by The strontium carbonate market has been gaining significant traction over the past few years owing to rise in application across various end-use industries such as pyrotechnics, glass manufacturing, refactories, cement, welding rods, and paint pigments among others. Strontium carbonate is used as a green and red colorant in fireworks displays and flares owing to its ability to emit bright red color when burnt. It also acts as an important precursor in manufacturing of strontium compounds which find wide application in electronics and metallurgical industries.
The Global strontium carbonate market is estimated to be valued at US$ 228.1 Mn in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the strontium carbonate market are Solvay, Muby Chemicals, American Elements, Celtic Chemicals Ltd., Zaozhuang, Yongli Chemical Co. Ltd., Sakai Chemical Industry Co. Ltd, Shijiazhuang Zhengding., Hebei Xinji Chemical Group Co. Ltd., Jinshi Chemical Co. Ltd., Abassco, Vishnupriya Chemicals, Haihang Industry, CDH Fine Chemical, Wego Chemical Group, Joshi Agrochem Pharma Pvt Ltd., and Ataman Kimya. The companies are focused on expanding their production capacities and global footprint to cater to increasing demand.
The key opportunities in the market include rising application of strontium carbonate in production of strontium compounds and usage in paint formulations and production of glasses. Additionally, increasing spending on pyrotechnics displays during festive seasons across regions is anticipated to augment demand.
Globally, the Asia Pacific region dominates the Strontium Carbonate Market Trends owing to large presence of producers and end use industries. However, North America and Europe are also expected to witness significant growth in demand for strontium carbonate owing to substantial spending on R&D activities for development of advanced materials.
Market drivers
One of the major drivers for growth of strontium carbonate market is rising demand from pyrotechnics industry. Strontium carbonate is widely used in production of red color during fireworks shows and flares which enhances visual appeal. With increasing spending on festive season fireworks displays, demand from pyrotechnics industry is anticipated to rise substantially over the forecast period. This will positively impact growth of global strontium carbonate market.
PEST Analysis
Political: Strontium Carbonate Market Size And Trends is influenced by the government policies and regulations regarding the chemicals industry. Any changes in the regulations can impact the demand.
Economic: The overall economic growth and industrial growth directly impact the demand for strontium carbonate. Economic downturns reduce overall demand from end-use industries.
Social: Demand for strontium carbonate is driven by increasing applications in the manufacturing of electronics, ceramic products, paints & coatings industries due to changing lifestyles and preferences of consumers.
Technological: Advancements in electronics and ceramic industries utilizing strontium carbonate will drive the market growth. Development of innovative applications will also support market expansion over the forecast period.
The geographical regions where the strontium carbonate market is concentrated in terms of value are North America and Europe. North America contributes over 30% to the global market value led by the large electronics and ceramic industries in the US. Europe is another major geographical region for strontium carbonate market owing to the presence of developed end-use industries.
The Asia Pacific region is projected to be the fastest growing geographical region for strontium carbonate market driven by increasing demand from China, India, Japan and other developing Asian countries. Rising electronics, ceramic and glass manufacturing is supporting the market growth in Asia Pacific region. Countries like China and India contribute significantly to the overall market growth in the Asia Pacific region. Growing industrialization and infrastructural activities is translating to higher demand for strontium carbonate.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
