According to Fact.MR, a provider of market research and competitive intelligence, the global strontium market is anticipated to reach a valuation of US$ 410.5 million by the end of 2033, expanding at a CAGR of 6% through 2033.
Strontium is a naturally occurring chemical found in minerals such as celestine and strontianite. With its high reactivity, strontium is an alkaline earth metal that finds use in various forms and for diverse purposes. Strontium isotopes, which are radioactive elements, can be obtained as by-products of nuclear reactors. These isotopes emit high-energy beta rays, making them valuable for powering space vehicles and remote weather stations by generating electricity.
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Strontium is being increasingly used in homeopathic medicines for the treatment of arthrosis. Increasing demand for fireworks and a variety of colorful displays to be used at events such as sports, festivals, concerts, ceremonies, and public gatherings is expected to have a favorable impact on the growth of the market since strontium is used for the production of fireworks.
Based on product type, the strontium market is classified into strontium sulfate, strontium nitrate, strontium carbonate, and others. Strontium sulfate, which takes the form of white crystals or crystalline powder, can dissolve in water and acid. It finds application in ceramics and pyrotechnics and serves as a visible component for producing other strontium salts.
Strontium nitrate can take the form of colorless cubic crystals, white granules, or powder, and it remains stable at low temperatures. However, it starts to break down when subjected to temperatures around 500 °C. This compound is used in the production of cosmetics, industrial colorants, explosives, and electronics.
Based on application, the strontium industry is categorized into pyrotechnics, personal care, medical and dental, paints & coatings, electrical & electronics, and others. Strontium and its salts are used for the manufacturing of cameras, flashlights, and mobile phones. Furthermore, it finds use in a broad range of medical applications, including the treatment of various health and dental issues.
Growing demand for various consumer electronics and electrical products, such as cameras, speakers, mobile phones, generators, security systems, and motors, is expected to fuel the demand for strontium. Additionally, the use of fireworks at global events, summits, and festivals is likely to contribute to the growth of the industry.
However, the use of certain strontium salts and metallic isotopes can have harmful health effects, including cancer. Strontium-90, a toxic isotope, can harm the bone marrow when it comes into contact with bone tissue, which may pose a challenge to market players.
Key Takeaways from Market Study:
- The global strontium market is estimated to reach US$ 229.2 by the end of 2023.
- Demand for strontium is anticipated to increase at a CAGR of 6% from 2023 to 2033.
- The global market is predicted to reach a valuation of US$ 410.5 million by the end of 2033.
- Demand for strontium in Canada is forecasted to progress at a CAGR of 6% from 2023 to 2033.
- Sales of strontium carbonate are predicted to rise at a substantial CAGR of 8.4% through 2033.
Key Market Players
- Asia Barium & Strontium Salts Co. (ABASSCO)
- Barium & Chemicals, Inc.
- KBM Affilips BV
- Noah Technologies Corporation
- Quimica Del Estroncio SA
- Solvay SA
- Sakai Chemical Industry Co., Ltd.
- Yuxiang Magnetic Materials Ind. Co., Ltd.
Competitive Landscape
Strontium manufacturers are investing in improving their supply chain management systems and adopting advanced delivery services such as e-commerce platforms. They are sourcing high-quality raw materials to ensure the delivery of superior products, while also taking measures to minimize any potential environmental impacts.
Key suppliers of strontium are actively engaged in developing new products and forming collaborations and partnerships while adhering to quality control regulations.
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