Market Size of Strontium Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 100 Million |
| Market Size (2029) | USD 150 Million |
| CAGR (2024 - 2029) | 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Strontium Market Analysis
The Strontium Market size is estimated at USD 100 million in 2024, and is expected to reach USD 150 million by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the strontium market. The pandemic disrupted strontium mining, processing, and transportation activities, affecting the availability of strontium raw materials and intermediate products. However, as lockdowns were lifted, economic activities gradually resumed across industries, including automotive and electronics, which are significant consumers of strontium-based products. The market recovery was driven by increased demand for goods, which led to a rise in strontium-content products.
- The factors that are expected to drive the strontium market are the rising demand for strontium from paints and coatings and the increasing demand for strontium from construction activities in developing countries.
- On the flip side, the risk of explosion and fire hazards that are associated with strontium is expected to hinder the growth of the market.
- It is expected that strontium nitrate will be used majorly in the chemical, marine, and defense industries. The increasing usage in the medical field is expected to provide lucrative opportunities for the market players.
- Due to increasing consumption in countries such as China, India, and Japan, the Asia-Pacific is expected to maintain its dominance of the market during the forecast period.
Strontium Industry Segmentation
Strontium is a soft, silvery-white alkaline earth metal that is found naturally in minerals such as celestine and strontianite. Strontium is chemically similar to calcium and shares many of its biological roles. It has various industrial applications, including its use in the production of cathode ray tubes that is used for TVs and computer monitors, pyrotechnics for creating red flemes in fireworks, medical treatment for osteoporosis, and corrosion inhibitors.
The strontium market is segmented by product, application, and geography. By product, the market is segmented into strontium carbonate, strontium sulfate, strontium nitrate, and other products (strontium hydroxide). In terms of application, the market is segmented into electrical and electronics, medical and dental, paints and coatings, personal care, pyrotechnic, and other applications (glass and ceramics). The report covers production analysis for the strontium market in six countries. The report also covers the market size and forecasts for the strontium market in 27 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD).
| By Product | |
| Strontium Carbonate | |
| Strontium Sulfate | |
| Strontium Nitrate | |
| Other Products (Strontium Hydroxide) |
| By Application | |
| Electrical and electronics | |
| Medical and Dental | |
| Paints and Coatings | |
| Personal Care | |
| Pyrotechnic | |
| Other Applications (Glass and Ceramics) |
| By Geography | ||||||||||||||||||||||||||||||||||||||||||||
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Strontium Market Size Summary
The strontium market is poised for growth, driven by increasing demand from sectors such as paints, coatings, and construction, particularly in developing countries. The market experienced setbacks due to the COVID-19 pandemic, which disrupted mining and processing activities, but has since rebounded as economic activities resumed. The Asia-Pacific region is expected to maintain its dominance, fueled by rising consumption in countries like China, India, and Japan. Strontium sulfate, in particular, is gaining traction in the paint and coating industry due to its properties that enhance the performance of coatings. The market's expansion is also supported by the growing use of strontium nitrate in the chemical, marine, and defense industries, alongside emerging opportunities in the medical field.
Despite its growth prospects, the strontium market faces challenges, including safety concerns related to explosion and fire hazards. The market is characterized by its fragmented nature, with key players such as Solvay, Abassco, and Hebei Xinji Chemical Group Co. Ltd. actively participating. The construction boom in China and India, supported by government initiatives, is expected to drive further demand for strontium-containing products. Additionally, the global paints and coatings industry, particularly in Europe and the United States, is anticipated to contribute to the market's growth, as investments in various sectors increase the demand for these products.
Strontium Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increased Demand from the Paints and Coatings Segment
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1.1.2 Increasing Construction Activities in Emerging Economies of Asia-Pacific
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1.2 Restraints
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1.2.1 Risk of Explosion and Fire Hazards Associated with Strontium
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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1.5 Price trends
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 By Product
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2.1.1 Strontium Carbonate
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2.1.2 Strontium Sulfate
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2.1.3 Strontium Nitrate
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2.1.4 Other Products (Strontium Hydroxide)
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2.2 By Application
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2.2.1 Electrical and electronics
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2.2.2 Medical and Dental
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2.2.3 Paints and Coatings
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2.2.4 Personal Care
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2.2.5 Pyrotechnic
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2.2.6 Other Applications (Glass and Ceramics)
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2.3 By Geography
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2.3.1 Production Analysis
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2.3.1.1 China
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2.3.1.2 Spain
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2.3.1.3 Turkey
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2.3.1.4 Mexico
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2.3.1.5 Iran
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2.3.1.6 Argentina
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2.3.1.7 Rest of the World
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2.3.2 By Consumption Analysis
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2.3.2.1 Asia-Pacific
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2.3.2.1.1 China
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2.3.2.1.2 India
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2.3.2.1.3 Japan
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2.3.2.1.4 South Korea
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2.3.2.1.5 Thailand
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2.3.2.1.6 Malaysia
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2.3.2.1.7 Indonesia
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2.3.2.1.8 Vietnam
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2.3.2.1.9 Rest of Asia-Pacific
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2.3.2.2 North America
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2.3.2.2.1 United States
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2.3.2.2.2 Canada
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2.3.2.2.3 Mexico
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2.3.2.3 Europe
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2.3.2.3.1 Germany
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2.3.2.3.2 United Kingdom
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2.3.2.3.3 Italy
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2.3.2.3.4 France
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2.3.2.3.5 Spain
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2.3.2.3.6 Turkey
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2.3.2.3.7 Russia
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2.3.2.3.8 NORDIC
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2.3.2.3.9 Rest of Europe
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2.3.2.4 South America
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2.3.2.4.1 Brazil
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2.3.2.4.2 Argentina
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2.3.2.4.3 Colombia
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2.3.2.4.4 Rest of South America
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2.3.2.5 Middle East and Africa
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2.3.2.5.1 Saudi Arabia
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2.3.2.5.2 South Africa
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2.3.2.5.3 Nigeria
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2.3.2.5.4 Egypt
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2.3.2.5.5 Qatar
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2.3.2.5.6 United Arab Emirates
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2.3.2.5.7 Rest of Middle East and Africa
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Strontium Market Size FAQs
How big is the Strontium Market?
The Strontium Market size is expected to reach USD 100 million in 2024 and grow at a CAGR of greater than 3% to reach USD 150 million by 2029.
What is the current Strontium Market size?
In 2024, the Strontium Market size is expected to reach USD 100 million.
