The Global "Strontium Carbonate Market" is expected to grow at a high CAGR of 6.1% during the forecasting period (2022-2029).
Strontium carbonate is a fine white powder and possesses unique physical properties similar to calcium carbonate. These chemicals are widely used in displaying glass, other glasses, and ferrite production for permanent magnets. Strontium carbonate is extensively used in fireworks production compared with other strontium salts due to its inexpensive cost and nonhygroscopic property. Increasing production of electronic displays associated with increased consumption of strontium carbonate in these displays is a primary factor driving the global strontium carbonate market.
Increasing consumption of strontium carbonate in the production of radiation-free glasses and displays due to its inexpensive nature is the primary factor driving the global strontium carbonate market. Growing usage of strontium carbonate in drugs for treating various medical diseases includes schizophrenia, arthrosis, and cerebral sclerosis. Furthermore, increasing electronic devices' production is expected to boost the demand for superconductors and strontium carbonate during the forecast period. Strontium carbonate is used in the production of various supercapacitors such as BSSCO as a coating agent. Increasing global demand for supercapacitors through its various end-user applications such as linear motor cars, MRI scanners, the transformer is further expected to boost the market for strontium carbonate globally during the forecast period.
However, depleting production of cathode ray tubes and the availability of alternatives for strontium carbonate are the major factors hindering the growth of the strontium carbonate market globally.
The global strontium carbonate market is segmented based on applications into ferrite magnets, cathode ray tubes, medical, paints & coatings, etc.
Ferrite magnets are expected to dominate the global strontium carbonate market due to extensive usage of strontium carbonate in hard ferrite magnets' production due to their cost-effective nature. The 10% strontium carbonate by weight is used as a key raw material in producing hard ferrite magnets. Hard ferrite magnets are cost-effective and widely used in the production of permanent magnets. These hard ferrite magnets are extensively used in DC Motors production, magnetic separators, magnetic resonance imaging, and automotive sensors. Additionally, increasing production of respective individual electronic components through hard ferrite magnets globally is further expected to boost the ferrite magnets segment in the global strontium carbonate market globally during the forecast period.
By region, the global strontium carbonate market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.
Asia Pacific strontium carbonate market is expected to grow at a higher pace during the forecast period due to high industrial communities producing various supercapacitors, displays and other medical therapeutics through strontium carbonate. Increasing fireworks and other displaying equipment through strontium carbonate in Asia-Pacific countries to cater to the global demand are primary factors driving the Asia-Pacific strontium carbonate market. The lack of abundant resources led Asian countries to depend on the import of strontium carbonate from European countries. According to OEC, the annual imports of strontium carbonate from South Korea increased from USD 9.9 million in 2016 to USD 10.4 million in 2017. Out of which, Mexico from Germany followed 78% of imports in 2017 with 11%.
The global strontium carbonate market is moderately consolidated, with the top 3-4 companies occupying significant market share globally and having many regional players located in china.
The key strategies adopted by the prominent players in the global strontium carbonate market include new product developments with advanced technologies catering to specific technological demands from optical industries.
For instance, in May 2015, Ube Industries Ltd. developed high-dispersion strontium carbonate nanoparticles for optical applications.
Some of the key players in the global strontium carbonate market include Solvay S.A. Merck KGaA, Alfa Aesar, Thermo Fisher Scientific, ProChem, Inc, MaTecK GmbH, and many others.
**The global strontium carbonate report will provide access to approximately 50 market data tables, 42 figures, and 165 pages
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