Global demand for strontium is estimated at US$ 229.2 million for 2023. The global strontium market is forecasted to advance at a CAGR of 6% to reach a market valuation of US$ 410.5 million by the end of 2033. The demand for Strontium is influenced by factors such as the global economy, industrial demand, technological advancements, and environmental regulations. In recent years, there has been a growing interest in Strontium due to its potential applications in the field of energy storage and in the development of new types of batteries
Strontium is a naturally occurring chemical found in minerals such as celestine and strontianite. With its high reactivity, strontium is an alkaline earth metal that finds use in various forms and for diverse purposes. Strontium isotopes, which are radioactive elements, can be obtained as by-products of nuclear reactors. These isotopes emit high-energy beta rays, making them valuable for powering space vehicles and remote weather stations by generating electricity.
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Key Takeaways from Market Study
- The global strontium market is estimated to reach US$ 229.2 by the end of 2023.
- Demand for strontium is anticipated to increase at a CAGR of 6% from 2023 to 2033.
- The global market is predicted to reach a valuation of US$ 410.5 million by the end of 2033.
- Demand for strontium in Canada is forecasted to progress at a CAGR of 6% from 2023 to 2033.
- Sales of strontium carbonate are predicted to rise at a substantial CAGR of 8.4% through 2033.
Region wise Insights
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Manufacturers of strontium are making investments in enhancing their supply chain management systems and using cutting-edge delivery services like e-commerce platforms. In order to offer better products, they are obtaining premium raw materials while simultaneously taking precautions to reduce any potential environmental implications.
Important strontium suppliers are actively involved in creating new goods, working together, and establishing partnerships while upholding quality control standards.
For instance :
- Solvay entered into an agreement with Latour Capital on November 23, 2020, through which it sold all its technical-grade strontium and barium operations in Mexico, Spain, and Germany. In addition, Solvay's sodium percarbonate business in Germany was also sold to Latour Capital.
Key Companies Profiled
- Asia Barium & Strontium Salts Co. (ABASSCO)
- Barium & Chemicals, Inc.
- KBM Affilips BV
- Noah Technologies Corporation
- Quimica Del Estroncio SA
- Solvay SA
- Sakai Chemical Industry Co., Ltd.
- Yuxiang Magnetic Materials Ind. Co., Ltd.
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Key Questions Covered
Who are the major players operating in the strontium market, and what are their market shares?
Original Source of the original story >> Growing Demand for Strontium Market in Electronics and Medical Industries Propels Global Market