Strontium Market applications & regional Performance by 2024
Global Strontium Market size is booming and is projected to attain a healthy CAGR of over 4% by 2024.
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Strontium is a silvery, soft alkali metal that has the tendency to burn in air and react with water. It is amongst the most abundant element found in the earth’s crust and is attained from two mineral sources namely celestine and strontianite. It is widely used in electronics industry due to its exceptional thermodynamic and mechanical properties. The most significant product application is in manufacturing cathode ray tubes (CRT), which is extensively used in the television sets, computer monitors, etc. Robust growth in the electronics industry is the major factor driving the strontium market size across the globe.
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The increasing product use in pyrotechnics is another factor contributing towards the product demand in the recent years. The product being highly reactive in air and water is used to produce heat, sound, smoke during war situations by military forces. It is also used in concerts for fireworks display and acts as red colorant provider, thus increasing firecrackers sales across the globe will positively boost the overall strontium market size in the coming years. Other industries driving the product demand include dental industry, paint industry, automobile industry and medical industry.
Stringent regulations by government on controlling emissions to improve the air quality is likely to hinder the strontium market share by 2024. The smoke and fire caused in pyrotechnics is mainly due to the product. The effect of laws to enforce the limited use of the product will inevitably affect the strontium market size in the future. However, there are other opportunities such as rising sales of master alloys, for positively influencing the industry growth. The product is used in metallurgical applications to melt metal & alloy with other elements to reform into distinct shapes.
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Some of the leading product manufacturers are based in North America and Europe in countries including the U.S., Canada, Mexico, Spain and Germany. However, these regions shall witness moderate gains over the projected timeframe due to declining utilization of CRT’s across electronic industry. This is primarily due to drifting customer preference towards flat screen televisions. Although, CRT’s are considered cost effective comparatively.
The key global strontium market share contributors are Sakai Chemical Industry Co., Ltd., Solvay & CPC Barium Strontium GmbH & Co.KG, Bass Tech International, Evonik Degussa GmbH, Canteras Industriales S.L, Quimica Del Estroncio, S.A. and Timminco Ltd. Company Solvay & CPC Barium Strontium GmbH &Co.KG is a joint venture of companies of Solvay group to effectively manage strontium carbonate product grades, strontium nitrate business and other businesses across the globe.
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