by Strontium nitrate is an inorganic compound widely used as oxidizing agent in pyrotechnics and flares due to its thermal stability and ability to produce bright red flames. It is also used as a precursor to make strontium compounds and has application in the agriculture sector as a fertilizer. The global strontium nitrate market is estimated to be valued at US$ 386.3 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing application of strontium nitrate in pyrotechnics is one of the key trends propelling the growth of global strontium nitrate market. Strontium nitrate burns with bright red color and produces illumination without producing smoke. Hence, it is extensively used in signal flares and tracers for illumination during night operations. Growing defense budgets and rising expenditure on pyrotechnic devices is facilitating the incorporation of strontium nitrate in defense applications. In addition, surge in amateur interest in pyrotechnics is also fueling the consumption of strontium nitrate globally.
SWOT Analysis
Strength: Strontium nitrate has good optical, dielectric and photocatalytic properties. It is used in the production of powder metallurgy and aluminothermic welding.
Weakness: The toxicity levels of strontium nitrate are a concern. Strict regulations are imposed on its production, handling and transportation.
Opportunity: Growing demand from the pyrotechnic, healthcare and electronic industries is helping to boost the market. Emerging applications in renewable energy production also offers opportunities.
Threats: Fluctuations in raw material prices and availability poses threats. Strict environmental regulations associated with its production and disposal can also impact the market.
Key Takeaways
The global strontium nitrate market demand is expected to witness high growth. Its demand is growing from industries like pyrotechnics, healthcare and electronics which use it in manufacturing of signal flares, luminescent materials and ceramic capacitors.
Regional analysis: North America dominates the market currently due to large number of manufacturing facilities. Asia Pacific is expected to witness fastest growth owing to increasing industrialization and expanding electronics industry in countries like China and India. Countries like Japan and South Korea are also major contributors to the regional market.
Key players: Key players operating in the strontium nitrate market are 23andMe, Ancestry, Mapmygenome, Helix, MyHeritage, Gene by Gene, Pathway Genomics, Veritas Genetics, Xcode, Color Genomics, Positive Biosciences, Futura Genetics, Myriad Genetics, Quest Diagnostics, Laboratory Corporation of America, Illumina, Thermo Fisher Scientific, Qiagen, Genomic Health and Nebula Genomics. These players are focusing on new product developments and capacity expansions to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
