Strontium Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 5.00 %|
|Fastest Growing Market||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Strontium Market Analysis
Over the next five years, the strontium market is expected to register a CAGR of over 5%.
The COVID-19 epidemic had a negative impact on the strontium market. Coronavirus-related mass quarantines harmed the electronics, paints, and coatings industries. However, during that time, the medical and dental industries were the only ones to benefit. Nonetheless, the market has begun to expand in recent years and is expected to continue on this path in the coming years.
- In the short term, the market that was looked at is thought to be mostly driven by the growing demand for paints and coatings.Also, more people are building homes in Asia-Pacific countries, which is likely to increase market demand over the next few years.
- On the other hand, the risk of explosions and fires that come with strontium is likely to slow the growth of the market.
- It is expected that strontium nitrate will be used more in the chemical, marine, and defense industries, which will be good for the market in question.
- Asia-Pacific is likely to dominate the market through the forecast period owing to the growing consumption in countries such as China, India, and Japan.
Strontium Market Trends
Paints and Coatings Segment to Dominate the Market
- Strontium is used in the paint and coatings industry in the form of strontium sulfate. The chemically inert powder known as strontium sulfate is white, odorless, and non-hazardous. It improves the performance of liquid paint and powder coatings by acting as a pigment extender (filler).
- Also, it offers enhanced film coverage, superior mechanical qualities, and exceptional salt, fog, and UV resistance, among other things. It is primarily utilized in plastics, liquid paints, powder coatings, etc.
- The Worlds Paint and Coatings Industry Association estimated that in 2022, there would be a USD 180 billion global market for paints and coatings.By 2027, the paints and coatings industry is predicted to have a CAGR of around 3%.
- According to the association's annual report, the value of the North American market was USD 33.92 billion in 2022, while the value of the European market was USD 42.37 billion. It is believed that an increase in residential renovation projects in Canada, Germany, and the United States is what caused each of these regions to grow independently.
- Europe, with its four largest mainland economies-Germany, France, Italy, and Spain-is home to a plethora of large paint businesses. Germany is Europe's major coatings provider and market for paints and coatings. It is home to over 300 coatings, paint, and printing ink production firms.
- The key firms in the paints and coatings sector were also included in the WPCIA report, along with their market shares. It was anticipated that Sherwin Williams (USD 21.64 billion) would dominate the market, followed by PPG Industries, Inc. (USD 17.15 billion), Akzo Nobel NV (USD 11.9 billion), and Nippon Paint Holdings Co., Ltd. (USD 9.95 billion).
- All of these things will cause more money to be invested in different industries, which will increase the demand for paints and coatings from all over the world and help the strontium market.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is the largest market for strontium owing to the production and consumption of various end products of strontium such as paints and coatings, personal care products, electrical and electronic equipment, and many more.
- The Asia-Pacific paints and coatings market was expected to be worth USD 63 billion in 2022, according to the World's Paint and Coatings Industry Association. China dominates the region's market, which has been rising at a CAGR of 5.8% over the last few years. In 2022, the Chinese market will have grown by 5.7%. According to current trends, China's total sales of paints and coatings will exceed USD 45 billion in 2022, giving the country a 78% market share in East Asia.
- Also, the Asia-Pacific region is expected to see the most growth in construction in China, followed by India.China's government has been giving more money to build affordable housing to meet the rising demand for housing.In India, the infrastructure sector has emerged as one of the government's primary focus areas.
- China's building industry is expanding at a rapid pace. According to the National Bureau of Statistics of China, construction output in China was valued at around CNY 276 billion (USD 40 billion) in the fourth quarter of 2022, representing a 50% increase over the previous quarter (USD 27.6 billion).
- Also, the overall investment in the construction sector was predicted to be around 66,990 billion yen (USD 508,16 billion) in 2022, up roughly 0.6% from the previous year, according to the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) of Japan.
- So, all of these building projects and government actions are likely to increase the number of building projects in the country, which is expected to increase the need for paints and coatings.
- Apart from this, strontium plays a major role in the personal care and electrical and electronics industries as well. China is one of the largest and fastest-growing pharmaceutical markets in the world. According to the National Bureau of Statistics of China, in August 2022, the retail sales figure in China amounted to about CNY 51.92 billion (USD 7.5 billion). Also, the cosmetics and personal care segment of India accounts for about 51% of the total FMCG sector of the country.
Since many industries want to grow in the Asia-Pacific region, strontium use is also expected to rise over the next five years.
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Strontium Industry Overview
The strontium market is highly fragmented in nature. The major players in the market include (not in any particular order) Solvay, abassco, Hebei Xinji Chemical Group Co., Ltd., Noah Chemicals, and ProChem, Inc., among others.
Strontium Market Leaders
Hebei Xinji Chemical Group Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Strontium Market News
- December 2022: A team of University at Buffalo researchers announced the development of a new strontium-loaded scaffold that can be personalized to fit any size dental implant and which help in improving healing and tissue attachment in patients. Even if it is loaded at low concentrations, scientists discovered that strontium promotes wound healing by stimulating gingival fibroblast activity.
- March 2022: Q BioMed Inc., a commercial-stage biotech company, announced that it has received a confirmed USD 500,000 order for Strontium Chloride USP Injections under a recently inked supply contract between Q BioMed, isoSolutions Marketing and Management and Chinese radiopharmaceutical company, Chengdu Syncor Pharmaceutical Co. Ltd. The agreement is the first of what is expected to be a high-growth named patient opportunity to supply Strontium89 in the Chinese market.
Strontium Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increased Demand from the Paints and Coatings Segment
4.1.2 Increasing Construction Activities in Emerging Economies of Asia-Pacific
4.2.1 Risk of Explosion and Fire Hazards Associated with Strontium
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price trends
5. MARKET SEGMENTATION (Market Size in Value)
5.1.1 Strontium Carbonate
5.1.2 Strontium Sulfate
5.1.3 Strontium Nitrate
5.1.4 Other Products
5.2.1 Electrical and electronics
5.2.2 Medical and Dental
5.2.3 Paints and Coatings
5.2.4 Personal care
5.2.6 Other Applications
5.3.1 Production Analysis
126.96.36.199 Rest of the World
5.3.2 Consumption Analysis
188.8.131.52.4 South Korea
184.108.40.206.5 Rest of Asia-Pacific
220.127.116.11 North America
18.104.22.168.1 United States
22.214.171.124.2 United Kingdom
126.96.36.199.5 Rest of Europe
188.8.131.52 South America
184.108.40.206.3 Rest of South America
220.127.116.11 Middle-East and Africa
18.104.22.168.1 Saudi Arabia
22.214.171.124.2 South Africa
126.96.36.199.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis**/Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Barium & Chemicals, Inc
6.4.3 Chongqing Yuanhe Fine Chemicals Inc.
6.4.4 Fertiberia, S.A.
6.4.5 Hebei Xinji Chemical Group Co., Ltd.
6.4.6 Joyieng Chemical Limited
6.4.7 KBM Affilips
6.4.8 Nanjing Jinyan Strontium Industry Co.,Ltd.
6.4.9 Noah Technologies Corporation
6.4.10 ProChem, Inc
6.4.11 SAKAI CHEMICAL INDUSTRY CO.,LTD.
6.4.12 SHENZHOU JIAXIN CHEMICAL CO.,LTD.
6.4.13 Shijiazhuang Zhengding JINSHI Chemical Co., Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Use of Strontium Nitrate in the Chemical, Marine, and Defense Sectors
Strontium Market Research FAQs
What is the current Strontium Market size?
The Strontium Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).
Who are the key players in Strontium Market?
Solvay, abassco, Hebei Xinji Chemical Group Co., Ltd., Noah Chemicals and ProChem, Inc are the major companies operating in the Strontium Market.
Which is the fastest growing region in Strontium Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Strontium Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Strontium Market.
Strontium Industry Report
Statistics for the 2023 Strontium market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Strontium analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.