(MENAFN- Ameliorate Digital Consultancy)
The Strontium market in Japan is poised for consistent growth, with a projected Compound Annual Growth Rate (CAGR) of 4.3% anticipated through 2033. Japan's dedication to research initiatives aimed at discovering new applications for strontium is expected to create promising investment opportunities. Furthermore, robust demand for strontium in sectors such as infrastructure, construction, medicine, and dentistry is strengthening its presence and sales in the country.
On a global scale, the demand for strontium is estimated to reach approximately US$ 229.2 million in 2023. Forecasts for market trends suggest that the worldwide strontium market is on track for steady expansion, with an expected Compound Annual Growth Rate (CAGR) of 6%. This growth trajectory is projected to result in a market valuation of US$ 410.5 million by the conclusion of 2033.
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In the dynamic landscape of the chemical industry, strontium, an element often associated with vibrant red hues in fireworks and the medical field, has been making a significant impact. Among its various forms, strontium carbonate stands out as a dominant force in the strontium market, largely thanks to its versatile applications across a range of growing industries.
The Rise of Strontium Carbonate
Strontium carbonate, with the chemical formula SrCO3, is a key compound in the strontium market. It is primarily derived from natural sources like celestine ore, which is rich in strontium sulfate. The process involves the conversion of strontium sulfate into strontium carbonate, making it commercially viable for various applications.
One of the primary drivers of strontium carbonate's dominance is its prevalence in the production of strontium compounds. Strontium compounds find applications in diverse industries such as electronics, pyrotechnics, ceramics, and even in the health sector.
Electronics Industry
Strontium carbonate has carved a niche for itself in the electronics industry, where it is used in the production of cathode ray tube (CRT) displays. CRT displays were once ubiquitous in televisions and computer monitors, and strontium carbonate played a crucial role in enhancing the display's color quality and performance. Even as CRT technology is being replaced by newer technologies like LCD and OLED, the demand for strontium carbonate in electronics remains steady as it continues to be used in niche applications such as color television phosphors.
Pyrotechnics
Strontium carbonate's vivid red flame coloration has made it a staple in the pyrotechnics industry. When strontium carbonate is used as a pyrotechnic oxidizer, it produces brilliant red flames in fireworks displays. Its ability to create vibrant red hues has made it a favorite among pyrotechnic enthusiasts, and its demand surges during festive occasions and celebrations.
Ceramics Industry
The ceramics industry has also seen a surge in the use of strontium carbonate. This compound is employed as a flux in ceramic glazes, reducing the melting temperature of the glaze and enhancing its durability and gloss. The ceramics market continues to grow, driven by demand from construction, interior design, and artistic applications, further boosting the demand for strontium carbonate.
Competitive Landscape
Strontium manufacturers are making substantial investments to enhance their supply chain management systems and are embracing advanced delivery services such as e-commerce platforms. They are diligently sourcing top-quality raw materials to ensure the delivery of exceptional products while also implementing measures to mitigate potential environmental impacts.
Key strontium suppliers are actively focused on innovating new products and establishing collaborative partnerships, all while adhering to stringent quality control regulations.
For instance:
On November 23, 2020, Solvay finalized an agreement with Latour Capital in which it divested all its technical-grade strontium and barium operations in Mexico, Spain, and Germany. Additionally, Solvay's sodium percarbonate business in Germany was also transferred to Latour Capital.
Notable suppliers of strontium include Asia Barium & Strontium Salts Co. (ABASSCO), Barium & Chemicals, Inc., KBM Affilips BV, Noah Technologies Corporation, Quimica Del Estroncio SA, Solvay SA, Sakai Chemical Industry Co., Ltd., and Yuxiang Magnetic Materials Ind. Co., Ltd.
Segmentation of Strontium Industry Research
By Type : Carbonate Sulfate Nitrate Others
By Application : Electrical & Electronics Medical & Dental Pyrotechnics Personal Care Paints & Coatings Others
By Region : North America Europe Asia Pacific Latin America Middle East & Africa
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Strontium carbonate's dominance in the strontium market is a testament to its adaptability and versatility across a range of industries. As technology advances and industries continue to evolve, strontium carbonate's role in various applications is expected to remain pivotal, ensuring its continued significance in the global market.
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