by Strontium carbonate is an inorganic compound which has a wide range of applications in various end-use industries. It is commonly used as an additive in glass manufacturing to reduce the coefficient of thermal expansion. Strontium carbonate helps in improving the strength and durability of glass while decreasing the required melting temperature. Besides glass manufacturing, it is also utilized in production of ceramic materials, paints & coatings, polishing powders and spark plugs among others. The global strontium carbonate market is driven by expansion of construction as well as automotive industries where glass and ceramic materials find abundant usage.
The Global strontium carbonate market is estimated to be valued at US$ 228.1 Mn in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the strontium carbonate market are Solvay, Muby Chemicals, American Elements, Celtic Chemicals Ltd., Zaozhuang, Yongli Chemical Co. Ltd., Sakai Chemical Industry Co. Ltd, Shijiazhuang Zhengding., Hebei Xinji Chemical Group Co. Ltd., Jinshi Chemical Co. Ltd., Abassco, Vishnupriya Chemicals, Haihang Industry, CDH Fine Chemical, Wego Chemical Group, Joshi Agrochem Pharma Pvt Ltd., and Ataman Kimya.
The key opportunities in the Strontium Carbonate Market Size And Trends include increasing usage in glass manufacturing for high performance optical glasses as well as growing adoption in ceramics production. Technological advancements are focused on developing purification and processing techniques to produce strontium carbonate of high purity level.
Market Drivers
The main driver for strontium carbonate market is increasing demand from glass industry globally. Glass finds widespread application in construction, automotive, consumer goods and electronics sectors. Strontium when added to glass improves its mechanical and thermal properties. Rising building & construction activities along with automotive manufacturing are propelling the consumption of strontium carbonate. Additionally, expanding ceramics industry where it is used for production of ferrite and dielectric materials also drives its market growth.
Current challenges in Strontium Carbonate Market
The Strontium Carbonate Market Trends is facing several challenges currently due to unstable raw material prices and demand-supply imbalance. The price of raw materials required for producing strontium carbonate such as strontium minerals and carbon dioxide are fluctuating frequently in the international markets. This creates an uncertainty for manufacturers regarding production costs. Additionally, there is a gap between the demand and supply of strontium carbonate globally. The demand is growing steadily from end-use industries but suppliers are facing difficulties in scaling up the production and distribution channels to match the rising needs. This instability in raw material procurement and mismatch in demand-supply dynamics is posing major challenges for the participants in the strontium carbonate market.
SWOT Analysis
Strength: High usage of strontium carbonate in pyrotechnics and fireworks due to its distinctive lighting effect. It has stable chemical properties and compatibility with various reagents.
Weakness: Fluctuating prices of raw materials required for manufacturing. Supply chain disruptions can impact the consistent availability.
Opportunity: Growth in applications across ceramic and glass industries presents new revenue opportunities. Rising use of strontium carbonate in the pharmaceutical industry for bone health supplements.
Threats: Stringent environmental regulations regarding emissions during production. Competition from substitute materials available in the market.
Geographical regions with high market concentration
In terms of value, the Asian region currently holds the major share of over 40% in the global strontium carbonate market. China is the largest producer as well as consumer of strontium carbonate owing to a well-established manufacturing base and high demand from end-use industries locally. Other Asian countries including India, Japan and South Korea also contribute significantly to the Asian market due to a expanding glass, ceramic and electronics sectors. North America is another key geographical region accounting for around 30% value share led by the United States.
Fastest growing geographical region
The Central and South American region is expected to witness the fastest growth in the strontium carbonate market over the forecast period from 2024 to 2031. This is mainly because of high investments towards infrastructural developments, manufacturing capacity expansions and rising standards of living in the emerging economies of Brazil, Mexico, Chile and Argentina. The growth in construction activities involving glass, ceramic and cement applications will propel the demand for strontium carbonate. Additionally, increasing industrialization is also boosting consumption across various end-use sectors in Central and South American countries.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
