Market Trends of Strontium Industry
Paints and Coatings Segment to Dominate the Market
- Strontium sulfate is used in the paint and coating industry as strontium sulfate. Strontium sulfate is a white, odorless, and unhazardous chemical inert powder. It improves the performance of liquid paint and powder coatings by acting as a pigment extender (filler).
- In addition, it provides higher film coverage, more extraordinary mechanical properties, and excellent performance in the areas of salt, fog, or UV resistance. It's mainly used in plastics, liquid paints, powder coats, and so on.
- According to the estimate released by the American Coatings Association in August 2023, the market value of paints and coatings in the United States was USD 31.85 billion in 2022 and USD 33.55 billion in 2023. This value is expected to reach USD 35.72 billion in 2024.
- The volume of paint and coating production in the United States reached about 1.31 billion gallons in 2023, according to an annual report from the American Coatings Association. It is forecasted that the industry's production will surpass 1.34 billion gallons in 2024.
- Europe is home to a multitude of large painting companies, with its four largest mainland economies: Germany, France, Italy, and Spain. Germany is a significant provider and market of paints and coatings in Europe. It is home to over 300 production companies in the field of paint, varnish, and printer ink.
- Some of the key firms in the paints and coatings sector included in the World's Paints and Coatings Association (WPCIA) report are Sherwin Williams, PPG Industries Inc., Akzo Nobel NV, and Nippon Paint Holdings Co. Ltd.
- This will make it possible to invest more money in different sectors, which will increase demand for paints and coatings from all over the world and help the strontium market.
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Asia-Pacific Region to Dominate the Market
- Due to the production and consumption of a wide range of end products made from strontium, including paints and coatings, cosmetics, electrical and electronic equipment, and others, the Asia Pacific region is the most critical market for strontium.
- According to the report published by the Department of Commerce (India), Department for Promotion of Industry and Internal Trade (India), in fiscal year 2022, the trade value of India's paint sector was over INR 60 billion. The value of exported paint and associated products in the country stood at around INR 22.96 billion, compared to more than INR 37.7 billion for imports.
- In addition, Asia-Pacific is likely to grow fastest in Chinese construction, followed by India. In order to meet the increasing demand for housing, the Chinese government has provided more funds so that affordable houses can be built. The infrastructure sector has become one of the main focus areas of the government in India.
- The Chinese building and construction industry is expanding at a rapid pace. Construction output in China was estimated to be worth about CNY 31.2 trillion (USD 4.31 trillion) at the end of 2022, reaching CNY 31.59 trillion by 2023 (USD 4.37 trillion), according to an estimate released by the Chinese National Statistics Office.
- The number of building projects in this country is expected to increase due to all these construction activities and government measures, which are expected to lead to a higher demand for paints and varnishes.
- The demand for strontium is also expected to increase over the next five years, as many industries in Asia-Pacific are looking for growth.
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