Among the limited number of companies operating in
the global strontium market, Solvay, Sakai Chemical Industry Co.,
Ltd., and BassTech International held the dominant share of over 60%
in 2015. Among these enterprises, Solvay is backward integrated into
the mining of strontium materials. This has intensified the
prevailing competition among the leading players. As per Transparency
Market Research (TMR), the degree of competition witnessed in the
market is expected to remain from medium to high in the coming years.
Meanwhile, companies such as Yuxiang Magnetic
Materials Ind. Co. Ltd. and KBM Affilips are not directly engaged in
the production of strontium. Instead, their activities are focused on
the manufacturing of products considered in the downstream
application sectors of strontium. “Strategies that these companies
adopt to gain competitive edge have a profound impact on the market
operations,” said a lead TMR analyst. According to TMR, the global
strontium market stood at 240.72 kilo ton in 2015. Exhibiting a CAGR
of 4.91% between 2016 and 2024, the market is forecast to reach
372.09 kilo ton by the end of 2024.
This 170 page report gives readers a
comprehensive overview of the Strontium market. Browse Market
Research Report @
Based on application, the dominance is expected to
remain with ferrite magnets through the forecast period. In 2015,
they constituted the leading share of 32.29% in the market, leaving
other segments including pyrotechnics, master alloys, paints &
coatings, zinc refining, and medical behind. Regionally, North
America and Asia Pacific are competing for the top slot. In 2015,
North America marginally emerged dominant with a share of 29.65% in
the overall market. However, by the end of the forecast period, the
Asia Pacific market has high chances of redeeming itself.
Increasing Use of Strontium across Novel and
Traditional Applications to Boost Growth
Thanks to improved economic conditions among major
nations, industries are willingly investing in strontium carbonate.
Besides novel applications, the use of strontium in traditional
sectors has taken a leap. For instance, the use of strontium
carbonate in glass, ceramics, and pyrotechnics will persist,
alongside sustained demand for application in ferrite magnet.
Considering this, the rising use of pyrotechnics in myriad exhibition
purposes such as flares, fireworks, crackers, and flashpapers will
deem lucrative for the market.
Firework displays are a big thing across various
parts of the world. Be it during festivities, celebrations, or New
Year’s Eve, the demand for fireworks has persisted across the
years. These fireworks include bright colors with red being the
dominant. Strontium compounds are used as red colorant providers,
which enables the strontium market derive prospects from rising sales
of firecrackers worldwide.
Laws Implemented to Limit Use of Fireworks to
Have Negative Impact
On the downside, stringent regulations aimed at
curbing pollution may inhibit the market’s trajectory to an extent.
A major cause of smoke in pyrotechnics and firecrackers is the
colorant. Since strontium is a common compound used in them, effects
of laws enforced to curb or limit their use will inevitably percolate
to the strontium market, limiting increased scope of sales.
Nevertheless, the market is witnessing immense opportunities in the
rising sales of master alloys. They are increasingly employed in
plants that melt metals and alloy with other elements to cast them
into different shapes.
Get accurate market forecast and analysis on
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Master alloys are composed of strontium, which
exhibit properties such as structure control and increased ductility.
As using master alloys has proved more economical and technical than
using pure metals, their demand is poised to surge in the coming
years. With this, companies operating in the global strontium market
will witness considerable opportunities to capitalize on.
The review is based on information published in a
recent TMR study, titled “Strontium Market (Product - Strontium
Carbonate, Strontium Nitrate, and Strontium Sulphate; Application -
Pyrotechnics, Ferrite Magnets, Master Alloys, Paints & Coatings,
Medical, and Zinc Refining) – Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2016 -2024.”
The report segments the strontium market as:
Strontium Market – Product Analysis
- Strontium Carbonate
- Strontium Nitrate
- Strontium Sulphate
- Others
Strontium Market – Application Analysis
- Pyrotechnics
- Ferrite Magnets
- Master Alloys
- Paints & Coatings
- Medical
- Zinc Refining
- Others
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