Strontium Market To Reach $378.7 Million By 2030 | CAGR 6.3%

Strontium Market Growth & Trends

The global strontium market size is anticipated to reach USD 378.7 million by 2030, growing at a CAGR of 6.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing consumption of the product in pyrotechnics & signals, in the treatment of bone-related disorders in the medical industry, and in the production of ceramic ferrite magnets are anticipated to drive the market.  The increasing participation of people in various festivities and celebrations, especially post the COVID era has been driving the global fireworks industry.

Health consciousness has been rising across the world. In particular, people have been sensitized to the growing need for bone health and wellness. As a result, there have been growing number of medicines being availed by elderly patients to treat osteoporosis and related bone fractures. As a result, the demand for strontium carbonate has been rising globally to cater to this need. Due to its calcium absorption capabilities, it is increasingly being used to produce medications that prevent and treat osteoporosis. This has been a key driver to the market.

Moreover, the demand for permanent magnets in electrical and electronics applications has been rising across the world. Strontium is used in the production of hard ferrite magnets. Of the two types of ferrite magnets manufactured today, (strontium ferrite and barium ferrite), strontium ferrite is the most popular as they provide the best magnetic properties. Since these ceramic magnets are a low cost replacement for natural magnets, they are being increasingly used in key applications and are anticipated to boost product demand over the forecast period.

The product is also widely used in oral care products. A 2022 report by the World Health Organization projected that oral diseases affect close to 3.5 billion people globally. The use of strontium-mainly in the form of chlorides-in toothpaste helps relieve pain in sensitive teeth. It reduces the effect of acid and bacteria on teeth and gums. This is a growing application and has the potential to boost consumption over the forecast period.

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Strontium Market Report Highlights

• Based on product, the strontium carbonate segment accounted for the largest revenue share of over 41.0% in 2023.

• Strontium carbonate is mainly used in the production of ceramic ferrite magnets and pyrotechnics & signals for fireworks applications.

• The personal care application segment is anticipated to register the highest revenue CAGR of 7.0% over the forecast period, owing to its growing usage in oral care products.

• Asia Pacific witnessed the highest demand in 2023, owing to the growing applications of strontium carbonate and strontium nitrate in pyrotechnics, medical and personal care applications.

Strontium Market Segmentation

Grand View Research has segmented the global strontium market based on product, application, and region:

Strontium Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Strontium Carbonate

• Strontium Nitrate

• Strontium Sulphate

• Others

Strontium Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Ceramic Ferrite Magnets

• Pyrotechnics & Signals

• Medical

• Personal Care

• Others

Strontium Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Spain

  • Turkey

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South  America

  • Brazil

• Middle East & Africa

List of Key Players in the Strontium Market

• ABASSCO

• Basstech International

• Canteras Industriales, S.L.

• Joyieng Chemical LTD.

• ProChem

• Quimica Del Estroncio, S.A.

• Sakai Chemical Co., LTD.

• Solvay