Market Size of Strontium Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 100 Million |
| Market Size (2029) | USD 150 Million |
| CAGR (2024 - 2029) | > 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Strontium Market Analysis
The Strontium Market size is estimated at USD 100 million in 2024, and is expected to reach USD 150 million by 2029, growing at a CAGR of greater than 3% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the strontium market. The pandemic disrupted strontium mining, processing, and transportation activities, affecting the availability of strontium raw materials and intermediate products. However, as lockdowns were lifted, economic activities gradually resumed across industries, including automotive and electronics, which are significant consumers of strontium-based products. The market recovery was driven by increased demand for goods, which led to a rise in strontium-content products.
- The factors that are expected to drive the strontium market are the rising demand for strontium from paints and coatings and the increasing demand for strontium from construction activities in developing countries.
- On the flip side, the risk of explosion and fire hazards that are associated with strontium is expected to hinder the growth of the market.
- It is expected that strontium nitrate will be used majorly in the chemical, marine, and defense industries. The increasing usage in the medical field is expected to provide lucrative opportunities for the market players.
- Due to increasing consumption in countries such as China, India, and Japan, the Asia-Pacific is expected to maintain its dominance of the market during the forecast period.
