Increasing Demand for Strontium in Paints and Coatings Sector to Drive the Market Growth

Introduction

The increasing demand for strontium in the form of strontium sulfate in the painting industry is expected to boost the strontium market'. It is used as a pigment extender or filler for enhancing the performance of liquid paints and powder coatings. Furthermore, it also has amazing mechanical properties and provides UV resistance along with improved film coverage. The rise in construction activities, especially in developing nations due to robust economic growth, will boost this market's growth due to an increased demand for paints and coatings in the interior of the houses to add colors or for decorative purposes. The growth of various other end-user industries will also propel the consumption of paints and coatings, which will further boost the strontium market.

Impact of COVID-19

The coronavirus outbreak is expected to hinder the growth of the global strontium market in the near future. The forced lockdown strategies and less physical movements across the globe are likely to cause supply, demand, and financial shocks for this market. The dependence of this market on various other industries will restrict its growth. Factors such as temporary shutdowns, weak investments, demand fluctuations, and unavailability of raw materials are anticipated to affect the market severely. Furthermore, major breakages in the entire management and supply chain contracts linked to this sector directly or indirectly are also expected to be a restraining factor for the market.

Key Highlights

• The global strontium market is projected to grow rapidly during the forecast period, owing to its wide variety of applications in different industries.
• The strontium carbonate segment is anticipated to hold the largest share due to the increase in demand for fireworks by various countries and an increase in demand in the electronics and medical industry.
• The pyrotechnic segment is anticipated to account for the maximum share owing to the growing demand for fireworks, flashes, theoretical explosions, confetti, streamers, and glitter.
• The broad range of applications of strontium across various industries is expected to boost its market growth.
• The Asia-Pacific is expected to experience a high growth rate in the strontium market due to the rising consumption of strontium and its compounds in electrical and electronics and pyrotechnic industries in this region.

Competitive Players

1. Solvay S.A.
2. Basstech International LLC
3. CanterasIndustriales, S.L.
4. Chemalloy Company, Inc
5. Joyieng Chemical Limited
6. Noah Technologies Corporation
7. Pro Chem, Inc.
8. Química del Estroncio, S.A.
9. Sakai Chemical Industry Co Ltd
10. Shenzhou Jiaxin Chemical Co Ltd

Recent Developments

Recent Developments

• January 2024 - IBA, a global pioneer in particle accelerator technology and the foremost supplier of radiopharmaceutical production solutions worldwide, declared the successful commissioning of the Cyclone 70 system at the iThemba Laboratory for Accelerator-Based Sciences (iThemba LABS) in Cape Town. iThemba LABS, a research facility under the National Research Foundation of South Africa, can commence the transfer of radioisotope production from its current accelerator to the new Cyclone 70 system.
• May 2024 - Using strontium, ICFO researchers in Spain created QUIONE, a novel quantum-gas microscope that allows researchers to study materials at the atomic level and mimic complicated quantum systems. It has already shown phenomena like superfluidity and seeks to address issues beyond the reach of present computing power.

Segmentation

1. By Product
   1. Strontium Carbonate
   2. Strontium Sulfate
   3. Strontium Nitrate
   4. Others
2. By Application
   1. Electrical and Electronics
   2. Pyrotechnic
   3. Medical and Dental
   4. Personal Care
   5. Paints and Coatings
   6. Others