by The global Strontium Nitrate Market is estimated to be valued at US$ 386.3 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Strontium nitrate is an inorganic salt commonly used in fireworks as a source of bright red pyrotechnic color. Being an excellent oxidizing agent and color agent, it enhances the combustion properties of pyrotechnic compositions.
Market key trends:
One of the key trends in the strontium nitrate market is its growing applications in amateur fireworks display. With the rising disposable income of middle-class population globally, the demand for amateur fireworks during festivals and celebrations has increased significantly in recent years. This has propelled the consumption of strontium nitrate as it is widely used to produce the bright red color in amateur fireworks and low-budget fireworks displays. The increasing popularity of fireworks shows among general public during events like Diwali, Independence Day, New Year’s Eve is expected to drive the strontium nitrate market during the forecast period.
Market key trends:
Strontium nitrate is widely used in flares and signal lights used in defense applications due to its good luminous properties. The high demand of strontium nitrate from defense sector is driving the growth of the market. Furthermore, strontium nitrate also acts as an efficient oxidizer for solid propellants used in rockets and missiles. With increasing defense budget of many countries across the globe, the demand for strontium nitrate is expected to grow at a significant rate during the forecast period.
SWOT Analysis
Strength: Soluble in water and compatible with wide range of chemicals. Can act as an efficient oxidizer in propellants and pyrotechnics.
Weakness: Hazardous in nature. Exposure may cause irritation to eyes and skin.
Opportunity: Increasing defense budget of developing nations. Growing research in metal processing applications.
Threats: Stringent regulations regarding use and disposal. Availability of substitute compounds.
Key Takeaways
The global strontium nitrate market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing defense budgets globally. The market size for 2023 is estimated to be US$ 386.3 Mn. Asia Pacific currently dominates the market owing to high demand from countries like China and India.
Regional analysis:
Asia Pacific dominates the global market with over 35% share owing to robust demand from countries like China and India. Rapid expansion of metal processing industries and growing defense expenditure is fueling market growth in the region. Europe and North America also hold significant shares in the overall market and the growth is aided by strong demand from aerospace and defense sectors.
Key players:
Key players operating in the strontium nitrate market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, ABASSCO. These players account for over 60% of the total market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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, chemicals and materials, defense and aerospace, consumer goods, etc.
