North America strontium market is expected to swell at a CAGR exceeding 5% by 2025. The region shall witness moderate gains over the projected timeframe due to declining utilization of CRT’s across electronic industry. This is primarily due to shifting customer preference towards flat screen televisions. Nevertheless, the low cost of CRT tubes may provide a significant upliftment to the strontium market share in the near future.
Sturdy strontium consumption for pyrotechnic maneuvers in Asia Pacific registered the maximum market share i.e. over 35% of the total industry size in 2017. Nations such as China, India, UAE etc. possesses the most no. of festive junctures, owing to which the demand for fireworks and pyrotechnic is very substantial in the region directly enhancing the strontium market during the expected timespan. Moreover, the product finds an extensive application in the electricals and electronic industry due to its thermodynamic and mechanical features. It is generally used in electronics industry for making cathode ray tubes (CRT) that are expended in computer monitors and TV sets as display methods. Additionally, the product’s shift towards the eco-friendly alternatives are further surging the market by the projected period.
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The products widespread application in fireworks incurs strict government regulations to restrict the increasing air pollution. Due to which the strontium market would face some negative pull on the complete product industry size. However, the invention of new compounds such as strontium ranelate will bring new opportunities for the product market as it is beneficial in increasing bone formation and prevent bone loss. These additional benefits of strontium would positively boost the strontium market in the projected timespan.
Strontium carbonate recorded more than 55% of the total industry size in 2017. Strontium carbonate is a tasteless, odorless, white powder used widely in the production of fireworks and flares. Strontium and its compounds emit the red color flame. However, the carbonate salt is mostly preferred due to its minimal cost and hygroscopic feature. It is also used for the production of luminous paints, iridescent glass, refining sugar, etc. that will expand the strontium industry during the projected time period.
Application in electronics & electrical for strontium market registers a CAGR more than 5% by the projected timespan. It is broadly used in electronics industry due to its exceptional thermodynamic and mechanical features. Formerly, 75% of the strontium was utilized in manufacturing CRT tubes to eradicate the x-ray emissions. Although, currently this application is abating due to the innovations in modern display methods. Presently, the highest product application is attributed by the pyrotechnic industry, directly augment the market in the coming years.
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Strontium market is remarkably competitive, with numerous important companies responsible for the total market size. The major players include Prochem Inc., BassTech International, Sakai Chemicals, Solvay etc.
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