Strontium Market Size, Share & Trends Analysis Report By Product (Strontium Carbonate, Strontium Sulfate, Strontium Nitrate, Others), By Application (Electrical and Electronics, Pyrotechnic, Medical and Dental, Personal Care, Paints and Coatings, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024 -2032

Market Overview

The global strontium market was valued at USD 120.23 million in 2023. It is expected to reach USD 217.71 million in 2032, growing at a CAGR of 6.83% over the forecast period (2024-32). Strontium is a critical component in the production of strontium ferrite magnets, which are used in various applications, including electric motors, speakers, and magnetic resonance imaging (MRI) equipment. The demand for these magnets is rising due to their use in consumer electronics and automotive industries.

Strontium refers to a soft silver-white yellowish metallic alkaline earth with high chemical reactivity and a tendency to burn in air and reacts with water. It is amongst the most abundant elements found in the earth's crust and is in the fifteenth position. It is attained from two mineral sources, celestine and strontianite, and has properties similar to those of calcium and barium, making it fit to be incorporated into bones.

Strontium finds its applications across various electrical and electronics, medical and dental, pyrotechnic, paints and coatings, personal care, aerospace, automotive, and many others. Strontium carbonates and other strontium salts are used in fireworks to reduce vertebral fractures. It is also broadly used in the electronics industry due to its exceptional thermodynamic and mechanical properties.

Furthermore, having high corrosion resistance, demagnetization resistance, and low cost has helped increase the demand for ferrite magnets, which is positively impacting the growth of the strontium market as it has applications in household appliances, consumer electronics, and telecommunication.

Therefore, due to the wide variety of applications, the global strontium market is expected to grow during the forecast period. However, various governments' stringent regulations across the globe to control emissions for improving the air quality may hamper the growth of this market.

Market Dynamics

Paints and Coatings Sector to Boost the Market

Strontium is used in the form of strontium sulfate in the painting industry. It is white in color, odorless, non-hazardous, and a chemically inert powder. It acts as a pigment extender or filler to enhance the performance of powder coatings and liquid paints. In addition to this, it also provides UV resistance and improved film coverage along with excellent mechanical properties.

Apart from being used in the houses' interior to add colors or for decorative purposes, it also performs a wide range of other functions, which varies depending on the type of environment and room they are used on. Therefore, it has a lot of untapped potential in the developing countries where the construction sector is on a boom due to the robust economic growth and its positive impact on corporate profits, the state of public finances, and household income.

According to the Republic of Turkey - Ministry of Trade, the value of the global paint and coatings industry, which is approximately 40 million tons, was about 100 billion USD in 2019. The decorative coatings formed 44% of the total value, and industrial coatings constituted 56%. Furthermore, due to the growth in various end-user industries like automobiles, across the globe, it is anticipated that the consumption of paints and coating will increase, which will lead to an increase in the demand for strontium.

As per the statistics shared by the International Organization of Motor Vehicle Manufacturers (OICA), a total number of 95,634,593 cars and commercial vehicles across the globe were manufactured in the year 2018. Out of this total number, 21,072,296 units of light commercial vehicles were manufactured worldwide, which is 4.2% more than the year 2017. Increased car production is expected to create greater demand for automotive paints, which will add to paints and coatings market revenue share.

Growth in the Dental Industry to Propel the Demand for Strontium

The strontium market is anticipated to gain demand in the coming years due to the increased usage of strontium in the dental industry to prepare tooth sensitive paste that is a basic necessity for humans and is used daily. It also helps prevent tooth decay, which generates enormous opportunities for this market during the forecast period. Therefore, the growing geriatric population facing dental problems will significantly contribute to the growth of the dental industry.

As per the statistics shared by the Department of Economics and Social Affairs, the United Nations, the total population of the world, accounted to be 7.7 billion in 2019 and is anticipated to reach 11.2 billion by the end of the century. Out of this population, older people account for more than one-fifth of the population in 17 countries, and the department projects that it will reach 155 countries, covering a total of 61% of the world's population, which will drive the growth of the strontium market due to their increased oral health problems.

Regional Analysis

Asia-Pacific to Witness Significant Growth

On the basis of geography, the Strontium market is categorized into North America, Europe, Asia-Pacific, Central and South America and the Caribbean, the Middle East, and Africa.

The Asia-Pacific is anticipated to hold the largest share during the forecast period. The growth can be attributed to a gradual rise in strontium consumption and its compounds in the pyrotechnic and electrical and electronics industries in this region. In addition to this, the presence of huge celestine mineral deposits in China will also contribute to this market's growth.

As per the report shared by China Mineral Resources 2018, there was an increase in 42 kinds of remaining reserves and resources and a decrease in 6 types. The strontium ore had a 2.3% growth from 55156.4 thousand tons of celestite in 2016 to 56440.5 thousand tons in 2017.

Furthermore, the increasing use of firecrackers in these countries on festive occasions, especially in India and China, are the largest producers of fireworks and export to various countries such as the U.S. According to Julie Heckman, executive director of the American Pyrotechnics Association, 99% of the backyard consumer fireworks in the U.S come directly from China, which is also a prime factor contributing to this market's growth in this region.

Various applications of strontium such as in zinc-metal processing, desensitizing toothpaste, tracer bullets, aluminum-parts manufacture, paint pigments, fluorescent lights, aluminum-parts manufacture, optical and piezoelectrical applications, and in analytical laboratories across various growing industries in the Asia-Pacific is expected to increase the demand for strontium in the Asia-Pacific. The paints and coatings sector has been on the rise in this region due to infrastructural development in developing countries.

According to the American Coatings Association, this region consists of 50+ countries, producing the combined coatings of 53% of the volume and 47% of the value of the global coatings industry. Out of these 50 countries, four countries account for greater than 87% of the entire region's total coatings demand in both volume and value which are China (59+% of regional volume; 60+% of regional value), India (18% of regional volume; 12% of regional value), Japan (6% of regional volume; 8% of regional value), and South Korea (4% of regional volume; 6% of regional value). Moreover, APAC's paints and coatings grew from USD 56.2 billion to USD 74.2 billion, representing 18.5 billion liters and 23.7 billion liters between 2013 and 2018.

Segmental Analysis

By Product

The strontium market is categorized into strontium carbonate, strontium sulfate, strontium nitrate, and others based on products. The strontium carbonate segment is anticipated to account for the maximum share during the forecast period due to increased demand for various nations' fireworks. These fireworks use strontium carbonate as an oxidizer and colorant. The oxidizer is used as one of the raw materials and features high oxygen levels and, therefore, is used to set fire to different mixtures of fireworks. Furthermore, the rising electronics market is also expected to fuel the demand for strontium carbonate as it is broadly used in making cathode ray tubes for television sets. In addition to this, strontium carbonate also finds its application in the medical industry for treating osteoporosis and paints and coatings industry for providing glossy shine and essence to the solutions. Therefore, growth in these industries will increase the demand for strontium carbonate.

By Application

On the basis of application, the strontium market is categorized into electrical and electronics, pyrotechnic, medical and dental, personal care, paints and coatings, and others. The pyrotechnic segment is expected to hold the largest share during the forecast period owing to the increasing demand for fireworks, theoretical explosions, flashes, streamers, confetti, and glitter.

Strontium is majorly used as a colorant that is inexpensive in fireworks. It also helps to emit red color in the flame along with its salts. In addition to this, these are widely used in military applications such as explosives and handheld signals as their time delays are reactive devices that burn at a given rate for a predetermined period. Furthermore, an increase in the demand for pyrotechnic activities during festivals, concerts, matches, or any celebration is also anticipated to boost this segment's growth and the overall market.

Impact of covid-19

The impact of COVID-19 has devastating effect across all industry vertical globally. The market of AI chipsets has witnessed declination in growth amid pandemic COVID-19 on account of affected supply chains and limited adoption of AI in various end-user industries in 2020 due to the lockdowns and shifting priorities of different industries. Moreover, many manufacturing company has temporarily stop business operation leading to damage the supply chain and industry. Thus, this leads to delay in adoption of Ai-based hardware and software products. However, Ed-Tech firms have deployed AI tools to enhance online learning and virtual classroom experience for students.

Thus from the above stats, it can say that AI chipsets is expected to witness growth during the forecast period on account of increasing adoption of online learning and virtual classroom adoption among educational institutions.

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.