The global Strontium Nitrate Market is estimated to be valued at US$ 386.3 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Strontium nitrate is a crystalline salt compound with formula Sr(NO3)2. It is a colorless or white crystalline powder which forms deliquescent crystals or cubic masses. Strontium nitrate finds application in fields like medical, analytical chemistry, pyrotechnics and fireworks. It acts as oxidizing agent that enhances combustion. In medicine, strontium nitrate is used in treatment of osteoporosis and Paget’s disease as strontium resembles calcium and gets deposited in bones. Strontium nitrate is also used for coloration in signal flares and amateur rocket propellants owing to its oxidizing property.
Market key trends:
Increasing demand from oil & gas exploration activities is a major factor driving growth of strontium nitrate market. Strontium nitrate finds usage in drilling fluids for exploration of new oil & gas fields. It improves density, viscosity and helps in removing cuttings from bore-wells. Rising energy needs and focus on enhancing hydrocarbon recovery is propelling exploration activities globally. This is augmenting consumption of strontium nitrate. Additionally, growing aging population prone to osteoporosis and bone related disorders is also fueling adoption of strontium nitrate in medical applications. However, availability of substitutes may hinder market growth during the forecast period.
Porter’s Analysis:
Threat of new entrants: Strontium Nitrate market requires high capital and long lead time to establish manufacturing facilities, acting as entry barriers for new players.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of substitutes and possibility of backward integration by large buyers.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of raw materials from China and scarcity of mining companies.
Threat of new substitutes: New substitutes like strontium carbonate are emerging slowly posing threat to market.
Competitive rivalry: The global market is fragmented with presence of established players globally intensifying competition.
Key Takeaways:
The global Strontium Nitrate market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing use of strontium salts in pyrotechnics and glass applications.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its position over the forecast period. China is the largest producer as well as consumer of strontium nitrate globally. North America and Europe are other major markets driven by increasing demand from defense applications.
Key players: Key players operating in the strontium nitrate market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, and ABASSCO. Solvay and Sakai Chemical Industry dominates the market with their large scale manufacturing facilities and wide distribution network across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it