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The strontium market size is projected to increase by USD 101 million, at a Compound Annual Growth Rate (CAGR) of 4.22% between 2023 and 2028. The growth of the market is propelled by the growing demand for ferrite magnets, although its progress is hindered by the availability of substitutes for strontium. Furthermore, there is a notable upward trend in the growing demand from the glass and ceramic industries
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The ferrite ceramic magnets segment is estimated to witness significant growth during the forecast period. Ferrite ceramic magnets are made using a large proportion of ferric oxide blended with small proportions of additional metallic elements such as barium, manganese, strontium, and others. Different ferrites have different compositions, structures, and properties. For instance, barium and strontium ferrites have a hexagonal crystal structure.
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The ferrite ceramic magnets were the largest and were valued at USD 135.82 million in 2018. Based on the magnetic properties of ferrites, they are classified as soft, semi-hard, and hard. Iron oxide and barium or strontium carbonate are used to produce hard ferrite magnets. The cost-effectiveness and versatile properties of ferrite magnets drive their extensive use in diverse applications, including AC commutator motors, permanent magnet DC motors, loudspeakers, hard drives, sensors, anti-lock braking systems (ABS), magnetic shock absorbers, microphones, lifting magnets, and more. Specifically, strontium ferrite finds applications in electronic motors, recording media, magneto-optic media, and the telecommunications and electronics industries. With their widespread utilization across various sectors, the demand for ferrite magnets is poised to witness a significant surge, thereby contributing to the overall market growth during the forecast period.
Based on the type, the market has been segmented into strontium carbonate, strontium nitrate, strontium sulphate and others. The strontium carbonate segment will account for the largest share of this segment.? Increased demand for fireworks during festivals, celebrations or cultural events can contribute to higher demand for strontium carbonate. Strontium carbonate is also used in the electronics industry, particularly in the production of color television cathode ray tubes (CRTs). The growth in construction or infrastructure projects could result in an increased demand for ceramics and paints, subsequently driving demand for strontium carbonate, which is expected to boost the growth of the strontium carbonate segment as well as the global market during the forecast period.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
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APAC witnessed the highest growth rate. China is the major producer of strontium in the world, as it is the major producer and exporter of fireworks. India is a major producer and consumer of fireworks as well. During the festival of Diwali (the festival of lights), the demand for fireworks is high in India. The firecrackers industry in India is the second largest in the world, with an annual turnover of more than USD 924 million. Sivakasi, a city in Tamil Nadu, consists of around 800 fireworks factories. Other than China and India, other APAC countries also lead in fireworks production; hence, the demand for strontium is high in the region.
In addition, the other end-user segments of strontium such as telecommunication and electronics, are also growing at an accelerated rate in the region, owing to new trends and developments such as the introduction of strontium titanate nanoparticles for use in flat panel displays, tunable microwave capacitors, thermistors, varistors, high precision scanning microscopes and other applications leading to increased demand for strontium. Such factors are expected to drive the regional market growth during the forecast period.
Growing demand for ferrite magnets is notably driving the market growth. Ferrite ceramic magnets are widely used in automotive applications, including electric motors, sensors, and various components. The growing trend towards electric vehicles (EVs) and the increasing use of magnets in modern automotive technologies contribute to the demand for ferrite magnets. Moreover, ferrite magnets are used in loudspeakers, refrigerator magnets, electric motors in automotive, security magnets, ABS, various types of sensors, and other applications. The increased need for ferrite magnets in these industries drives the demand for strontium. The versatility, cost-effectiveness, and reliability of ferrite ceramic magnets make them a preferred choice across industries, contributing to their increasing demand, which, in turn, will boost the growth of the market during the forecast period.
Growing demand from glass and ceramic industries is an emerging trend shaping the market growth. The demand for strontium in the glass and ceramics industries is influenced by the unique properties that strontium compounds, particularly strontium carbonate, bring to these materials. Strontium compounds such as strontium carbonate, are known for their ability to modify optical properties in glass. They can improve the refractive index and contribute to the optical clarity of glass products. Strontium compounds can impart unique colors to glass. Strontium carbonate, for example, is used to produce a range of colors, from light yellow to deep red, depending on the concentration and other factors. This makes strontium compounds valuable in the production of colored glass. Thus, the growing demand from glass and ceramic industries is expected to increase the consumption of strontium, which will fuel the market growth analysis of the market during the forecast period.
The availability of substitutes for strontium is a significant challenge hindering the market growth and trends. The substitution of strontium can occur in various industries and applications. Such as electronics chemicals, and glass industries, driven by factors such as cost, availability, technological advancements, and environmental considerations. Potassium compounds such as potassium nitrate can be used as substitutes for strontium compounds in fireworks to achieve red colors. However, phosphorus-based compounds and halogenated flame retardants are commonly used as alternatives to strontium compounds in certain applications. These alternatives are chosen based on their effectiveness and environmental considerations. Thus, the ease of substitutes of strontium compounds may hinder the growth of the market in focus during the forecast period.
Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market research and growth analysis.
American Elements - The company offers strontium such as strontium fluorides for chemical and physical vapor deposition and optical coatings, and strontium oxide for thin film.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including American Elements, Central Drug House Pvt. Ltd., Divjyot Chemicals Pvt. Ltd., Foshan Nanhai Shuangfu Chemical Co. Ltd., Global Calcium Pvt. Ltd., Hunan CHMM Metallurgy Engineering Co. Ltd, Joshi Agrochem Pharma Pvt. Ltd., LONGCHANG CHEMICAL, Marine Chemicals, Otto Chemie Pvt. Ltd., Prakash Brothers, Reade International Corp., Sakai Chemical Industry Co. Ltd., Shandong RIYUSHENG International Trade Co. Ltd, Solvay SA, Suvchem, SUVIDHINATH LABORATORIES, Vizag Chemical International, Yingfengyuan Industrial Group Ltd., and Yogesh Agrawal and Co.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting growth strategies.
Market Customer Landscape
The strontium market finds diverse applications across sectors like marine and defense, with strontium sulfate widely used in the painting industry for its UV resistance and mechanical properties. Developing countries drive demand in the construction and automobile industries, utilizing strontium-based paints and coatings. Its role in the pyrotechnics industry enhances recreational, entertainment, sports, and media events, with strontium chlorates serving as essential pyrotechnic chemicals for colorants and oxidizers. Market segmentation caters to various needs, including applications in televisions, highlighting the versatility and widespread usage of strontium compounds across industries.
Strontium Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.22% |
Market Growth 2024-2028 |
USD 101 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.86 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, India, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Elements, Central Drug House Pvt. Ltd., Divjyot Chemicals Pvt. Ltd., Foshan Nanhai Shuangfu Chemical Co. Ltd., Global Calcium Pvt. Ltd., Hunan CHMM Metallurgy Engineering Co. Ltd, Joshi Agrochem Pharma Pvt. Ltd., LONGCHANG CHEMICAL, Marine Chemicals, Otto Chemie Pvt. Ltd., Prakash Brothers, Reade International Corp., Sakai Chemical Industry Co. Ltd., Shandong RIYUSHENG International Trade Co. Ltd, Solvay SA, Suvchem, SUVIDHINATH LABORATORIES, Vizag Chemical International, Yingfengyuan Industrial Group Ltd., and Yogesh Agrawal and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
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