Global Strontium Market Size, Share, Growth Analysis, By Product (Strontium Carbonate, Strontium Sulfate), By Application(Electrical and Electronics, Medical and Dental) - Industry Forecast 2023-2030

Global Strontium Market size was valued at USD 205.49 million in 2021 and is poised to grow from USD 216.18 million in 2022 to USD 324.30 million by 2030, at a CAGR of 5.20% during the forecast period (2023-2030).

The global strontium market has witnessed substantial growth in recent years, driven by increased demand from the electronics, aerospace, and ceramics sectors. Strontium, a versatile chemical element, finds applications in CRTs, fireworks, pyrotechnics, and glass production. Notably, the burgeoning electronics industry, marked by the popularity of smartphones, tablets, and electronic devices, has led to a heightened need for strontium compounds, especially in color television screens and display panels. Similarly, the aerospace industry's expansion has boosted demand for strontium in high-performance alloys and aviation-grade materials. However, the market faces challenges related to raw material sourcing, as strontium primarily comes from mining operations, making it susceptible to disruptions or limited access to high-grade strontium ores. Moreover, environmental regulations and safety concerns present additional obstacles, given the toxic and hazardous nature of strontium compounds when mishandled.

Top-down and bottom-up approaches were used to estimate and validate the size of the global strontium market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global Strontium Market is segmented on the basis of product, application, and region. By product, the market is segmented into Strontium Carbonate, Strontium Sulfate, Strontium Nitrate, and Other Products. By application, the market is segmented into Electrical and Electronics, Medical and Dental, Paints and Coatings, Personal Care, Pyrotechnics, and Other Applications. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers:

Expansion in the Aerospace Industry

The rising demand for strontium in the aerospace sector is fueled by the industry's need for high-performance alloys and aviation-grade materials, which are essential components of modern aircraft. This demand is a direct result of the aerospace industry's expansion, driven by factors such as increased air travel, defense investments, and technological progress.

Rising Demand in the Ceramics and Glass Industry

Strontium compounds play a vital role in the ceramics and glass industry, with their demand propelled by the expanding construction sector and the rising utilization of ceramics and glass in diverse applications, including tiles, tableware, and decorative glass.

Restraints

Emergence of Alternative Technologies

The adoption of alternative technologies like LED displays, OLED technology, and different alloys is diminishing the demand for strontium-based products in specific applications, posing challenges to the strontium market's growth in certain sectors.

Fluctuating Prices of Strontium Ores

Strontium ore prices are susceptible to variations influenced by supply and demand trends, geopolitical circumstances, and prevailing market conditions. The resulting price volatility can affect the profitability of strontium producers and introduce instability into the market.

Market Trends:

Strontium compounds, notably strontium titanate, are gaining traction in the field of energy storage, with a focus on solid-state batteries and supercapacitors due to their potential for enhanced energy density and improved performance. Simultaneously, strontium-based medical treatments, like strontium ranelate, are the subject of ongoing research and clinical trials, as they hold promise for treating bone-related ailments such as osteoporosis, necessitating a deeper exploration of their effectiveness and safety.