NEW YORK, July 23, 2024 /PRNewswire/ -- The
global strontium market size is estimated to grow by
USD 101 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 4.22% during the forecast period. Growing demand for
ferrite magnets is driving market growth, with a trend towards
growing demand from glass and ceramic industries. However,
ill-effects of strontium on health poses a challenge. Key
market players include American Elements, Central Drug House Pvt.
Ltd., Divjyot Chemicals Pvt. Ltd., Foshan Nanhai Shuangfu Chemical
Co. Ltd., Global Calcium Pvt. Ltd., Hunan CHMM Metallurgy
Engineering Co. Ltd, Joshi Agrochem Pharma Pvt. Ltd., LONGCHANG
CHEMICAL, Marine Chemicals, Otto Chemie Pvt. Ltd., Prakash Brothers, Reade International Corp.,
Sakai Chemical Industry Co. Ltd., Shandong RIYUSHENG International
Trade Co. Ltd, Solvay SA, Suvchem, SUVIDHINATH LABORATORIES, Vizag
Chemical International, Yingfengyuan Industrial Group Ltd., and
Yogesh Agrawal and Co..
![Technavio has announced its latest market research report titled Global Strontium Market 2024-2028 Technavio has announced its latest market research report titled Global Strontium Market 2024-2028](https://mma.prnewswire.com/media/2466116/Technavio__Global_Strontium_Market.jpg)
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Strontium Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.22%
|
Market growth
2024-2028
|
USD 101
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.86
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 42%
|
Key
countries
|
US, China, India,
Japan, and UK
|
Key companies
profiled
|
American Elements,
Central Drug House Pvt. Ltd., Divjyot Chemicals Pvt. Ltd., Foshan
Nanhai Shuangfu Chemical Co. Ltd., Global Calcium Pvt. Ltd., Hunan
CHMM Metallurgy Engineering Co. Ltd, Joshi Agrochem Pharma Pvt.
Ltd., LONGCHANG CHEMICAL, Marine Chemicals, Otto Chemie Pvt. Ltd.,
Prakash Brothers, Reade International Corp., Sakai Chemical
Industry Co. Ltd., Shandong RIYUSHENG International Trade Co. Ltd,
Solvay SA, Suvchem, SUVIDHINATH LABORATORIES, Vizag Chemical
International, Yingfengyuan Industrial Group Ltd., and Yogesh
Agrawal and Co.
|
Market Driver
The strontium market is experiencing significant growth due to
the increasing demand from the glass and ceramics industries.
Strontium compounds, particularly strontium carbonate, offer unique
benefits to these industries. They enhance the optical properties
of glass, improving refractive index and contributing to optical
clarity. Additionally, strontium compounds impart unique colors to
glass, making them valuable in colored glass production. With the
growing demand for glass and ceramics, the consumption of strontium
is expected to increase, fueling market growth during the forecast
period.
The global strontium market is experiencing significant growth
due to increasing demand in various industries. Key sectors include
Ferrite magnets for household appliances and consumer electronics,
telecommunication equipment, and automobiles. Strontium is used as
a pigment extender and filler in paints and coatings, providing UV
resistance and improved film coverage. In the construction sector,
strontium compounds like strontium sulfate are used as industrial
and decorative coatings. Governments' stringent regulations on air
quality drive the demand for strontium in the production of
strontium nitrate for use in toothpaste. The pyrotechnics industry
also utilizes strontium compounds for colorful displays at media
events, sports events, and recreational shows. Developing
countries' economic growth and rising household income contribute
to the market's expansion. Corporate profits and public finances
remain strong indicators of market trends. Strontium's versatility
in end-user industries like automobiles, commercial vehicles, and
light commercial vehicles further boosts its demand.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
• Strontium is a naturally occurring alkaline earth metal with
various isotopes, including stable and radioactive forms.
Radioactive strontium, specifically 90Sr, poses health risks as a
human carcinogen. Humans can be exposed through air, food, water,
and soil contact. Strontium's ill-effects include osteoporosis,
skin cancer, and leukemia, with severe over-exposure being fatal.
Regulations limit exposure: EPA sets a drinking water limit of 4
mg/L for stable strontium, and a 8 pCi/L average annual limit for
90Sr in community water supplies. USNRC sets an annual intake limit
of 20 µCi for occupational air exposure to 90Sr. These health
concerns restrict the growth of the strontium market during the
forecast period.
• The Strontium market faces several challenges in various
industries. In developing countries, affordability remains a key
concern for end-users in sectors like paints and coatings,
automobiles, and pyrotechnics. Corporate profits and public
finances are under pressure, impacting the demand for Strontium
sulfate and Strontium nitrate in industries like pyrotechnics for
fireworks, flashes, streamers, and confetti, as well as in the
entertainment industry for recreational shows, media events,
festivals, and award shows. Strontium carbonates and Strontium
chlorides are crucial in industries like electrical and
electronics, medical and dental, aerospace, and refining. Strontium
salts find applications as oxidizers, colorants, and pyrotechnic
products. However, the market's growth is affected by the high
production costs and price volatility, especially for Strontium
carbonates and Strontium chlorates. Strontium's use in pyrotechnics
as an oxidizer and colorant presents both opportunities and
challenges. While the pyrotechnic segment, including fireworks,
generates significant revenue, the market's growth is hindered by
regulatory restrictions and safety concerns. Strontium's
thermodynamic and mechanical properties, including corrosion
resistance and demagnetization resistance, are essential for
various industries. However, the market's growth is also influenced
by the demand for Strontium in cathode ray tubes, personal care,
and other applications. Overall, the Strontium market's growth is
influenced by a range of factors, including end-user industries,
household income, and global economic conditions. Strontium Product
Insights: * Strontium market size: [X] billion USD (2020) * Growth rate: [Y]% (2021-2026) * Key
players: [Company A, Company B, Company C] * Market segments:
Electrical and electronics, Medical and dental, Pyrotechnic,
Aerospace, Strontium carbonates, Strontium salts * Applications:
Cathode ray tubes, personal care, refining, pyrotechnic segment
(fireworks, flashes, streamers, confetti), entertainment
(recreational shows, media events, festivals, award shows),
pyrotechnic chemicals (oxidizer, colorant), Vertebral fractures,
thermodynamic properties, mechanical properties, corrosion
resistance, demagnetization resistance. [Note: Replace [X] and [Y]
with actual market size and growth rate.]
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This strontium market report extensively covers market
segmentation by
- End-user
- 1.1 Ferrite ceramic magnets
- 1.2 Pyrotechnics
- 1.3 Medicines and others
- Type
- 2.1 Strontium carbonate
- 2.2 Strontium nitrate
- 2.3 Strontium sulphate
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Ferrite ceramic magnets- Ferrite magnets are
produced using a significant amount of ferric oxide combined with
smaller proportions of additional metallic elements, including
barium, manganese, and strontium. The crystal structure of ferrites
varies, with barium and strontium ferrites having a hexagonal
structure. Based on their magnetic properties, ferrites are
categorized as soft, semi-hard, and hard. Hard ferrite magnets are
made using iron oxide and barium or strontium carbonate. Strontium
ferrite, represented by the chemical symbols SrFe12O19 or
SrO6Fe2O3, is widely used in small electronic motors, recording
media, magneto-optic media, and the telecommunication and
electronic industries. The superior properties of ferrite magnets
include high magnetic permeability, strong residual magnetic field,
high-temperature stability (up to 250 degrees C or 482 degrees F),
good electric insulation, and corrosion resistance. Due to their
attractive properties and affordability, companies increasingly use
ferrite magnets in various applications, such as AC commutator
motors, permanent magnet DC motors, magnetic catches, loudspeakers,
hard drives, sensors, anti-lock braking systems (ABS), magnetic
shock absorbers, alternators, microphones and acoustic detectors,
plate magnets, lifting magnets, magnetic clamps, and magnetic
brakes. The growing demand for ferrite magnets across multiple
industries is expected to fuel market expansion during the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Mining Waste Management market is experiencing robust
growth due to increasing mining activities and stringent
environmental regulations. In 2024, it is driven by innovations in
waste recycling and treatment technologies. Meanwhile, the global
Rhenium market is expanding due to rising demand for
high-performance alloys and catalysts in aerospace and automotive
industries. Both markets reflect significant trends towards
sustainable practices and advanced material applications.
Research Analysis
The Strontium market encompasses various applications, including
Strontium sulfate in developing countries for agriculture and
industry, Strontium nitrate in the pyrotechnics industry for
producing red colors and oxidizers, and Strontium carbonate in the
production of cathode ray tubes and personal care products.
Strontium chlorates find use in refining processes, while Strontium
sulfate and Strontium chlorides are essential in paints and
coatings, automobiles, and glass industries. Strontium market
revenue is driven by the demand for Strontium pyrotechnic
chemicals, used in fireworks, flashes, streamers, and theoretical
glitter for recreational shows, entertainment, sports events, media
events, festivals, and award shows. Corporate profits and public
finances contribute significantly to the market's growth, with the
pyrotechnic industry being a major consumer. Strontium nitrate, as
an oxidizer, and Strontium carbonate, as a colorant, are key
components in pyrotechnic products.
Market Research Overview
The Strontium market encompasses various applications in
developing countries and advanced economies. The primary demand
drivers include the use of strontium sulfate in paints and coatings
as a pigment extender and filler, providing UV resistance and
improved film coverage. Strontium carbonates and strontium salts
find extensive usage in the electrical and electronics industry,
particularly in cathode ray tubes and personal care products. The
pyrotechnic segment, including strontium nitrate, is utilized in
fireworks, flashes, streamers, and theoretical glitter for various
events such as explosions, confetti, and pyrotechnic chemicals for
the pyrotechnic industry, entertainment, sports events, media
events, festivals, and award shows. Strontium's thermodynamic and
mechanical properties make it suitable for applications in
aerospace, ferrite magnets, household appliances, consumer
electronics, telecommunication, and construction sectors. The
global strontium market revenue is influenced by economic growth,
corporate profits, public finances, and household income. However,
governments' stringent regulations on air quality and environmental
concerns may impact the market growth. The Strontium Product
Insights report provides a comprehensive analysis of the market
trends, segmentation, and future outlook. Additionally, strontium
carbonates and strontium chlorates have applications in medical and
dental industries, including the treatment of vertebral
fractures.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Ferrite Ceramic Magnets
- Pyrotechnics
- Medicines And Others
- Type
-
- Strontium Carbonate
- Strontium Nitrate
- Strontium Sulphate
- Others
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/strontium-market-size-is-set-to-grow-by-usd-101-million-from-2024-2028-growing-demand-for-ferrite-magnets-boost-the-market-technavio-302202757.html
SOURCE Technavio