According to a recent research report published by Market Research Future (MRFR), the global Strontium market is expected to witness significant growth by 2027. MRFR also asserts that the Strontium Market is projected to register a CAGR of 5.50% during the forecast period 2021 to 2027.
Players leading the global strontium market include Sakai Chemical Industry Co., Ltd. (Japan), Solvay (Belgium), Basstech International (US), Quimica Del Estroncio, S.A. (Spain), Canteras Industriales, SL (Spain), Shenzhou Jiaxin Chemical Co., Ltd. (China), Joyieng Chemical Limited (China), ProChem, Inc. (US), Noah Technologies Corporation (US), and CHEMALLOY (US), among others.
Strontium, a soft metal with silvery luster is mined from two key ores such as celestine and strontianite. Strontium is also obtained synthetically formed through nuclear reactions, and there are around 16 radioactive isotopes of strontium. Strontium finds its extensive applications in various industries including electrical electronics, paints coatings, and personal care. However, paints coatings are the largest end-user industry of strontium, which drives its market value.
The increasing use of paints coatings in industries such as aerospace, automotive, construction, and electronics is a major factor driving the global strontium market.
The market demand is largely influenced by the increasing waterborne recreational activities and global defense expenditure. Furthermore, the growing use of strontium oxide and strontium carbonate formula as frits in ceramic glazes as a non-toxic alternative to barium and lead is another crucial factor propelling the growth of the market. Besides, increasing uptake of strontium-based glass in cathode ray tube faceplates as it absorbs ultraviolet and x-ray radiation fosters the growth of the market.
On the other hand, stringent regulations regarding controlling mining activities and the reactive nature of strontium would impede the growth of the market during the forecast period. Nevertheless, increasing usages of strontium as a glass modifier in electronic devices to intensify light refraction would support the market growth over the review period.
Global Strontium Market - Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Product : Strontium Sulfate, Strontium Carbonate, Strontium Nitrate, and Strontium Chlorates, among others.
By Application : Electrical Electronics, Paints Coatings, Personal Care, Pyrotechnic, and Refining, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Strontium Market - Regional Analysis
The Asia Pacific region leads the global Strontium Industry , heading with the growing paints coatings industry. A substantially high demand paints coatings from the burgeoning automotive, packaging and electronics industry is a key factor expected to influence the growth of the market. The high growth of the APAC strontium market can also attribute to the rapid industrialization and urbanization in emerging countries such as India, Japan, China, Thailand, Malaysia, and Singapore. High production and sales in major end-use industries such as construction, automobiles, and electronics led by improving economic conditions in the region drive the regional market growth.
The strontium market in the North American region takes the second-leading position, globally. The high demand for strontium from the paint coating industry that is witnessing the increasing consumption from the automotive, aerospace, and electronics industries in the region foster the growth in the regional market. Average population growth is witnessed in the region, which is generating demand for new houses and increased supply of consumer durable goods, commutatively resulting in the rising size of the regional market.
The European Strontium market is emerging as a profitable market globally. The increasing rate of production and sales of automotive parts in the Western European countries such as the UK, Germany, France, and Italy would fuel the demand for strontium, increasing the consumption of paints coatings. The region is expected to grow with a moderate CAGR in terms of volume and a noteworthy CAGR in terms of value through the assessment period, due to developing infrastructures, growing per capita income in the region.
Global Strontium Market – Competitive Analysis
Immensely competitive, the global strontium market appears to be fragmented with the presence of several small and big players operating in the market. These players compete based on price, quality, innovation, service, reputation, distribution, and promotion. Major players increasingly adopt strategic approaches such as mergers acquisition, collaboration, expansion, and product/ technology launch.
This trend would continue in the future, as the players want to harvest a larger market share. Local players are extending their foothold in the market by offering products at lower prices, which attracts end-users. To extend their geographic reach and maximize their profit shares, these players are focusing on increasing their market value.
Industry/ Innovation/ Related News:
June 19, 2019 ---- Krakatoa Resources (Australia), a leading global mineral explorer, announced the acquisition of an exploration license application over an area considered highly prospective for rare earth elements (REE) in Western Australia. The acquisition of an Australian rare earth project comes at a convenient time. The company announced its acquisition of a 100% interest in Mt Clere rare earth project, with the license expected to be granted within five to nine months. The primary exploration target is monazite, which is an important ore for thorium and additional uranium, calcium, strontium, silica, lead, and sulfur.
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