Strontium Market Analysis

Strontium Market Analysis

Based on the product type, the strontium market is classified into strontium carbonate, strontium sulfate, strontium nitrate, and few other strontium compounds. Strontium carbonate is expected to generate the maximum revenue of over USD 150 million in 2017. It is used as an oxidizer and colorant in fireworks. Oxidizers are one of the raw materials used in fireworks, which are the major contributors toward increasing pollution. The oxidizers feature high levels of oxygen and thus are used to set fire to different mixtures of fireworks.
 

The growing electronics market is also expected to boost the demand for strontium carbonate since it is used widely in making cathode ray tubes for television sets. The product also has widespread usage in medical application for treating osteoporosis and in paints and coatings industry for its property to provide glossy shine and essence to the solutions, that will positively swell the overall strontium market size by 2025.
 

According to applications the product market is categorized into electrical & electronics, pyrotechnic, medical & dental, personal care, paints & coatings, and others. Strontium market for pyrotechnic is expected to grow at a CAGR over 6.5% in the forecast period. Strontium is commonly used as an inexpensive colorant in fireworks. The product and its salts help to emit red color in the flame.
 

Strontium carbonate is generally preferred instead of any other compound owing to its low cost and the fact that it is not hygroscopic. Its ability to neutralize acid is also very helpful in pyrotechnics. Growing demand for firecrackers and pyrotechnic activities during concerts, festivals or any sort of celebrations will inevitably augment the strontium market size in the forecast period. Additionally, it is also widely used in making flares and flare guns that has its applications in defense industry globally.
 

Asia Pacific is generating the maximum revenue over USD 150 million compared to any other region in 2017, driven by gradual rise in consumption of strontium and its compounds in electrical & electronics and pyrotechnic industries in countries including India and China. Asia Pacific is expected to be the largest strontium market owing to the presence of huge  celestine mineral deposits in China.
 

China registered the largest procurement of celestine in the world from its mines which was over 350 kilo tons in 2016. Moreover, increasing use of firecrackers in these countries on festive occasions is a prominent factor towards high regional product demand. In addition, China and India are major producer of fire crackers, which substantially contributes in the regional industry growth directly augmenting the strontium market size by the expected time span.