Global strontium market size is anticipated to cross USD 650 million by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2025.
The extensive deployment of strontium for pyrotechnic activities, especially across the developing nations of APAC, such as India and China, will augment strontium market size from pyrotechnic applications. Indeed, pyrotechnic application segment accrued close to 35% of the overall strontium market share in 2017.
Strontium also find extensive usage in the electrical and electronics sectors, given that it possesses thermodynamic and mechanical features. The material finds adoption in the electronics sector for making CRTs (cathode ray tubes) that are deployed in the manufacturing of computer monitors and more. Strontium industry share from electronics & electrical applications is likely to register a CAGR of 5% through 2025, claims the report.
Strontium market is strictly regulatory driven, since the product is widely used in firework applications. The rising environmental concerns have led to the enforcement of a number of regulations, that may slightly restrain the progress of this market.
However, of late, new compounds such as strontium ranelate have gained traction among market players, as it proves to be highly beneficial in preventing bone loss and increasing bone formation. As the number of its advantages rise and its application scope widens, strontium market trends are expected to undergo a significant transformation through 2025.
As per the report, strontium carbonate segment apparently accounted for over 55% of the overall strontium market share in 2017. Strontium carbonate is basically an odorless, tasteless, white powder that is used extensively in manufacturing fireworks and flares. For most parts, strontium and its compounds emit a red-colored flame, though manufacturers are inclined toward carbonate salt on account of its hygroscopic feature and minimal cost.
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Regionally, North America is expected to emerge as a key revenue pocket for strontium market. Apparently, North America strontium industry size is expected to record a CAGR exceeding 5% through 2025. The growth can be attributed to the declining usage of CRTs in electronic industry, which has come to the fore on account of customers’ rising inclination towards flat screen televisions.
The competitive spectrum of strontium market is rather fierce, and encompasses companies like Prochem Inc., Sakai Chemicals, BassTech International, and Solvay.