Strontium Market Analysis | 2023-2028

Market Insights

"The global strontium market size was estimated at USD 402.71 million in 2022 and is likely to grow at a CAGR of 6.20% during 2023-2028 to reach USD 579.38 million in 2028."

Want to know more about the market scope? Register Here.

Strontium is a highly reactive metallic element that occurs naturally and is mostly mined from the minerals celestine and strontianite. Natural strontium is not harmful to health, whereas synthetic strontium is radioactive in nature. The mineral is also widely used in the electrical and electronics industries, where it is primarily used to manufacture cathode ray tubes (CRT) used in television sets.

Market Dynamics

Market Drivers

What is limiting the growth of strontium adoption?

"Explosion and Fire Hazards Associated with Strontium" Contamination of strontium is increasing worldwide and there are high risks of explosion and fire associated with its use. These factors are expected to limit the uptake of strontium over the decade.

These factors are expected to boost the demand for the market in the coming years:

• Increasing demand for pyrotechnics: Strontium is widely used in pyrotechnics, as it produces a bright red colour when burned. The demand for pyrotechnics is increasing, particularly in emerging economies, which is driving the demand for strontium.
• Increasing use in other entertainment sectors such as in concerts, movies, and sports events; initiatives towards the innovation of environment-friendly flares, along with the mineral’s deployment in the electrical and electronic industries to manufacture cathode ray tubes (CRT) for television sets.
• Growing demand for fireworks: Strontium is also used in the production of fireworks, as it produces a deep red colour. The increasing popularity of fireworks displays is driving the demand for strontium.
• Increasing use of paints and coatings: Strontium is used in paints and coatings to improve their properties such as gloss, opacity, and weather resistance. It is also used to produce vibrant colours in paints and coatings. The increasing use of paints and coatings in various end-use sectors such as aerospace, automotive, construction, and electronics.
• Increasing demand in medical and dental: Strontium is used in medical and dental applications to treat a variety of conditions, such as osteoporosis, cancer, and Alzheimer's disease. It is also used in toothpaste and other personal care products to whiten teeth.
• Strontium is also used in a variety of other industries, such as electronics, automotive, and aerospace. It is used in electronics to produce red LEDs and in automotive to produce spark plugs and other components. Additionally, as a safer alternative to barium and lead, strontium oxide and strontium carbonate are used as frits in ceramic glazes.

COVID-19 Impact

The COVID-19 pandemic has had a negative impact on the strontium market. Outbreaks related to the Coronavirus have adversely impacted the electronics, paint, and coatings industries. During this period, the medical and dental industries were on the other side. However, the market has started to grow in recent years and is expected to continue to do so in the coming years.

Segments Analysis

Product Trends

"The strontium carbonate segment accounted for the largest market share."

The market is segmented into strontium carbonate, strontium sulfate, and strontium nitrate. Strontium carbonate is expected to witness a significant growth rate in the market during the forecast period owing to its widespread usage in fireworks as an oxidizer and colorant. In addition, strontium carbonate is also used in medical applications for treating osteoporosis, as well as in the paints and coatings industry for its ability to give solutions a glossy sheen and essence, which is further expected to drive market progress during the assessment period.

Application Trends

"The pyrotechnic segment accounted for the largest market share."

The market is segmented as electrical & electronics, pyrotechnic, medical & dental, personal care, and paints & coatings. The pyrotechnic segment is anticipated to register a high growth rate in the market as strontium is often used as an affordable colorant in fireworks. Increasing demand for firecrackers and pyrotechnic activities at concerts, festivals, and other types of celebrations is expected to boost the product demand in the market during the forecast period.

Regional Insights

"Asia-Pacific accounted for the largest market share."

Asia-Pacific is estimated to be the leading region in the market during the forecast period. The gradual increase in the usage of strontium and its compounds in the electrical and electronics, and pyrotechnic industries in the APAC countries. The availability of massive Celestine mineral reserves in China is also expected to fuel the regional market progress over the assessment period. Europe and North America are also expected to offer substantial progress opportunities during the forecast period.

To know about high-growth countries in this report, Register Here.

Key Players

The following are the key players in the strontium market (arranged alphabetically).

• BassTech International
• Canteras Industriales S.L.
• Chemalloy Co., Inc.
• Joyieng Chemical Limited
• NOAH Technologies Corporation
• Pro Chem Inc.
• Química del Estroncio SA
• Sakai Chemical Industry Co., Ltd.
• Shenzhou Jiaxin Chemical Co., Ltd
• Solvay S.A.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at [email protected]

Recent Development

On 9th January 2023, a team of US researchers developed a new strontium-loaded scaffold that can be customized to accommodate any size dental implant and may aid in patient healing and tissue adhesion. Strontium can improve the function of fibroblasts, which are cells that create connective tissues and play an important part in wound healing.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report

The market is segmented into the following categories.

By Product Type

• Strontium Carbonate
• Strontium Sulfate
• Strontium Nitrate

By Application Type

• Electrical & Electronics
• Pyrotechnic
• Medical & Dental
• Personal Care
• Paints & Coatings

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Want to get a free sample? Register Here

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s strontium market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].