Strontium Market Size to grow by USD 101 million between 2024-2028
According to a research report “ Strontium Market” by End-user (Ferrite ceramic magnets, Pyrotechnics, Medicines and others) Type (Strontium carbonate, Strontium nitrate, Strontium sulphate, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 101 million, at a CAGR of 4.22% during the forecast period. In the realm of magnetic materials, ferrite magnets have gained significant traction due to their extensive utilization in various industries. These magnets are prominent in the automotive sector, where they are integral to electric motors, sensors, and numerous components. The surge in electric vehicle (EV) adoption and the incorporation of magnets in advanced automotive technologies are key drivers for the ferrite magnet market. Ferrite magnets are predominantly manufactured using strontium due to environmental and safety concerns surrounding barium and lead. Beyond automotive applications, ferrite magnets find usage in consumer electronics, household appliances, telecommunications, and more. Notably, they are employed in loudspeakers, refrigerator magnets, automotive electric motors, security magnets, anti-lock braking systems (ABS), various sensors, and other applications. The escalating demand for ferrite magnets in these industries propels the need for strontium as a primary raw material..
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By End-user, the Ferrite ceramic magnets segment is projected to dominate the market size in 2024
Ferrite magnets are essential components in various industries due to their unique magnetic properties. These magnets are manufactured using a significant amount of ferric oxide combined with minor proportions of additional elements, including barium, manganese, and strontium. The crystal structure of ferrites varies, with barium and strontium ferrites exhibiting a hexagonal structure. Based on magnetic properties, ferrites are categorized as soft, semi-hard, and hard. Hard ferrite magnets are produced using iron oxide and barium or strontium carbonate. Strontium ferrite, specifically, is a valuable component in small electronic motors, recording media, magneto-optic media, and the telecommunication and electronic industries. Its chemical symbol is SrFe12O19 or SrO6Fe2O3. The superior qualities of ferrite magnets include high magnetic permeability, strong residual magnetic field, high-temperature stability (up to 250 degrees Celsius or 482 degrees Fahrenheit), excellent electric insulation, and corrosion resistance. Due to these superior properties and cost-effectiveness, companies extensively use ferrite magnets in various applications, such as AC commutator motors, permanent magnet DC motors, magnetic catches, loudspeakers, hard drives, sensors, anti-lock braking systems (ABS), magnetic shock absorbers, alternators, microphones and acoustic detectors, plate magnets, lifting magnets, magnetic clamps, and magnetic brakes. Strontium ferrite is particularly crucial in these applications due to its specific magnetic properties.
By Type, Strontium carbonate segment is expected to hold the largest market size for the year 2024
Strontium carbonate is an essential ingredient in the manufacturing of red fireworks, contributing significantly to their vibrant color. The surge in demand for fireworks during festivals, celebrations, or cultural events can lead to increased consumption of strontium carbonate. Beyond fireworks, this compound is also utilized in the electronics industry, specifically in the production of color television cathode ray tubes (CRTs). With the growing trend towards electronic devices and potential technological shifts favoring strontium carbonate usage, demand for this compound is anticipated to rise. Furthermore, strontium carbonate finds applications in the ceramics industry and as a pigment in paints. The expansion of construction and infrastructure projects is likely to boost the demand for ceramics and paints, consequently driving the need for strontium carbonate. This trend is projected to positively impact the growth of the strontium carbonate segment and the global strontium market during the forecast period.
APAC is forecasted to hold the largest market size by region in 2024
The Asia-Pacific (APAC) region, driven primarily by China and India, experiences significant growth in the strontium market due to their dominant roles in the global fireworks industry. China, as the largest producer and exporter of fireworks, utilizes a substantial amount of strontium in manufacturing these products. India, the second-largest consumer and producer, boasts a thriving fireworks industry with an annual turnover exceeding USD924 million, particularly during the festival of Diwali. Sivakasi, a notable city in Tamil Nadu, India, houses approximately 800 fireworks factories, further emphasizing the region's production prowess. Other APAC countries also contribute to the high demand for strontium in the fireworks sector.
The Strontium Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Strontium market is a vibrant and dynamic industry, known for its ability to provide the "theoretical glitter" of various applications. From pyrotechnic products that add a spectacular touch to award shows, festivals, media events, sports events, and recreational shows, to cathode ray tubes and personal care products, strontium compounds have a wide range of uses. Strontium chlorates and strontium carbonate are essential components in the pyrotechnics industry, serving as colorants and oxidizers in pyrotechnic chemicals. The market revenue for strontium products is driven by the demand for pyrotechnics, with the industry projected to grow at a steady pace due to increasing demand for entertainment and recreational shows. Strontium nitrate is another important compound used in the automobile industry as a catalyst in the production of nitrocellulose, while strontium sulfate is used in paints and coatings. The market for strontium products is influenced by various factors, including household income, public finances, and corporate profits. Developing countries are expected to contribute significantly to the growth of the strontium market in the coming years. In summary, the Strontium market is a diverse and growing industry, with applications ranging from pyrotechnics to automobiles and personal care products. The demand for strontium compounds is driven by various factors, including entertainment, industrial applications, and consumer demand. The future looks bright for this market, with continued growth expected in the coming years.
Market Research Overview
The global strontium market is experiencing significant growth due to its diverse applications in various industries. In the dental industry, strontium is used in the production of tooth sensitive paste, providing essential minerals for dental health. In the automotive sector, strontium is used in industrial and decorative coatings for light and commercial vehicles, enhancing their UV resistance and mechanical properties. The construction sector also utilizes strontium in the form of filler and pigment extender in paints and coatings, contributing to economic growth. Strontium is also crucial in the painting industry for its excellent air quality and corrosion resistance. Beyond these industries, strontium is used in the telecommunication, consumer electronics, and household appliances sectors for the production of ferrite magnets, which offer demagnetization resistance and corrosion resistance. Strontium salts, such as strontium carbonates, are used in the aerospace industry for their thermodynamic properties. Moreover, strontium is used in pyrotechnics for its ability to produce vibrant colors, oxidizers, and colorants in fireworks, confetti, and streamers. The pyrotechnic segment accounts for a significant portion of the strontium market revenue. Strontium is also used in the medical and dental industry for the production of strontium salts, which are essential in the treatment of vertebral fractures. In the electrical and electronics industry, strontium chlorates are used in cathode ray tubes. According to Strontium Product Insights, the global strontium market is expected to grow at a CAGR of 5.2% from 2021 to 2028. The market growth is driven by increasing demand from end-user industries, household income, public finances, and corporate profits, particularly in developing countries. However, governments' stringent regulations on the use of strontium in certain applications may pose a challenge to market growth.
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