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Strontium Market Size (2024 - 2029)

The strontium market is projected to experience growth over the forecast period, driven by increasing demand from sectors such as paints, coatings, and construction in developing regions. Despite challenges posed by the COVID-19 pandemic, which disrupted supply chains, the market is recovering as economic activities resume. The Asia-Pacific region is anticipated to maintain its leading position in the market due to rising consumption in countries like China, India, and Japan. However, safety concerns related to strontium pose potential obstacles to market expansion. Opportunities are also emerging in the medical field, alongside significant applications in the chemical, marine, and defense industries.

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Market Size of Strontium Industry

Strontium Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 100 Million
Market Size (2029) USD 150 Million
CAGR (2024 - 2029) > 3.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Strontium Market Major Players

*Disclaimer: Major Players sorted in no particular order

Strontium Market Analysis

The Strontium Market size is estimated at USD 100 million in 2024, and is expected to reach USD 150 million by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the strontium market. The pandemic disrupted strontium mining, processing, and transportation activities, affecting the availability of strontium raw materials and intermediate products. However, as lockdowns were lifted, economic activities gradually resumed across industries, including automotive and electronics, which are significant consumers of strontium-based products. The market recovery was driven by increased demand for goods, which led to a rise in strontium-content products.

  • The factors that are expected to drive the strontium market are the rising demand for strontium from paints and coatings and the increasing demand for strontium from construction activities in developing countries.
  • On the flip side, the risk of explosion and fire hazards that are associated with strontium is expected to hinder the growth of the market.
  • It is expected that strontium nitrate will be used majorly in the chemical, marine, and defense industries. The increasing usage in the medical field is expected to provide lucrative opportunities for the market players.
  • Due to increasing consumption in countries such as China, India, and Japan, the Asia-Pacific is expected to maintain its dominance of the market during the forecast period.

Strontium Industry Segmentation

Strontium is a soft, silvery-white alkaline earth metal that is found naturally in minerals such as celestine and strontianite. Strontium is chemically similar to calcium and shares many of its biological roles. It has various industrial applications, including its use in the production of cathode ray tubes that is used for TVs and computer monitors, pyrotechnics for creating red flemes in fireworks, medical treatment for osteoporosis, and corrosion inhibitors.

The strontium market is segmented by product, application, and geography. By product, the market is segmented into strontium carbonate, strontium sulfate, strontium nitrate, and other products (strontium hydroxide). In terms of application, the market is segmented into electrical and electronics, medical and dental, paints and coatings, personal care, pyrotechnic, and other applications (glass and ceramics). The report covers production analysis for the strontium market in six countries. The report also covers the market size and forecasts for the strontium market in 27 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD).

By Product
Strontium Carbonate
Strontium Sulfate
Strontium Nitrate
Other Products (Strontium Hydroxide)
By Application
Electrical and electronics
Medical and Dental
Paints and Coatings
Personal Care
Pyrotechnic
Other Applications (Glass and Ceramics)
By Geography
Production Analysis
China
Spain
Turkey
Mexico
Iran
Argentina
Rest of the World
By Consumption Analysis
Asia-Pacific
China
India
Japan
South Korea
Thailand
Malaysia
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
Turkey
Russia
NORDIC
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Egypt
Qatar
United Arab Emirates
Rest of Middle East and Africa
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Strontium Market Size Summary

The strontium market is poised for growth, driven by increasing demand from sectors such as paints, coatings, and construction, particularly in developing countries. The market experienced setbacks due to the COVID-19 pandemic, which disrupted mining and processing activities, but has since rebounded as economic activities resumed. The Asia-Pacific region is expected to maintain its dominance, fueled by rising consumption in countries like China, India, and Japan. Strontium sulfate, in particular, is gaining traction in the paint and coating industry due to its properties that enhance the performance of coatings. The market's expansion is also supported by the growing use of strontium nitrate in the chemical, marine, and defense industries, alongside emerging opportunities in the medical field.

Despite its growth prospects, the strontium market faces challenges, including safety concerns related to explosion and fire hazards. The market is characterized by its fragmented nature, with key players such as Solvay, Abassco, and Hebei Xinji Chemical Group Co. Ltd. actively participating. The construction boom in China and India, supported by government initiatives, is expected to drive further demand for strontium-containing products. Additionally, the global paints and coatings industry, particularly in Europe and the United States, is anticipated to contribute to the market's growth, as investments in various sectors increase the demand for these products.

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Strontium Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increased Demand from the Paints and Coatings Segment

      2. 1.1.2 Increasing Construction Activities in Emerging Economies of Asia-Pacific

    2. 1.2 Restraints

      1. 1.2.1 Risk of Explosion and Fire Hazards Associated with Strontium

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Price trends

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Product

      1. 2.1.1 Strontium Carbonate

      2. 2.1.2 Strontium Sulfate

      3. 2.1.3 Strontium Nitrate

      4. 2.1.4 Other Products (Strontium Hydroxide)

    2. 2.2 By Application

      1. 2.2.1 Electrical and electronics

      2. 2.2.2 Medical and Dental

      3. 2.2.3 Paints and Coatings

      4. 2.2.4 Personal Care

      5. 2.2.5 Pyrotechnic

      6. 2.2.6 Other Applications (Glass and Ceramics)

    3. 2.3 By Geography

      1. 2.3.1 Production Analysis

        1. 2.3.1.1 China

        2. 2.3.1.2 Spain

        3. 2.3.1.3 Turkey

        4. 2.3.1.4 Mexico

        5. 2.3.1.5 Iran

        6. 2.3.1.6 Argentina

        7. 2.3.1.7 Rest of the World

      2. 2.3.2 By Consumption Analysis

        1. 2.3.2.1 Asia-Pacific

          1. 2.3.2.1.1 China

          2. 2.3.2.1.2 India

          3. 2.3.2.1.3 Japan

          4. 2.3.2.1.4 South Korea

          5. 2.3.2.1.5 Thailand

          6. 2.3.2.1.6 Malaysia

          7. 2.3.2.1.7 Indonesia

          8. 2.3.2.1.8 Vietnam

          9. 2.3.2.1.9 Rest of Asia-Pacific

        2. 2.3.2.2 North America

          1. 2.3.2.2.1 United States

          2. 2.3.2.2.2 Canada

          3. 2.3.2.2.3 Mexico

        3. 2.3.2.3 Europe

          1. 2.3.2.3.1 Germany

          2. 2.3.2.3.2 United Kingdom

          3. 2.3.2.3.3 Italy

          4. 2.3.2.3.4 France

          5. 2.3.2.3.5 Spain

          6. 2.3.2.3.6 Turkey

          7. 2.3.2.3.7 Russia

          8. 2.3.2.3.8 NORDIC

          9. 2.3.2.3.9 Rest of Europe

        4. 2.3.2.4 South America

          1. 2.3.2.4.1 Brazil

          2. 2.3.2.4.2 Argentina

          3. 2.3.2.4.3 Colombia

          4. 2.3.2.4.4 Rest of South America

        5. 2.3.2.5 Middle East and Africa

          1. 2.3.2.5.1 Saudi Arabia

          2. 2.3.2.5.2 South Africa

          3. 2.3.2.5.3 Nigeria

          4. 2.3.2.5.4 Egypt

          5. 2.3.2.5.5 Qatar

          6. 2.3.2.5.6 United Arab Emirates

          7. 2.3.2.5.7 Rest of Middle East and Africa

Strontium Market Size FAQs

The Strontium Market size is expected to reach USD 100 million in 2024 and grow at a CAGR of greater than 3% to reach USD 150 million by 2029.

In 2024, the Strontium Market size is expected to reach USD 100 million.

Strontium Market Report Snapshots

Strontium Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)