The vendor landscape in the global strontium market is marked by the presence
of a limited number of companies. Among these, Sakai Chemical Industry Co.,
Ltd., Solvay, and BassTech International accounted for the dominant share of
60% in the global market in 2015, finds Transparency Market Research (TMR) in a
new study. Of these companies, Solvay holds advantage as it is engaged in
mining strontium materials. This has made the prevailing competition fiercer.
TMR predicts medium to high degree of competition in the global strontium
market. Meanwhile, the market exhibits the presence of companies such as KBM
Affilips and Yuxiang Magnetic Materials Ind. Co. Ltd. who are not directly
engaged in the production of strontium. They are primarily engaged in
manufacturing products used in downstream application sectors.
“Strategies adopted by these companies have a profound impact on the
overall strontium market,” said a lead TMR analyst. TMR pegged the global
market at 240.72 kilo ton in 2015. The market is expected to reach 372.09 kilo
ton by the end of 2024, reporting a CAGR of 4.91% from 2016 and 2024. Among key
application segments, ferrite magnets are likely to hold dominance through the
forecast period. The segment held nearly 32.29% of the global market surpassing
other segments including master alloys, zinc refining, paints and coatings,
medical, and pyrotechnics. Regionally, Asia Pacific and North America are
leading candidates for the top spot. While North America emerged dominant in
2015 with a share of over 29% in the global market, Asia Pacific, as per TMR,
is likely to redeem itself.
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Advent of Novel Applications and Increasing Use in
Traditional Sectors to Boost Growth
The improving economic conditions across nations has greatly benefited
the global strontium market. Economic rebound in developed economies and growth
in emerging nations have made industries across the globe more willing to
invest in strontium carbonate. Besides this, the market is forecast to benefit
from novel applications. In addition to this, the persistently rising use of
strontium in traditional areas will bode well for the global strontium market.
As per TMR, the increasing use of pyrotechnics in firecrackers, flashpapers,
flares, and crackers will boost sales prospects for the market. Firecracker
displays during events across various parts of the world will therefore fuel
the demand for strontium.
Stringent Regulations Limiting Unbridled Use of
Firecrackers to Restrain Growth
On the downside, various countries have implemented stringent
regulations to curb pollution. Some of these regulations also inhibit the use
of firecrackers. Since strontium is a commonly used compound in firecrackers,
regulations imposed to limit their use will have a negative impact on the
overall strontium market. Nonetheless, the market is expected to gain from the
increasing sales of master alloys in the coming years. The rising use of master
alloys in plants where metals and alloys are melt to cast the, into various
shapes will therefore boost growth prospects for the market.
Master alloys are made of strontium, which offers increased ductility
and excellent structure control. Because using master alloys can prove
economical than pure metals their demand is expected to surge in the coming
years. This will in turn fuel the demand for strontium in the forthcoming
years.
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This review is based on a TMR report, titled “Strontium Market
(Product - Strontium Carbonate, Strontium Nitrate, and Strontium Sulphate;
Application - Pyrotechnics, Ferrite Magnets, Master Alloys, Paints &
Coatings, Medical, and Zinc Refining) - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 – 2024.”
The report segments the global strontium market as:
Strontium Market – Product Analysis
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Strontium Market – Application Analysis
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Strontium Market – Regional Analysis
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