Global Strontium Nitrate Market – Industry Trends and Forecast to 2030

Global Strontium Nitrate Market, By Product (Strontium Carbonate, Strontium Sulfate, Strontium Nitrate, and Other Products), Application (Electrical and Electronics, Medical and Dental, Paints and Coatings, Personal Care, Pyrotechnic, and Other Applications), End-Uses (Fireworks, Pyrotechnics, Chemical Industry, Nanotechnology, Pharmaceutical), Grade (High Purity (

Strontium Nitrate Market Analysis and Size

The global strontium nitrate market is expected to witness significant growth during the forecast period due to the increasing usage of railroad flares, signal lights, and pyrotechnics as a pigment. Strontium nitrate is widely used in pyrotechnics for the formation of red colorants and rich red flame in fireworks and road flares due to its beneficial oxidizing properties. Besides being used in pyrotechnics, this compound can also be used as a skin irritation-reducing agent when combined with glycolic acid.

Data Bridge Market Research analyses that the strontium nitrate market is expected to undergo a CAGR of 5.20% during the forecast period. This indicates that the market value, USD 216.18 million in 2022, would rocket to USD 324.30 million by 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Strontium Nitrate Market Scope and Segmentation

Market Definition

Strontium nitrate is a colorless solid salt of strontium element. Strontium nitrate is an inorganic compound composed of strontium, oxygen, and nitrogen with the chemical formula Sr (NO3)2. This compound is used as an oxidizer and red colorant in pyrotechnics. Strontium nitrate is a non-combustible compound but increases the burning of explosive compounds. It is extensively used in pyrotechnics to make medicine and chemicals.

Global Strontium Nitrate Market Dynamics

Drivers

• Growing consumption of strontium nitrate in pyrotechnics

Nowadays, smoke flames, flashes, and other pyrotechnics and fireworks have become a significant part of the entertainment and recreation shows related to media events, sports events, award shows, and festivals, among others, for the addition of extravaganza grandeur to the show. This has resulted in a major upsurge in the global demand for pyrotechnic and fireworks chemicals. It is anticipated that the growing demand for pyrotechnic chemicals will generate a demand for strontium nitrate, which is used as a colorant and oxidizer in pyrotechnic products. Thus, the growing usage of strontium nitrate in pyrotechnics is anticipated to drive the growth of the global market.

• Increasing demand for strontium nitrate due to their oxidizing properties

The oxidizing properties of this compound are advantageous in several applications. For instance, strontium nitrate decreases the sensation of skin irritation considerably better than using only glycolic acid. When strontium nitrate is mixed with glycolic acid, it will help lessen and eliminate skin irritations.

Opportunities

• Increasing demand for strontium nitrate in the marine and defense sector

The growing applications of distress flare as an important piece of safety kit in defense and marine, among other end-uses, because it reduces the sensation of skin irritation. As a result of this, the sales of strontium nitrate are upsurged at a lucrative rate and are anticipated to create immense opportunities for the growth of the global strontium nitrate market.

• Extensive usage of strontium nitrate in the chemical industry

Strontium nitrate is used for the production of catalysts, nanoscale material, high purity, and ultra-high purity compounds. For instance, strontium nitrate can be used to produce calcium-substituted strontium hexaferrite nanoparticles and strontium ferrite by a chemical co-precipitation method. Thus, the surging demand for strontium nitrate in the chemical industry to prepare several new products will create ample opportunities for market growth.

Restraints/ Challenges

• Risks associated with strontium nitrate

Rising possibilities of fire hazards and explosion from mishandling of strontium nitrate are one of the major factors which are acting as a market restraint and will further challenge the growth of the strontium nitrate market during the forecast of 2023-2029.

 This strontium nitrate market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the strontium nitrate market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Strontium Nitrate Market Scope

The strontium nitrate market is segmented on the basis of product, application, end-uses and grade. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Strontium Carbonate
• Strontium Sulfate
• Strontium Nitrate
• Other Products

Application

• Electrical and Electronics
• Medical and Dental
• Paints and Coatings
• Personal Care
• Pyrotechnic
• Other Applications

 End-Uses

• Fireworks
• Pyrotechnics
• Chemical Industry
• Nanotechnology
• Pharmaceutical

Grade

• High purity (<99%)
• Ultra-High purity (≥99%)

Strontium Nitrate Market Regional Analysis/Insights

The strontium nitrate market is analyzed and market size insights and trends are provided by country, product, application, end-uses and grade as referenced above.

The countries covered in the strontium nitrate market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the strontium nitrate market in terms of market share revenue, increasing the presence of Celestine mineral deposits in this region. Moreover, a rise in the consumption of strontium and its compounds in pyrotechnic, electrical, and electronics industries in countries including China and china will likely boost the market's growth.

North America and Europe expect to be the fastest-growing region during the forecast period of 2023-2030, owing to the increasing prominence of the pyrotechnics and explosives industry in these regions.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Strontium Nitrate Market Share Analysis

The strontium nitrate market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to strontium nitrate market.

Some of the major players operating in the strontium nitrate market are:

• DuPont (U.S.)
• Solvay (Belgium)
• Honeywell International Inc. (U.S.)
• LuminoChem (Hungary)
• Nemoto & Co. Ltd., (Japan)
• Allureglow International (Australia)
• GloTech International (Philippines)
• Lightleader Co. Ltd. (China)
• Tavco Chemicals Inc. (U.S.)
• RTP Company (U.S.)
• RC Tritec Ltd. (Switzerland)
• Glow Inc. (Indonesia)
• Bio-x (India)
• Shenzhen Yumingjie Pigments CO., L.T.D. (China)
• Triveni Interchem Private Limited (Group of Triveni Chemicals) (India)
• Foset Co. Ltd (China)
• Anyang Jinfang Metallurgy Co.,Ltd. (China)
• Dezhou Grand Luminous Technology Co., Ltd. (China)