The global strontium market is extremely consolidated as the top three companies accounted for a combined share of over 60% in 2015, finds Transparency Market Research (TMR). These players are Solvay S.A., Basstech International, and Sakai Chemical Industry Co., Ltd. According to TMR, the market is anticipated to witness moderate to high competition in the coming years. Out of the leading players, Solvay has a fair level of backward integration into the mining of strontium materials, which is one of the key factors intensifying the competition in the market.
Meanwhile, activities in the downstream industry also bear an indirect impact on the market dynamics. Companies such as KBM Affilips B.V. and Yuxiang Magnetic Materials Ind. Co. Ltd. are engaged in the production of strontium compounds and their strategies have a significant bearing on the competitive landscape. The global strontium market was valued at 240.72 kilo tons in 2015. Expanding at 4.91% CAGR from 2016 to 2024, the global strontium market is projected to reach 372.09 kilo tons by the end of the forecast period.
Application of Strontium Ferrite Permanent Magnets to Gain Prominence
The major application segments of the strontium market are ferrite magnets, pyrotechnics, master alloys, medical, zinc refining, and paints and coatings. Of these, Ferrite magnets occupied a major share in the market in 2016 and is expected to maintain its lead throughout the forecast period. The dominance of this segment is mainly attributed to the extensive use of strontium ferrite permanent magnets and their applications across various end-use industries.
Geographically, the combined market for North America and Asia Pacific occupy the major share currently. These regional markets are expected to provide lucrative growth avenues over the forecast period. The North America market for strontium marginally captured a dominant share in 2015 and in the coming years there is a likelihood of the table turning in favor of Asia Pacific.
Numerous Industrial Applications of Strontium and their Compounds Boost Market
The myriad applications of strontium and its compounds are the key factors driving the market. The extensive application of strontium in pyrotechnics and in the production of ceramic ferrite magnets have increasingly boosted the market. The use of strontium carbonates as inexpensive red colorant in fireworks has propelled the demand for strontium. The soaring use of pyrotechnics in producing magnificent fireworks during various festivals is expected to fuel the market. In addition, strontium compounds have a number of applications in diverse areas.
Strontium carbonates have a variety of applications in the electronics and semiconductor industries, as they are preferred in making some superconductors such as bismuth strontium calcium copper oxide (BSCCO). Strontium carbonates are also added to electrolyte solution to facilitate catalysis process in zinc refining. In addition, their extensive use in making ferrite magnets that have further wide applications in various electrical equipment such as motors and generators have catalyzed the strontium market. One of the key factors for the growing popularity of strontium carbonates over other compounds are their natural abundance in the minerals celestite and strontianite in which they are found. Some compounds of strontium are used in the paints and coatings industry owing to their luminescence and anti-corrosive properties.
Strontium Master Alloys to Provide Lucrative Growth Avenues
The imposition of stringent regulations by regional authorities has curbed the display of fireworks, hindering the use of strontium in pyrotechnics. This is likely to hamper the market to an extent. However, the rapidly emerging application of strontium in making a number of master alloys have gained traction with the downstream companies, providing exciting opportunities for manufacturers and producers to capitalize on . Alloys such as aluminum-strontium and aluminum-strontium alloys are increasingly preferred in giving various shapes to metals in metal melting plants. In the coming years, the use for strontium for making master alloys is expected to surge, since these offer better structure control and higher ductility than pure metals.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Strontium Market (Product - Strontium Carbonate, Strontium Nitrate, and Strontium Sulphate; Application - Pyrotechnics, Ferrite Magnets, Master Alloys, Paints and Coatings, Medical, and Zinc Refining) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The global strontium market is segmented based on:
- Strontium Carbonate
- Strontium Nitrate
- Strontium Sulphate
- Ferrite Magnets
- Master Alloys
- Paints & Coatings
- Zinc Refining
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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