by The Strontium Nitrate Market is estimated to be valued at US$ 386.3 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Strontium nitrate is a colorless crystalline solid that possesses exceptional light-emitting properties. It is commonly used in pyrotechnic color displays as a component in red fireworks formulations due to its ability to burn with a bright crimson red flame. Strontium nitrate is also sometimes used in sparklers and flares due to its visual effect. In the medical field, strontium nitrate is employed in the treatment of osteoporosis as it promotes bone mineralization and skeletal health.
Market Dynamics:
Growing demand from the pyrotechnics industry: Strontium nitrate demand is driven by increasing use in fireworks and flares owing to its vibrant red coloring properties. The global pyrotechnics market is growing at a steady pace which is reflecting higher consumption of strontium nitrate.
Rising incidence of osteoporosis: With growing geriatric population worldwide more people are affected by osteoporosis. Strontium nitrate supplements are commonly recommended due to their bone strengthening benefits. Increasing osteoporosis prevalence is therefore augmenting demand in the medical sector.
Segment Analysis
The global strontium nitrate market is dominated by the electronics and electro ceramics sub-segment. Strontium nitrate finds wide usage in the manufacturing of ceramic capacitors and piezoelectric transducers used in electronic devices. It provides dielectric and self-polarizing properties to ceramic materials which makes them indispensable for the electronics industry. The ever-growing demand for electronic goods will continue to drive volumes in this sub-segment over the forecast period.
PEST Analysis
Political: There are no significant political risks affecting the strontium nitrate market at present.
Economic: The global economy is recovering from the pandemic slowly which is positively impacting industries such as electronics and pyrotechnics using strontium nitrate.
Social: Increasing disposable incomes and preference for electronic products among consumers is driving demand.
Technological: Advancements in electronics and new applications in energy storage devices are opening up growth opportunities for strontium nitrate manufacturers.
Key Takeaways
The global strontium nitrate market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand for electronic goods. The market size for 2023 is estimated to be US$ 386.3 Mn.
North America dominates the global strontium market with a share of over 35% in 2023. This is attributed to high demand from the well-established electronics sector in the US. The Asia Pacific region is expected to witness fastest growth owing to rising electronics manufacturing activities in China and Southeast Asian countries.
Key players operating in the strontium nitrate market include Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, and ABASSCO.
Major players are investing in capacity expansions to cater to the growing demand and consolidate their position further. Collaboration with end-use industries is another strategy being undertaking by market leaders.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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, chemical and materials, defense and aerospace, consumer goods, etc.
