Strontium Carbonate Market Size 2023-2030 Global Industrial Analysis, Market Share, Top Key Players

Strontium Carbonate Market

According to the report published by Zion Market Research, the global Strontium Carbonate Market size was valued at USD 230.67 Million in 2022 and is predicted to reach USD 335.66 Million by the end of 2030. The market is expected to grow with a CAGR of 4.80% during the forecast period. The report analyzes the global Strontium Carbonate Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Strontium Carbonate Market industry.

Global Strontium Carbonate Market: Overview

Strontium carbonate is represented by the formula SrCO3 and is a carbonate salt of strontium. It originates in the form of celestine and strontianite mineral ores. Strontianite comprises strontium carbonate while celestine is made up of strontium sulfate. These are the two minerals that possess strontium in enough amounts to make its recovery possible. Strontium is not found as a free element in the environment owing to its high reactivity with water and air. It occurs in the form of its compounds mainly sulfate and carbonate salt. It is white or grey in color with a hygroscopic powder compound. It is an odorless and tasteless white powder widely utilized in a large number of applications from electronics, chemical, metallurgy, and glass sectors.

Global Strontium Carbonate Market: Growth Factors

The surge in demand for strontium carbonate extracted from strontium ferrite in the preparation of luminous paints, permanent magnets, and shimmering glass is one of the major reasons for the growth of the global strontium carbonate market. Strontium carbonate is highly utilized in the paint and coating sector owing to its anti-corrosive coating and fluorescence nature. There is also a high demand for strontium ferrite in making a permanent magnet as these magnets find a large number of applications in magneto-optic medium, small electric motors, microwave devices, recording medium, telecommunication industry, and electronics. However, low-cost production is one of the vital factors for the growth of the market. The ongoing technological advancements in the field of strontium carbonate are likely to create several lucrative growth opportunities in the global strontium carbonate market. Manufacturers are boosting the research and development activities by increasing investments to come up with innovative products and production techniques in the market.

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However, there is a surge in demand for these chemicals in the manufacturing of cathode ray tubes, particularly for television sets. Strontium carbonate is used in flares, fireworks, pyrotechnics, and others as a red colorant. However, when it is combined with copper compounds, it becomes popular in color. Also, the refining of zinc with the help of strontium carbonate by means of electrolysis is known as electrowinning. Electrowinning is referred to as the electrodeposition of zinc from ore. However, the process is high in demand, thereby boosting the adoption of strontium carbonate globally.

Furthermore, strontium carbonate is employed to make different compounds of strontium with the help of the corresponding acid. Strontium chloride is extracted with the help of hydrochloric acid when treated with strontium carbonate. The reaction between sodium dichromate and strontium carbonate results in strontium chromate. Strontium nitrate is extracted from the reaction of strontium carbonate and nitric acid. The decomposition of sodium carbonate helps in the formation of strontium oxide. Such an emerging landscape in the chemical sector for producing a number of compounds will also accentuate the growth of the global strontium carbonate market.

Global Strontium Carbonate Market: Segmentation

The global strontium carbonate market can be segmented into application, grid, and region.

By application, the market can be segmented into ceramics, pyrotechnics, fireworks manufacturers, novel nanoparticles, frit manufacturing, bone health, electromagnets, and others. The electromagnet sector holds the largest share in the global strontium carbonate market. However, the ceramics sector is likely to dominate the global strontium carbonate market in the forthcoming years.

By grid, the market can be segmented into industrial and electronic grades. The electronic grade segment accounts for the largest share in the global strontium carbonate market.

Global Strontium Carbonate Market: Regional analysis

North America accounts for the largest share in the global strontium carbonate market owing to the emerging number of applications of strontium carbonate in the region. However, the fast proliferating manufacturing segment in the region will promulgate the growth of the regional market.

Asia Pacific is expected to be the fastest-growing region in the global strontium carbonate market owing to the ongoing technological advancements in the region. Also, the growing applications of strontium carbonate in the end-user sectors like paint and coatings will also create huge demand in the forthcoming years. However, the manufacturers are boosting the research and development activities in the region to create lucrative growth opportunities and also innovate techniques of extracting strontium carbonate in the region.

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