Strontium Market - Global Industry Analysis, Size, Share, Growth | 2024
Among the limited number of companies operating in the global strontium market, Solvay, Sakai Chemical Industry Co., Ltd., and BassTech International held the dominant share of over 60% in 2015. Among these enterprises, Solvay is backward integrated into the mining of strontium materials. This has intensified the prevailing competition among the leading players. As per Transparency Market Research (TMR), the degree of competition witnessed in the market is expected to remain from medium to high in the coming years.
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Meanwhile, companies such as Yuxiang Magnetic Materials Ind. Co. Ltd. and KBM Affilips are not directly engaged in the production of strontium. Instead, their activities are focused on the manufacturing of products considered in the downstream application sectors of strontium. “Strategies that these companies adopt to gain competitive edge have a profound impact on the market operations,” said a lead TMR analyst. According to TMR, the global strontium market stood at 240.72 kilo ton in 2015. Exhibiting a CAGR of 4.91% between 2016 and 2024, the market is forecast to reach 372.09 kilo ton by the end of 2024.
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Based on application, the dominance is expected to remain with ferrite magnets through the forecast period. In 2015, they constituted the leading share of 32.29% in the market, leaving other segments including pyrotechnics, master alloys, paints & coatings, zinc refining, and medical behind. Regionally, North America and Asia Pacific are competing for the top slot. In 2015, North America marginally emerged dominant with a share of 29.65% in the overall market. However, by the end of the forecast period, the Asia Pacific market has high chances of redeeming itself.
Increasing Use of Strontium across Novel and Traditional Applications to Boost Growth
Thanks to improved economic conditions among major nations, industries are willingly investing in strontium carbonate. Besides novel applications, the use of strontium in traditional sectors has taken a leap. For instance, the use of strontium carbonate in glass, ceramics, and pyrotechnics will persist, alongside sustained demand for application in ferrite magnet. Considering this, the rising use of pyrotechnics in myriad exhibition purposes such as flares, fireworks, crackers, and flashpapers will deem lucrative for the market.
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Firework displays are a big thing across various parts of the world. Be it during festivities, celebrations, or New Year’s Eve, the demand for fireworks has persisted across the years. These fireworks include bright colors with red being the dominant. Strontium compounds are used as red colorant providers, which enables the strontium market derive prospects from rising sales of firecrackers worldwide.
Laws Implemented to Limit Use of Fireworks to Have Negative Impact
On the downside, stringent regulations aimed at curbing pollution may inhibit the market’s trajectory to an extent. A major cause of smoke in pyrotechnics and firecrackers is the colorant. Since strontium is a common compound used in them, effects of laws enforced to curb or limit their use will inevitably percolate to the strontium market, limiting increased scope of sales. Nevertheless, the market is witnessing immense opportunities in the rising sales of master alloys. They are increasingly employed in plants that melt metals and alloy with other elements to cast them into different shapes.
Master alloys are composed of strontium, which exhibit properties such as structure control and increased ductility. As using master alloys has proved more economical and technical than using pure metals, their demand is poised to surge in the coming years. With this, companies operating in the global strontium market will witness considerable opportunities to capitalize on.
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