemical Co. Ltd., Sakai Chemical Industry Co. Ltd, Shijiazhuang Zhengding, Hebei Xinji Chemical Group Co. Ltd., Jinshi Chemical Co. Ltd., Abassco, Vishnupriya Chemicals, Haihang Industry, CDH Fine Chemical, Wego Chemical Group, Joshi Agrochem Pharma Pvt Ltd., and Ataman Kimya.
The glass production application segment holds a significant share of the Strontium Carbonate Market Trends and its dominance is likely to continue through the forecast period. The growth of the glass industry, especially in Asia Pacific is augmenting demand for strontium carbonate.
Key players are expanding their production facilities globally to leverage growth opportunities. For instance, Solvay has manufacturing sites in Europe, North America, Latin America, Middle East, and Asia Pacific which helps serve customers worldwide.
Market Drivers
Rising application of strontium carbonate in glass production is a key driver for the market. Glass manufacturers are using strontium carbonate as a colorant and decolorizing agent to enhance optical properties and clarity of glass. Growing construction and automotive glass demand is propelling the need for strontium carbonate.
Market Restraints
Fluctuating prices of raw materials required for strontium carbonate production can hinder market growth. Raw material costs account for over 50% of the total manufacturing cost. Uncertainties caused by geopolitical issues can impact prices of raw materials sourced from a specific region.
Segment Analysis
The Strontium Carbonate Market Size And Trends is segmented based on type, application, and region. Based on type, the market is divided into industrial grade strontium carbonate, pharmaceutical grade strontium carbonate, and electronic grade strontium carbonate. The industrial grade strontium carbonate segment dominates the market as it finds wide application in glass and ceramic industries. It is used as a fluxing agent in the manufacture of ceramics, glazes, red and green glasses. The properties like high refractoriness and corrosion resistance make it suitable for these industrial applications.
Regional Analysis
On the basis of region, Asia Pacific is projected to witness the fastest growth in the strontium carbonate market during the forecast period. This is attributed to growing glass, ceramic, electronics, fireworks, and painting industries in countries such as China and India. China dominates the Asia Pacific and global market for strontium carbonate owing to presence of leading producers and consumers in the country. Growing industrialization accompanied with rapid urbanization is fueling the demand for strontium carbonate in various end-use industries in Asia Pacific region.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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