Strontium Market Leading Manufacturers Expected to Motivate Growth during 2020-2029
The market insight on strontium predicts good growth from the electronics segment as it has excellent mechanical and thermodynamic properties. It is prominently used in making cathode ray tubes for television sets. In addition, rising demand for consumer electronics and products like cameras, motor generators, mobile phones, flashlights, etc., is expected to bring a paradigm shift in the growth of the strontium market.
Strontium, an alkaline earth metal, ranks 15th in abundance among elements found in the earth’s crust, occurring as Strontianite and Celestine mineral ores. Strontium (Sr) is obtained from two primary minerals: Celestine (consisting of strontium sulphate) and Strontianite (consisting of strontium carbonate). There are a number of strontium (Sr) isotopes existing in nature. However, there are no definitive studies that can determine the occurrence of these isotopes on a regional or country level.
The global strontium market is forecast to exhibit a CAGR of 4.91% between 2016 and 2024. At this pace, the market, which stood at 240.72-kilo ton in 2015, is expected to reach 372.09-kilo ton by the end of 2024.
Wide Range of Applications is Key Market Driver
The product segment includes strontium compounds such as strontium carbonate, strontium nitrate, strontium sulphate, and others (oxides, peroxides, hydroxides, and chlorides of strontium). The most consumed strontium compound is strontium carbonate. Market survey on Strontium carbonate shows massive growth potential. The market analysis of strontium has a vast number of applications and is one of the primary compounds used as the precursor to produce other strontium compounds. On account of this, strontium carbonate is expected to remain at the market’s fore through the course of the forecast period. The primary reason behind the high consumption of strontium carbonate is that it is produced from the refining and processing of the mineral Celestine.
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Strontium acts as a luminescence and anti-corrosive factor in paints & coatings and is utilized in small amounts in the medical industry as well. In pyrotechnics, strontium compounds act as red colourants. Strontium ferrite magnets are employed in microwave devices, small electric motors, magneto-optic media, recording media, and the electronics & telecommunication industry. Compounds such as strontium aluminate and strontium chromate are used in the paints & coatings industry for luminescence requirements and anti-corrosive coatings, respectively. The addition of strontium carbonate to the electrolytic solution catalyzes the process of zinc refining. The majority are master alloys produced that contains strontium are aluminium based.
Medical Sector to Become Key End-User Segment
The research report on strontium nitrate shows the extensive and varied use of the element in the medical industry is also expected to bring exceptional gains for the strontium market. Strontium ranelate is used on a large scale for killing cancer cells, helps prevent bone loss, and leads to an increase in bone formation when used in postmenopausal women with osteoporosis. In addition, the use of strontium for preventing tooth decay may also generate growth for the strontium market as strontium chloride is used in toothpaste to decrease sensitivity.
Currently, North America and the Asia Pacific exhibit the most lucrative prospects for market players. In terms of production, China, Mexico, and Spain are major countries in the strontium market. The U.S., the U.K., France, Italy, China, India, and a few other nations in Asia are major consumers of strontium. These regions together hold the leading market share. However, in 2015 the North American strontium market marginally emerged dominant with a share of 29.65% in the coming years. Similarly, over the forecast period, there is a high possibility of the table-turning in favor of the Asia Pacific market.
Major players in the strontium market include Solvay, Sakai Chemical Industry Co., Ltd., and BassTech International.
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