The global strontium market is projected to register a CAGR of *over 5% during the forecast period (2021-2026).
The strontium market is negatively impacted by the COVID-19 pandemic. Strontium is majorly used in paints and coatings production as filler and enhances performance. Affected by COVID the global paints and coatings market in 2020, has declined by 3% in terms of revenue whereas the demand for industrial coatings has fallen by 6.8% compared to 2019. However, with 90 percent of dental practices reopened, dentistry has the fastest growth. Thus, the market has recovered in the second half of 2020.
- Over the short term, the major factor driving the market studied is the growing demand from the paints and coatings segment.
- Furthermore, increasing housing construction activities in emerging economies of Asia-Pacific is expected to drive the demand for the market, during the forecast period.
- Asia-Pacific is likely to dominate the market through the forecast period owing to the growing consumption from the countries such as China, India, and Japan.
Key Market Trends
Paints and Coatings Segment to Dominate the Market
- Strontium is used in the paint and coating industry in the form of Strontium Sulfate. Strontium Sulfate is white, odorless, and non-hazardous, chemically inert powder. it acts as a pigment extender (filler) to enhance powder coatings and liquid paint performance.
- Additionally, it also provides excellent salt, fog, and UV resistance, improved film coverage, excellent mechanical properties, and more. It is used in powder coatings, liquid paints, plastics, etc.
- Paints and coatings are not only used in the interior of the houses to add colors or decorative purposes but also to perform a wide range of functions. Their functions vary depending upon the type of environment and room that they are used in.
- According to Worlds Paint and Coatings Industry Association, in 2020 the global sales volume of paints and coatings stood around USD 167.6 billion. The Paints and Coatings market is expected to project a CAGR of near to 3% by 2026.
- Silver containing and strontium doped plasma sprayed hydroxyapatite coatings pocess aintibactirial charecters. These coatings are used in some types of antimicrobial and antiviral coatings. Due to COVID-19 the antiviral and antimicrobial coatings demand hass skyrocketed in the year 2020. The demand growth is around 4-5 times the demand when compared to the previous year.
- In developing countries, the growth in the construction sector is partly due to the robust economic growth and its positive implications on corporate profits, household income, and the state of public finances.
- All the aforementioned factors, in turn, are projected to significanly impact the market in the coming years.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is the largest market for strontium. In Asia-Pacific China continues to dominate in demand for market studied globally powered with its huge production base for paints and coatings, which has more than 1/3rd of global production share.
- According to European coatings, there are nearly 10,000 coatings manufacturers located in China. The Chinese paints and coatings production has been showing steady growth in recent years.
- Furthermore, in Asia-pacific, China is expected to witness the highest growth in construction activities, followed by India. In China, government spending has been increasing in order to construct affordable housing facilities to cater to the housing demand. In India, the infrastructure sector has become one of the major focus areas for the government.
- China is in the midst of a construction mega-boom. The country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
- Accoridng to IBEF, India is expected to become third largest construction industry by 2022. Hence, all such construction activities and favorable government measures are likely to boost the construction activities in the country, which is further projected to boost the demand for paints and coatings.
- Thus, from the factors mentioned above the consumption of strontium is expected to increase during the forecast period.
The strontium market is highly fragmented in nature. The major players in the market include Solvay, abassco, Hebei Xinji Chemical Group Co., Ltd., Noah Technologies Corporation, ProChem, Inc, and Xiamen Yuxiang Magnetic Materials Technology Co. Ltd, among others.
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