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North America Strontium Market to exhibit appreciable growth through 2025

Author : Ravi Chawat | Published Date : 2021-07-13 

Festive celebrations in the APAC region have ascended to new levels in recent years, providing a significant boost to the global Strontium Market over the projected timeline, as a result of escalating demand for pyrotechnic operations. In fact, APAC strontium consumption accounted for over 35% of the overall market share in 2017.

Prominent countries like the UAE, China and India, among others command the highest number of festive junctures, which in turn contributes heavily towards the proliferating firework and pyrotechnic demand in the region.

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Furthermore, strontium displays commendable application scope in the electricals and electronics sector, given its myriad mechanical and thermodynamic characteristics. It is also employed extensively in the manufacture of CRT or cathode-ay tubes, which are used for TV and computer monitor displays. Also, the recent paradigm shift towards environment friendly substitutes is likely to further impel global strontium market trends over the estimated timeframe.

Based on reports from credible sources, the global strontium market is projected to surpass $650 million by 2025.

Considering the product landscape, the strontium market size from the strontium sulfate segment is poised to depict appreciable growth rate of around 6.5% through 2025. The product is widely used in the manufacture of ceramic ferrite magnets commonly used in toys, small motors, loudspeakers and other electronic devices, as a result of their excellent magnetic features and minimal cost.

The strontium carbonate sector held over 55% of the overall market share in 2017. Commonly used in flare and fireworks manufacturing, the product takes the form of an odorless, tasteless white powder which emanates a red colored flame when lit.

Prolific demand for pyrotechnic maneuvers in the APAC region is likely to add impetus to the global strontium market expansion, with growth expected at a CAGR of over 6.5% through 2025.

The rising consumption of firecrackers, particularly during festive celebrations in economies like China and India, contributes considerably to a surge in strontium market demand in the region.

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Likewise, pyrotechnic operations also witness widespread acceptance across myriad entertainment activities like concerts, cinemas, ceremonies, sports events and more, thereby fostering industry growth.

Among the numerous application segments of the overall strontium market, the electricals and electronics sector is anticipated to register a commendable growth rate of over 5% through 2025. This growth may be attributed to the product’s excellent mechanical and thermodynamic properties, which make it a vital component in the manufacture of an array of electronic devices.

While over 75% of strontium was used for CRT or cathode ray tubes manufacturing processes in order to eliminate X-ray emissions in the past, modern display solutions and other innovations are causing this application to dwindle in the current landscape.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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