Strontium Market: Information by Product (Strontium Carbonate, Strontium Sulfate, Strontium Nitrate, Strontium Chlorates), Application (Electrical & Electronics, Paints & Coatings, Personal Care, Pyrotechnic, Refining), and Region — Global Forecast till 2023
— Market Insights
Strontium, a soft metal with silvery luster is mined from two key ores such as celestine and strontianite. Strontium is also obtained synthetically formed through nuclear reactions, and there are around 16 radioactive isotopes of strontium. Strontium finds its extensive applications in various industries including electrical & electronics, paints & coatings, and personal care. However, paints & coatings are the largest end-user industry of strontium, which drives its market value.
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The increasing use of paints & coatings in industries such as aerospace, automotive, construction, and electronics is a major factor driving the global strontium market. According to a recent research report published by Market Research Future (MRFR), the global Strontium market is expected to witness significant growth by 2023. MRFR also asserts that the market would grow at a substantial CAGR throughout the forecast period (2016-2023).
The market demand is largely influenced by the increasing waterborne recreational activities and global defense expenditure. Furthermore, the growing use of strontium oxide and strontium carbonate as frits in ceramic glazes as a non-toxic alternative to barium and lead is another crucial factor propelling the growth of the market. Besides, increasing uptake of strontium-based glass in cathode ray tube faceplates as it absorbs ultraviolet and x-ray radiation fosters the growth of the market.
On the other hand, stringent regulations regarding controlling mining activities and the reactive nature of strontium would impede the growth of the market during the forecast period. Nevertheless, increasing usages of strontium as a glass modifier in electronic devices to intensify light refraction would support the market growth over the review period.
Global Strontium Market - Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Product: Strontium Sulfate, Strontium Carbonate, Strontium Nitrate, and Strontium Chlorates, among others.
By Application: Electrical & Electronics, Paints & Coatings, Personal Care, Pyrotechnic, and Refining, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Based on application, the market has been segmented into electrical & electronics, paints & coatings, personal care, pyrotechnic, refining, dental care, and others. The paints & coatings segment accounted for a major market share in 2017 on account of the high demand for paints & coatings in major end-use industries such as aerospace, automotive, construction, consumer electronics, marine, and ship-building.
• Solvay SAKAI CHEMICAL INDUSTRY CO.LTD.
• Basstech International
• Canteras Industriales
• QUIMICA DEL ESTRONCIO
• JOYIENG CHEMICAL LIMITED
• SHENZHOU JIAXIN CHEMICAL CO.LTD.
• ProChem Inc.
• Noah Technologies Corporation
The Asia Pacific region leads the global strontium market, heading with the growing paints & coatings industry. A substantially high demand paints & coatings from the burgeoning automotive, packaging and electronics industry is a key factor expected to influence the growth of the market. The high growth of the APAC strontium market can also attribute to the rapid industrialization and urbanization in emerging countries such as India, Japan, China, Thailand, Malaysia, and Singapore. High production and sales in major end-use industries such as construction, automobiles, and electronics led by improving economic conditions in the region drive the regional market growth.
The strontium market in the North American region takes the second-leading position, globally. The high demand for strontium from the paint & coating industry that is witnessing the increasing consumption from the automotive, aerospace, and electronics industries in the region foster the growth in the regional market. Average population growth is witnessed in the region, which is generating demand for new houses and increased supply of consumer durable goods, commutatively resulting in the rising size of the regional market.
The European Strontium market is emerging as a profitable market globally. The increasing rate of production and sales of automotive parts in the Western European countries such as the UK, Germany, France, and Italy would fuel the demand for strontium, increasing the consumption of paints & coatings. The region is expected to grow with a moderate CAGR in terms of volume and a noteworthy CAGR in terms of value through the assessment period, due to developing infrastructures, growing per capita income in the region.
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Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Supply Chain Analysis
4.1.1 Raw Material Suppliers
4.1.4 End User
4.2 Porter’s Five Forces Analysis
4.2.1 Threat Of New Entrants
4.2.2 Bargaining Power Of Buyers
4.2.3 Bargaining Power Of Suppliers
4.2.4 Threat Of Substitutes
4.2.5 Intensity Of Competitive Rivalry
5 Market Dynamics Of Global Strontium Market
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