Strontium Market Size, Share, Growth Analysis, By Product (Strontium Carbonate), By Application (Electrical & Electronics, Paints & Coatings), By Region - Industry Forecast 2024-2031
Shijiazhuang Zhengding JINSHI Chemical Co. Ltd.(China)
Quimica Del Estroncio SA(Spain)
Asia Barium & Strontium Salts Co.(ABASSCO)(China)
Noah Technologies Corporation(United States)
Yuxiang Magnetic Materials Ind. Co., Ltd.(China)
Koninklijke Philips N.V.(Netherlands)
Sakai Chemical Industry Co., Ltd.(Japan)
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Global Strontium Market size was valued at USD 215.6 million in 2022 and is poised to grow from USD 226.4 million in 2023 to USD 334.5 million by 2031, growing at a CAGR of 5% during the forecast period (2024-2031).
The global strontium market has shown robust growth recently, fueled by heightened demand from the electronics, aerospace, and ceramics sectors. Strontium plays a vital role in various applications, including cathode ray tubes (CRTs), pyrotechnics, and glass production. The electronics industry is a primary growth driver, with the rising use of smartphones and tablets spurring demand for strontium compounds in color screens and display panels. Additionally, the aerospace sector's expansion boosts the need for high-performance alloys. However, challenges such as raw material availability, environmental regulation compliance, and the rise of alternative technologies like LED and OLED displays could hinder market growth. Manufacturers face increased costs due to regulatory requirements, while innovations in materials may further impact strontium demand.
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 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.
Global Strontium Market Segmental Analysis
Global Strontium Market is segmented by Product, Application and Region. Based on Product, the market is segmented into Strontium Carbonate, Strontium Sulphate, Strontium Nitrate, Strontium Chlorate, Others. Based on Application, the market is segmented into Electrical and Electronics, Paints and Coatings, Personal Care, Pyrotechnic, Refining and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Global Strontium Market
The global strontium market is significantly influenced by the expansion of the aerospace industry, which relies on strontium for the manufacturing of high-performance alloys and aviation-grade materials. As the aerospace sector continues to grow, propelled by rising air travel, heightened defense expenditures, and ongoing technological innovations, the demand for strontium is expected to rise correspondingly. This upward trend not only underscores the importance of strontium in meeting the industry's rigorous material requirements but also highlights its role in supporting advancements in aerospace technology. Thus, the aerospace industry's expansion is a key driver of the global strontium market.
Restraints in the Global Strontium Market
Strontium market growth faces significant challenges due to the rise of alternative technologies and materials. Innovations such as LED displays, OLED technology, and various alternative alloys are increasingly being adopted, leading to a diminished demand for strontium-based products in specific applications. As industries shift their focus toward these newer, more efficient options, the strontium market may encounter considerable restraints in certain sectors. This transition could hinder the overall expansion and profitability of strontium, as companies seek to integrate state-of-the-art technologies that do not rely on strontium, thereby reshaping the market dynamics and posing obstacles for future growth.
Market Trends of the Global Strontium Market
The global strontium market is witnessing a notable trend driven by the increasing demand for energy storage solutions. Strontium compounds, especially strontium titanate, are gaining traction in the development of advanced energy-storage technologies such as solid-state batteries and supercapacitors. Their unique properties, including high energy density and enhanced performance characteristics, make them ideal candidates for next-generation energy systems. As the push for sustainable energy solutions and efficient energy management intensifies, the application of strontium in these areas is expected to drive market growth, attracting investments and innovation while positioning strontium as a critical material in the renewable energy landscape.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Driver & Opportunities
Restraints & Challenges
Porters Analysis & Impact
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2023
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Technological Advancement
Regulatory Landscape
Case Studies
Patent Analysis
Strontium Market Size by Product & CAGR (2024-2031)
Market Overview
Strontium Carbonate
Strontium Sulphate
Strontium Nitrate
Strontium Chlorate
Others
Strontium Market Size by Application & CAGR (2024-2031)
Market Overview
Electrical and Electronics
Paints and Coatings
Personal Care
Pyrotechnic
Refining
Others
Strontium Market Size & CAGR (2024-2031)
North America, (Product, Application)
US
Canada
Europe, (Product, Application)
UK
Germany
Spain
France
Italy
Rest of Europe
Asia-Pacific, (Product, Application)
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America, (Product, Application)
Brazil
Rest of Latin America
Middle East & Africa (Product, Application)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2023
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2021-2023)
Key Company Profiles
Solvay (Belgium)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
abassco (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Hebei Xinji Chemical Group Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Noah Chemicals (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
ProChem, Inc. (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Barium & Chemicals Inc. (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Chongqing Yuanhe Fine Chemicals Inc. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Fertiberia (Spain)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Joyieng Chemical Limited (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
KBM Affilips (Netherlands)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Nanjing Jinyan Strontium Industry Co. Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
SAKAI CHEMICAL INDUSTRY CO. LTD. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Shenzhou Jiaxin Chemical Co. Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Shijiazhuang Zhengding JINSHI Chemical Co. Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Quimica Del Estroncio SA (Spain)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Asia Barium & Strontium Salts Co. (ABASSCO) (China)