May 11, 2020
According to the research report titled ‘Strontium Market Size By Product, By Application, Industry Analysis Report, Regional Outlook Growth Potential Analysis, Price Trends, Competitive Market Share & Forecast, 2018 – 2025’, available with Market Study Report LLC, worldwide strontium market is expected to cross USD 650 million by the year 2025.
Rising adoption of strontium in fireworks, growing inclination towards festive junctures and increasing application of strontium in electrical and electronics industry are major factors driving the market growth. Due to its mechanical and thermodynamic features, the product is widely used in electronics industry for developing CRT (cathode ray tubes) which are further employed in TV sets and computer monitors.
Advancements in technology have allowed for the development of eco-friendly strontium products. However, shifting focus towards reducing the carbon footprint along with strict emission regulations may hinder the demand for fireworks, which in turn could hinder the strontium market growth. Nevertheless, development of new compounds including strontium ranelate will create lucrative growth opportunities for the overall market.
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As per product type, strontium carbonate segment accounted for 55% market share in the year 2017 and is predicted to witness momentous growth in the ensuing years. The product is a white powder which is odorless and tasteless and is widely used in producing flares and fireworks. Increasing utilization of strontium carbonate for producing refined sugar, iridescent glass and luminous paints will also fuel the segmental share.
Strontium market share from electronics & electrical application is anticipated to expand with a CAGR of 5% through 2025. Superior mechanical and thermodynamic features of the product allows for its extensive use in the electronics industry. Though strontium was massively used to product CRT to eliminate x-ray emissions, but technological innovations in modern display methods are resulting into sluggish product demand for electronics & electrical application. Nevertheless, pyrotechnic application segment is poised to generate admirable returns by 2025.
Considering the geographical landscape, North America strontium industry is estimated to record a y-o-y growth rate of 5% through 2025. Although there is a decline in adoption rates of CRT in the electronics industry, its low cost may still favor the market outlook in North America.
Solvay, Sakai Chemicals, BassTech International, Canteras Industriales SL, Joyieng Chemical Limited, Química del Estroncio S.A., Chemalloy Co. Inc., Shenzhou Jiaxin Chemical Co., Ltd., and ProChem Inc. are the prominent companies in global strontium market.