(MENAFN- GlobeNewsWire - Nasdaq) Strontium market size from USD 211.4 million in 2023 to USD 375.0 million in 10 years. The increasing construction activities worldwide is expected to drive the market's growth. Asia Pacific emerged as the largest global strontium market, with a 37.6% market revenue share in 2023.
Newark, June 19, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 211.4 million strontium market will reach USD 375.0 million by 2033. Strontium is a chemical element with several uses such as manufacturing glass, explosives, pyrotechnics, and cathode ray tubes (CRTs). The strontium market is expected to be driven by the increasing demand from the electronics, aerospace, and ceramics industries. The expanding electronics sector is a major development driver for the strontium market. The need for strontium compounds has increased due to the growing popularity of smartphones, tablets, and other electronic gadgets. This is especially true for colour television displays and display panels. Furthermore, the aerospace industry has grown substantially, increasing demand for strontium to produce high-performance alloys and aviation-grade materials.
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The raw materials required for manufacturing strontium are easily accessible which increases the total supply of strontium compounds. However, there are several obstacles which are expected to hinder the market's growth during the forecast period. Since mining is the main source of strontium, any interruptions to mining operations or restrictions on access to high-grade strontium ores may impact the market's stability. In addition, the strontium market is expected to be challenged by the negative impact of strontium on the environment, as these compounds are poisonous and dangerous if not handled correctly. Many places have strict laws governing its use, disposal, and environmental effects. This can make it more expensive for manufacturers to comply with the restrictions and restrict market expansion.
Asia Pacific will account for the largest market size during the forecast period.
Asia Pacific is expected to account for the largest market share during the forecast period. Asia Pacific produces various final goods made from metals, including paints and coatings, cosmetics, electrical and electronic equipment, and others. Moreover, China's construction sector is expected to expand fastest in the Asia-Pacific region, with India following closely after. To fulfil the nation's expanding housing needs, the Chinese government has expanded funding to allow for the construction of affordably priced homes. The infrastructure sector is currently one of the main areas of focus for the Indian government.
The strontium carbonate segment dominated the market with the most significant revenue of USD 71.8 million.
The strontium carbonate segment dominated the market, with the most significant revenue of USD 71.8 million. The electronics industry, which uses strontium carbonate to make CRT displays and display panels, is the main consumer of this material.
The electricals & electronics segment dominated the market with the most significant revenue of USD 59.1 million.
The electricals & electronics segment dominated the market, with the most significant revenue of USD 59.1 million. Since newer technologies have made CRTs less necessary, strontium remains the industry leader in the electrical and electronics sector because of its wide range of applications and long history of use.
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Market Dynamics:
Drivers: Increasing demand from paints and coatings sector
In the painting business, strontium sulphate, a white, odourless, and non-hazardous powder, is frequently used as a pigment extender or filler to improve the performance of liquid and powder paints. Strontium helps improve mechanical properties, film coverage, UV resistance, and colour enhancement, among other qualities. Strontium is versatile as its application varies according to the room type and surroundings. Owing to increasing construction activities worldwide, strontium has unrealised potential in developing nations.
Restraint: Fluctuating prices of strontium ores
Mining activities are usually affected by changing weather conditions and geopolitical tensions, affecting the dynamics of supply and demand. This increases the price of strontium compounds, restraining the market's growth.
Some of the major players operating in the strontium market are:
● Barium & Chemicals Inc.
● Fertiberia
● Joyieng Chemical Limited
● Nanjing Jinyan Strontium Industry Co. Ltd
● ProChem Inc.
● Shenzhou Jiaxin Chemical Co. Ltd
● Solvay
● Abassco
● Chongqing Yuanhe Fine Chemicals Inc.
● Hebei Xinji Chemical Group Co. Ltd
● KBM Affilips
● Noah Chemicals
● SAKAI CHEMICAL INDUSTRY CO. LTD
● Shijiazhuang Zhengding JINSHI Chemical Co. Ltd
Key Segments cover in the market:
By Product:
● Strontium Nitrate
● Strontium Carbonate
● Strontium Sulfate
● Others
By Application:
● Medical
● Pyrotechnic
● Electricals & Electronics
● Paints & Coating
● Others
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About the report:
The global strontium market is analyzed based on value (USD million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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