Strontium Producers Collaborate to Develop Sustainable Mining Practices
Global demand for strontium is estimated at US$ 229.2 million for 2023. The global strontium market is forecasted to advance at a CAGR of 6% to reach a market valuation of US$ 410.5 million by the end of 2033. Strontium is a chemical element that is commonly used in a variety of applications, including pyrotechnics, ferrite magnets, and medical imaging. The demand for strontium is largely driven by the production of fireworks and flares, as strontium salts are used to produce a red color flame. The global strontium market is expected to grow at a moderate rate over the next few years, driven by the increasing demand from end-use industries. The market is highly competitive, with several players operating in the industry. China is the largest producer of strontium, followed by Mexico and Spain
The price of strontium can be influenced by various factors, such as supply and demand, production costs, and geopolitical factors. It is worth noting that the market for strontium is relatively small compared to other metals, and as such, it can be subject to volatility.
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Key Takeaways from Market Study
- The global strontium market is estimated to reach US$ 229.2 by the end of 2023.
- Demand for strontium is anticipated to increase at a CAGR of 6% from 2023 to 2033.
- The global market is predicted to reach a valuation of US$ 410.5 million by the end of 2033.
- Demand for strontium in Canada is forecasted to progress at a CAGR of 6% from 2023 to 2033.
- Sales of strontium carbonate are predicted to rise at a substantial CAGR of 8.4% through 2033.
Regional Analysis
The strontium market is geographically diverse, with key regions including Asia Pacific, Europe, North America, and Latin America. Asia Pacific is the largest market for strontium, driven by the high demand for pyrotechnics and other applications. China is the leading producer and consumer of strontium in the region, accounting for a significant share of the global market. Other key countries in the region include India, Japan, and South Korea, which also have a significant presence in the strontium market.
Europe is also a significant market for strontium, driven by the demand for ferrite magnets and other applications. Germany is a major producer and consumer of strontium in the region, followed by France, Spain, and Italy. North America is another important market for strontium, with the United States being the largest producer and consumer of the element in the region. Latin America has a relatively small market for strontium, with Mexico being the key producer and consumer of the element in the region. Overall, the strontium market is characterized by a diverse geographic distribution, with different regions having their own unique drivers and challenges
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Competitive Landscape
Manufacturers of strontium are making investments in enhancing their supply chain management systems and using cutting-edge delivery services like e-commerce platforms. In order to offer better products, they are obtaining premium raw materials while simultaneously taking precautions to reduce any potential environmental implications.
Important strontium suppliers are actively involved in creating new goods, working together, and establishing partnerships while upholding quality control standards.
For instance :
- Solvay entered into an agreement with Latour Capital on November 23, 2020, through which it sold all its technical-grade strontium and barium operations in Mexico, Spain, and Germany. In addition, Solvay’s sodium percarbonate business in Germany was also sold to Latour Capital.
Key Companies Profiled
- Asia Barium & Strontium Salts Co. (ABASSCO)
- Barium & Chemicals, Inc.
- KBM Affilips BV
- Noah Technologies Corporation
- Quimica Del Estroncio SA
- Solvay SA
- Sakai Chemical Industry Co., Ltd.
- Yuxiang Magnetic Materials Ind. Co., Ltd.
Segmentation of Strontium Industry Research
- By Type :
- Carbonate
- Sulfate
- Nitrate
- Others
- By Application :
- Electrical & Electronics
- Medical & Dental
- Pyrotechnics
- Personal Care
- Paints & Coatings
- Others
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Key Questions Covered
- What are the key applications and uses of strontium, and what is driving demand in the market?
- Who are the major players in the strontium market, and what are their strategies for growth and differentiation?
- What are the major factors influencing the price and supply of strontium, and how do these factors vary across different regions?
- What are the regulatory and environmental considerations related to the production and use of strontium, and how are these affecting the market?
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