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Strontium Market Research Size, Share, Report, Analysis, Trends & Forecast to 2023

Strontium Market- Recent Study Including Growth Factors, Regional Analysis and Forecast till 2023 by Key Players

Strontium Market Overview:
The global strontium market is primarily driven by the high demand from paints & coatings industry owing to its superior properties such as gloss, contrast ratio, opacity, resistance to salt, fog, weather, and UV, improved film coverage, easy dispersion, high pellet flow, and smooth surface. The increasing use of paints & coatings in complementary end-use industries such as aerospace, automotive, construction, and electronics is driving the global strontium market.

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Furthermore, the use of strontium oxide and strontium carbonate as frits in ceramic glazes is another factor propelling the market growth as it is nontoxic alternative to barium and lead. It is also used as a glass modifier to enhance the optical properties of glass, increase its hardness and strength, and to intensify light refraction.  The strontium-based glass is an ideal choice for cathode ray tube faceplates as it absorbs ultraviolet and x-ray radiation. It can be used in wireless devices and memory chips owing to its high dielectric constant.

Additionally, it can be used as a substrate material for semiconductors and piezoelectric applications. Other factors propelling the market growth include its use as a coloring agent in pyrotechnic applications such as civilian and military flares, fireworks, and tracer ammunition to produce a bright red and in combination with copper compound to produce purple color.

The global strontium market has been segmented by product, application, and region.

By product, the global strontium market has been segmented into strontium carbonate, strontium sulfate, strontium nitrate, strontium chlorates, and others. Among these, the strontium carbonate accounted for major market share in 2017 owing to the growing demand for strontium carbonate in paints & coatings industry for glossy shine and essence as well as in medical industry for treating osteoporosis. It is used as oxidizer and colorants in pyrotechnics applications, which is another factor fueling the demand for strontium. The major factor driving the demand for strontium carbonate is its low cost.

Based on application, the market has been segmented into electrical & electronics, paints & coatings, personal care, pyrotechnic, refining, dental care, and others. The paints & coatings segment accounted for a major market share in 2017 on account of the high demand for paints & coatings in major end-use industries such as aerospace, automotive, construction, consumer electronics, marine, and ship-building.

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Regional Analysis:

The global strontium market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.The market in Asia-Pacific dominated the global strontium market in 2017 due to the high demand from packaging industry for paints & coatings, electronics, personal care, and others. The high growth of the market in this region can also be attributed to the fast-paced industrialization and urbanization in the emerging countries such as India, Thailand, Malaysia, and Singapore.

North America accounted for the second-largest market share in 2017 on account of the high demand for strontium from the aerospace, automotive, and electronics industries in the region. The developed militarily and army strength in the US is the major driver of the high product demand for military applications in this region.

The high production and sales of automotive parts in the Western European countries such as UK, Germany, France, and Italy are expected to fuel the demand for paints & coatings, which will further drive the demand for strontium.

Segmentation:

The global strontium market has been segmented on the basis of product, application, and region.

On the basis of product, the market has been segmented into strontium carbonate, strontium sulfate, strontium nitrate, strontium chlorates, and others.

By application, the market has been divided into electrical & electronics, paints & coatings, personal care, pyrotechnic, refining, dental care, and others.

Key Players:

Some of the manufacturers operating in the global strontium market are Solvay (Belgium), SAKAI CHEMICAL INDUSTRY CO., LTD. (Japan), Basstech International (US), Canteras Industriales, S.L. (Spain), QUIMICA DEL ESTRONCIO, S.A. (Spain), JOYIENG CHEMICAL LIMITED (China), SHENZHOU JIAXIN CHEMICAL CO., LTD. (China), ProChem, Inc. (US), CHEMALLOY (US), and Noah Technologies Corporation (US).

Intended Audience:

Strontium manufacturers

Traders and distributors of strontium

Research and development institutes

Potential investors

Raw material suppliers

Nationalized laboratories

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