Global demand for strontium is estimated at US$ 229.2 million for 2023. The global strontium market is forecasted to advance at a CAGR of 6% to reach a market valuation of US$ 410.5 million by the end of 2033. The demand for Strontium is influenced by factors such as the global economy, industrial demand, technological advancements, and environmental regulations. In recent years, there has been a growing interest in Strontium due to its potential applications in the field of energy storage and in the development of new types of batteries
Strontium is a naturally occurring chemical found in minerals such as celestine and strontianite. With its high reactivity, strontium is an alkaline earth metal that finds use in various forms and for diverse purposes. Strontium isotopes, which are radioactive elements, can be obtained as by-products of nuclear reactors. These isotopes emit high-energy beta rays, making them valuable for powering space vehicles and remote weather stations by generating electricity.
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Key Takeaways from Market Study
- The global strontium market is estimated to reach US$ 229.2 by the end of 2023.
- Demand for strontium is anticipated to increase at a CAGR of 6% from 2023 to 2033.
- The global market is predicted to reach a valuation of US$ 410.5 million by the end of 2033.
- Demand for strontium in Canada is forecasted to progress at a CAGR of 6% from 2023 to 2033.
- Sales of strontium carbonate are predicted to rise at a substantial CAGR of 8.4% through 2033.
Region wise InsightsAsia-Pacific: The Asia-Pacific region is the largest consumer and producer of strontium. China is the world's largest producer of strontium, followed by India, Japan, and South Korea. The growing demand for strontium in various applications such as pyrotechnics, ferrite magnets, and aluminum alloys is expected to drive the growth of the strontium market in the region. North America: The North American strontium market is expected to grow at a moderate pace due to the increasing demand for strontium in the oil and gas industry. The United States is the largest producer of oil and gas in the world, and the growing exploration and production activities are expected to drive the demand for strontium in the region. Europe: The European strontium market is expected to grow at a steady pace due to the growing demand for strontium in the electronics and medical industries. Germany is the largest producer and consumer of strontium in Europe, followed by the United Kingdom, France, and Italy. Middle East & Africa: The Middle East and Africa strontium market is expected to grow at a moderate pace due to the increasing demand for strontium in the oil and gas industry. The region is a major producer of oil and gas, and the growing exploration and production activities are expected to drive the demand for strontium in the region
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Manufacturers of strontium are making investments in enhancing their supply chain management systems and using cutting-edge delivery services like e-commerce platforms. In order to offer better products, they are obtaining premium raw materials while simultaneously taking precautions to reduce any potential environmental implications.
Important strontium suppliers are actively involved in creating new goods, working together, and establishing partnerships while upholding quality control standards.
For instance :
- Solvay entered into an agreement with Latour Capital on November 23, 2020, through which it sold all its technical-grade strontium and barium operations in Mexico, Spain, and Germany. In addition, Solvay's sodium percarbonate business in Germany was also sold to Latour Capital.
Key Companies Profiled
- Asia Barium & Strontium Salts Co. (ABASSCO)
- Barium & Chemicals, Inc.
- KBM Affilips BV
- Noah Technologies Corporation
- Quimica Del Estroncio SA
- Solvay SA
- Sakai Chemical Industry Co., Ltd.
- Yuxiang Magnetic Materials Ind. Co., Ltd.
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Key Questions CoveredWhat is the size of the global strontium market, and what is its expected growth rate in the coming years? What are the key drivers, challenges, and trends in the strontium market? What are the major applications of strontium, and which application segment is expected to grow the fastest? What are the key geographic markets for strontium, and which region is expected to have the highest growth rate?
Who are the major players operating in the strontium market, and what are their market shares?
Original Source of the original story >> Growing Demand for Strontium Market in Electronics and Medical Industries Propels Global Market