Strontium Nitrate Market to Record Sturdy Growth by 2024
Strontium
nitrate is a salt of strontium metal, which is the 15th most abundant
element in nature. Strontium nitrate is widely utilized in
pyrotechnic applications. Strontium burns with a bright red flame,
and there are no other alternative materials with performance at par
with that of strontium. Among all the strontium compounds, such as
strontium carbonate, strontium oxalate, strontium sulfate, and
strontium chlorate, strontium nitrate is extensively employed in
pyrotechnic applications. Strontium nitrate is a solid comprising
white or light yellow crystals that are soluble in water. Strontium
nitrate has oxidizing properties. It is produced by reacting
strontium carbonate and nitric acid.
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Global
Strontium Nitrate Market: Key Segments
Pyrotechnics
is the prominent application of strontium nitrate. These devices can
be further divided into end-uses spanning across military and
non-military applications. In military applications, pyrotechnic
devices are used in tracer ammunition, military flares, and marine
distress signals etc. Among non-military applications, pyrotechnics
are utilized in warning devices and fireworks. Other non-military
pyrotechnic applications for strontium nitrate include glass for
liquid crystal displays and automotive. Pyrotechnic is expected to
remain the dominant segment of the global strontium nitrate market
during the forecast period. It is projected to expand at a rapid pace
in the near future. Strontium nitrate is also utilized in numerous
other applications such as refrigeration, steelmaking, and sugar beet
processing. Strontium compounds have the ability to impart red color
to substances and hence, they are also used as colorants.
Global
Strontium Nitrate Market: Regional Outlook
China,
Mexico, and Spain are major producers of strontium nitrate in the
world. This can be attributed to the vast strontium natural reserves
in these countries. Finland, France, Germany, and Switzerland are
other key producers of strontium compounds worldwide. In terms of
region, the global strontium nitrate market can be divided into North
America, Europe, Asia Pacific, Middle East & Africa, and Latin
America. Asia Pacific is a major market for strontium nitrate,
globally. Demand for strontium nitrate is high in the region, due to
the expansion of electronics and automotive industries in the region
where strontium nitrate is used for pyrotechnics. The market in Asia
Pacific is expected to expand at a rapid pace during the forecast
period. Countries such as India, China, and South Korea are estimated
to drive the strontium nitrate market in the region. North America
and Europe are also projected to be the key consumers of strontium
nitrate. The market in Latin America and Middle East & Africa is
anticipated to offer lucrative opportunities to strontium nitrate
manufacturers during the forecast period. Brazil and Mexico are
expected to contribute significantly to the expansion of the market
in Latin America.
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Global
Strontium Nitrate Market: Key Players
Key
players operating in the strontium nitrate market include Solvay,
BassTech International, Sakai Chemical Industry Co., Ltd., Ronas
Chemicals Ind. Co. Ltd., Celtic Chemicals Ltimited, Mintchem Group,
Furun Chemicals, Big Dragon Group, Wenzhou Chemical Material Factory,
and TQ Chemicals Inc.
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