Drastic increase in the number of pyrotechnic activities across the global is one of the leading factors propelling strontium market outlook. Additionally, the chemical compound is being used in several other end-use sectors such as medical & dental, paints & coatings, electrical & electronics, which has invariably augmented the overall strontium market size in the past few years.
Speaking of the product types of strontium, the strontium sulfate is used in the production of ceramic ferrite magnets that are widely used in toys, small motors, and loudspeakers. Due to its inexpensive, permanent, and higher magnetic energy characteristics, strontium ferrite is one of the most important application in moving coil speakers. Reportedly, systems that fit with strontium ferrite are considered to be smaller, lighter, and simpler in most cases as compared to systems with equivalent magnets. Moreover, the usage of strontium sulfate in other electrical appliances is benefiting strontium market share.
U.S. Strontium Market Size, By Application, 2014 - 2025 (USD Million)
In terms of the application landscape of strontium industry, the medical and dental sector has emerged as one of the major growth segments in the past few years. The mineral, in the form of strontium ranelate, is known to increase bone formation and prevent bone loss. It is used to treat postmenopausal women who are suffering from osteoporosis. According to a survey carried out by National Osteoporosis Foundation, out of the 10 million Americans diagnosed with Osteoporosis, about 80% were women.
Other forms of strontium used in the medical and dental sector include strontium chloride hexahydrate that is added to the toothpastes to treat sensitive teeth, radioactive strontium- 89 given by IV during the treatment of prostate and advanced bone cancer and strontium chloride, commonly found in dietary supplements for building bones. These recognized benefits of strontium in the treatment of various ailments is driving the revenue scale of strontium industry.
Although the growth prospects of strontium market appear highly promising, there are a few factors that may hinder the overall product penetration across various geographies in the times to come. Apparently, stringent regulatory guidelines regarding the usage of strontium is one of the major factors that may negatively impact the product demand. For instance, the Supreme Court of India had temporarily banned the sale of firecrackers ahead of Diwali celebrations last year to control increasing levels of pollution, which may have negatively affected the regional strontium industry trends.
In terms of geographical expanse, APAC region seems to be the largest consumer of firecrackers due to the numerous festivals celebrated in different nations. India is the second largest manufacturer of firecrackers in the world after China. Moreover, festivals like Diwali in India, Chinese New Year celebrations and several other festivals in the Asian countries are expanding strontium market size. For the record, strontium nitrate acts as both the oxidizing agent as well as colorant in firecrackers, therefore, the demand for firecrackers is increasing in the region. As per reports, the demand for pyrotechnic operations is expected to drive the strontium market size from pyrotechnic applications, projected to record a CAGR exceeding 6.5% in the forecast timeframe.
In a nutshell, the increasing usage of fireworks around the world during festivals, New Year celebrations, and other events has benefited the product penetration across various nations. Several strontium market players like NOAH Technologies, Sakai Chemical Industry, Prochem Inc. and others are carrying out R&D activities to improve the product portfolio keeping in mind the vital usage of the chemical in various industries.
Furthermore, the demand for strontium is highly strong in the APAC region owing to the increasing R&D activities and usage of the product in the electronic companies. According to a latest research report compiled by Global Market Insights, Inc. strontium market share is projected to surpass USD 650 million by 2025.