The global strontium market is expected to grow at a compound annual growth rate (CAGR) of 6% through 2033, reaching a valuation of US$ 410.5 million by the end of that year, according to Fact.MR, a supplier of market research and competitive intelligence.
Celestine and strontianite are two examples of minerals that naturally contain strontium. Strontium is an alkaline earth metal with a high reactivity that is used for a variety of applications. Nuclear reactors can produce radioactive elements called strontium isotopes as byproducts. These isotopes are useful for producing electricity for spacecraft and distant weather stations because they release high-energy beta rays.
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 is stable at low temperatures and can be found as powder, white granules, or colourless cubic crystals. However, when exposed to temperatures of about 500 °C, it begins to decompose. Electronics, explosives, industrial colourants, and cosmetics are all made with this substance.
The strontium industry is divided into various categories based on its applications, including paints and coatings, electrical and electronics, personal care, medical and dentistry, and pyrotechnics. Cell phones, flashlights, and cameras are all made with strontium and its salts. Additionally, it is used in many other medicinal applications, such as the treatment of different dental and health conditions.
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
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The global strontium market is estimated to reach US$ 229.2 by the end of 2023.
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Demand for strontium is anticipated to increase at a CAGR of 6% from 2023 to 2033.
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The global market is predicted to reach a valuation of US$ 410.5 million by the end of 2033.
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Demand for strontium in Canada is forecasted to progress at a CAGR of 6% from 2023 to 2033.
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Sales of strontium carbonate are predicted to rise at a substantial CAGR of 8.4% through 2033.
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.
For instance :
Solvay entered into an agreement with Latour Capital on November 23, 2020, through which it sold all its technical-grade strontium and barium operations in Mexico, Spain, and Germany. In addition, Solvay’s sodium percarbonate business in Germany was also sold to Latour Capital.
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