Strontium Market size is set to grow by USD 101 million from 2024-2028, Growing demand for ferrite magnets boost the market, Technavio

NEW YORK, July 23, 2024 /PRNewswire/ -- The global strontium market size is estimated to grow by USD 101 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.22% during the forecast period. Growing demand for ferrite magnets is driving market growth, with a trend towards growing demand from glass and ceramic industries. However, ill-effects of strontium on health  poses a challenge. Key market players include American Elements, Central Drug House Pvt. Ltd., Divjyot Chemicals Pvt. Ltd., Foshan Nanhai Shuangfu Chemical Co. Ltd., Global Calcium Pvt. Ltd., Hunan CHMM Metallurgy Engineering Co. Ltd, Joshi Agrochem Pharma Pvt. Ltd., LONGCHANG CHEMICAL, Marine Chemicals, Otto Chemie Pvt. Ltd., Prakash Brothers, Reade International Corp., Sakai Chemical Industry Co. Ltd., Shandong RIYUSHENG International Trade Co. Ltd, Solvay SA, Suvchem, SUVIDHINATH LABORATORIES, Vizag Chemical International, Yingfengyuan Industrial Group Ltd., and Yogesh Agrawal and Co..

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Market Driver

The strontium market is experiencing significant growth due to the increasing demand from the glass and ceramics industries. Strontium compounds, particularly strontium carbonate, offer unique benefits to these industries. They enhance the optical properties of glass, improving refractive index and contributing to optical clarity. Additionally, strontium compounds impart unique colors to glass, making them valuable in colored glass production. With the growing demand for glass and ceramics, the consumption of strontium is expected to increase, fueling market growth during the forecast period. 

The global strontium market is experiencing significant growth due to increasing demand in various industries. Key sectors include Ferrite magnets for household appliances and consumer electronics, telecommunication equipment, and automobiles. Strontium is used as a pigment extender and filler in paints and coatings, providing UV resistance and improved film coverage. In the construction sector, strontium compounds like strontium sulfate are used as industrial and decorative coatings. Governments' stringent regulations on air quality drive the demand for strontium in the production of strontium nitrate for use in toothpaste. The pyrotechnics industry also utilizes strontium compounds for colorful displays at media events, sports events, and recreational shows. Developing countries' economic growth and rising household income contribute to the market's expansion. Corporate profits and public finances remain strong indicators of market trends. Strontium's versatility in end-user industries like automobiles, commercial vehicles, and light commercial vehicles further boosts its demand. 

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Market Challenges

• Strontium is a naturally occurring alkaline earth metal with various isotopes, including stable and radioactive forms. Radioactive strontium, specifically 90Sr, poses health risks as a human carcinogen. Humans can be exposed through air, food, water, and soil contact. Strontium's ill-effects include osteoporosis, skin cancer, and leukemia, with severe over-exposure being fatal. Regulations limit exposure: EPA sets a drinking water limit of 4 mg/L for stable strontium, and a 8 pCi/L average annual limit for 90Sr in community water supplies. USNRC sets an annual intake limit of 20 µCi for occupational air exposure to 90Sr. These health concerns restrict the growth of the strontium market during the forecast period.

• The Strontium market faces several challenges in various industries. In developing countries, affordability remains a key concern for end-users in sectors like paints and coatings, automobiles, and pyrotechnics. Corporate profits and public finances are under pressure, impacting the demand for Strontium sulfate and Strontium nitrate in industries like pyrotechnics for fireworks, flashes, streamers, and confetti, as well as in the entertainment industry for recreational shows, media events, festivals, and award shows. Strontium carbonates and Strontium chlorides are crucial in industries like electrical and electronics, medical and dental, aerospace, and refining. Strontium salts find applications as oxidizers, colorants, and pyrotechnic products. However, the market's growth is affected by the high production costs and price volatility, especially for Strontium carbonates and Strontium chlorates. Strontium's use in pyrotechnics as an oxidizer and colorant presents both opportunities and challenges. While the pyrotechnic segment, including fireworks, generates significant revenue, the market's growth is hindered by regulatory restrictions and safety concerns. Strontium's thermodynamic and mechanical properties, including corrosion resistance and demagnetization resistance, are essential for various industries. However, the market's growth is also influenced by the demand for Strontium in cathode ray tubes, personal care, and other applications. Overall, the Strontium market's growth is influenced by a range of factors, including end-user industries, household income, and global economic conditions. Strontium Product Insights: * Strontium market size: [X] billion USD (2020) * Growth rate: [Y]% (2021-2026) * Key players: [Company A, Company B, Company C] * Market segments: Electrical and electronics, Medical and dental, Pyrotechnic, Aerospace, Strontium carbonates, Strontium salts * Applications: Cathode ray tubes, personal care, refining, pyrotechnic segment (fireworks, flashes, streamers, confetti), entertainment (recreational shows, media events, festivals, award shows), pyrotechnic chemicals (oxidizer, colorant), Vertebral fractures, thermodynamic properties, mechanical properties, corrosion resistance, demagnetization resistance. [Note: Replace [X] and [Y] with actual market size and growth rate.]

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Segment Overview 

This strontium market report extensively covers market segmentation by  

1. End-user 
• 1.1 Ferrite ceramic magnets
• 1.2 Pyrotechnics
• 1.3 Medicines and others
2. Type 
• 2.1 Strontium carbonate
• 2.2 Strontium nitrate
• 2.3 Strontium sulphate
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Ferrite ceramic magnets-  Ferrite magnets are produced using a significant amount of ferric oxide combined with smaller proportions of additional metallic elements, including barium, manganese, and strontium. The crystal structure of ferrites varies, with barium and strontium ferrites having a hexagonal structure. Based on their magnetic properties, ferrites are categorized as soft, semi-hard, and hard. Hard ferrite magnets are made using iron oxide and barium or strontium carbonate. Strontium ferrite, represented by the chemical symbols SrFe12O19 or SrO6Fe2O3, is widely used in small electronic motors, recording media, magneto-optic media, and the telecommunication and electronic industries. The superior properties of ferrite magnets include high magnetic permeability, strong residual magnetic field, high-temperature stability (up to 250 degrees C or 482 degrees F), good electric insulation, and corrosion resistance. Due to their attractive properties and affordability, companies increasingly use ferrite magnets in various applications, such as AC commutator motors, permanent magnet DC motors, magnetic catches, loudspeakers, hard drives, sensors, anti-lock braking systems (ABS), magnetic shock absorbers, alternators, microphones and acoustic detectors, plate magnets, lifting magnets, magnetic clamps, and magnetic brakes. The growing demand for ferrite magnets across multiple industries is expected to fuel market expansion during the forecast period.

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Research Analysis

The Strontium market encompasses various applications, including Strontium sulfate in developing countries for agriculture and industry, Strontium nitrate in the pyrotechnics industry for producing red colors and oxidizers, and Strontium carbonate in the production of cathode ray tubes and personal care products. Strontium chlorates find use in refining processes, while Strontium sulfate and Strontium chlorides are essential in paints and coatings, automobiles, and glass industries. Strontium market revenue is driven by the demand for Strontium pyrotechnic chemicals, used in fireworks, flashes, streamers, and theoretical glitter for recreational shows, entertainment, sports events, media events, festivals, and award shows. Corporate profits and public finances contribute significantly to the market's growth, with the pyrotechnic industry being a major consumer. Strontium nitrate, as an oxidizer, and Strontium carbonate, as a colorant, are key components in pyrotechnic products.

Market Research Overview

The Strontium market encompasses various applications in developing countries and advanced economies. The primary demand drivers include the use of strontium sulfate in paints and coatings as a pigment extender and filler, providing UV resistance and improved film coverage. Strontium carbonates and strontium salts find extensive usage in the electrical and electronics industry, particularly in cathode ray tubes and personal care products. The pyrotechnic segment, including strontium nitrate, is utilized in fireworks, flashes, streamers, and theoretical glitter for various events such as explosions, confetti, and pyrotechnic chemicals for the pyrotechnic industry, entertainment, sports events, media events, festivals, and award shows. Strontium's thermodynamic and mechanical properties make it suitable for applications in aerospace, ferrite magnets, household appliances, consumer electronics, telecommunication, and construction sectors. The global strontium market revenue is influenced by economic growth, corporate profits, public finances, and household income. However, governments' stringent regulations on air quality and environmental concerns may impact the market growth. The Strontium Product Insights report provides a comprehensive analysis of the market trends, segmentation, and future outlook. Additionally, strontium carbonates and strontium chlorates have applications in medical and dental industries, including the treatment of vertebral fractures.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Ferrite Ceramic Magnets
• Pyrotechnics
• Medicines And Others
• Type
• Strontium Carbonate
• Strontium Nitrate
• Strontium Sulphate
• Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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