Strontium Carbonate Market Driven by its Light Water Reactor Applications is in Trends by Increasing Demand

The strontium carbonate market comprises salts that find numerous applications ranging from pyrotechnics to ceramic colors and glassmaking. Strontium carbonate is an important material for light water nuclear reactors owing to its ability to control corrosion and radioactivity. It acts as a protective layer inside nuclear fuel cladding and absorbs neutrons released during fission reactions.

The Global strontium carbonate market is estimated to be valued at US$ 228.1 Mn in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2024 to 2031.

Key Takeaways

Key Players

Key players operating in the strontium carbonate market are Solvay, Muby Chemicals, American Elements, Celtic Chemicals Ltd., Zaozhuang, Yongli Chemical Co. Ltd., Sakai Chemical Industry Co. Ltd, Shijiazhuang Zhengding., Hebei Xinji Chemical Group Co. Ltd., Jinshi Chemical Co. Ltd., Abassco, Vishnupriya Chemicals, Haihang Industry, CDH Fine Chemical, Wego Chemical Group, Joshi Agrochem Pharma Pvt Ltd., and Ataman Kimya.

Growing Demand

The Strontium Carbonate Market Trends significantly from the pyrotechnics industry where it is used as a colorant in flares, signal rockets, and fireworks owing to its bright red color. It has increasingly replaced toxic chromate compounds in the industry.

Global Expansion

Key manufacturers are focusing on expanding their production capacity and global footprint to leverage the rising demand. Many players have entered into long term agreements with nuclear power companies and expanded their presence across North America, Europe, and Asia Pacific with new production plants.

Market Key Trends

One of the Strontium Carbonate Market Size And Trends is its increasing use in the manufacturing of ferrite magnets. Strontium carbonate improves the coercivity of ferrite magnets when used as dopants, enhancing their magnetic properties. This has resulted in growing demand from manufacturers of hard disk drives, audio devices, and other electronic goods using ferrite magnets. The market is also benefiting from increased investments in expanding nuclear power generation capacity across emerging economies.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as there is a significant capital investment required for manufacturing strontium carbonate and established players have better economies of scale.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, buyers have less influence over prices due to the specialized production of strontium carbonate.

Bargaining power of suppliers: The bargaining power of suppliers is low since there are many suppliers for raw materials used to produce strontium carbonate such as strontium and carbon.

Threat of new substitutes: The threat of new substitutes is moderate as products like strontium nitrate, strontium chloride can be used for similar applications as strontium carbonate.

Competitive rivalry: The competitive rivalry is high due to the presence of many domestic and international players competing on pricing and product differentiation.

Geographical regions of concentration: Asia Pacific is the largest market for strontium carbonate in terms of value accounting for around 40% of the global market share in 2024 driven by strong demand from applications like paints & coatings and pyrotechnics in countries like China and India.

Fastest growing region: The Middle East and Africa region is expected to be the fastest growing market during the forecast period 2024-2031 expanding at a CAGR of over 4% due to growing demand from end-use industries in countries like Saudi Arabia, South Africa and UAE.