STRONTIUM CARBONATE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Strontium Carbonate Market Size and Trends

The strontium carbonate market is estimated to be valued at USD 228.1 Mn in 2024 and is expected to reach USD 274.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031.

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Strontium carbonate has applications in the production of glass for cathode ray tubes and in the production of ferrite magnets. It is also used as a fluxing agent in the production of refractory bricks. The rising use of strontium carbonate across these applications is driving growth in its demand and corresponding revenue in the global strontium carbonate market. Increasing use of strontium carbonate in various end-use industries, such as electronics, construction, and automotive, is expected to boost the market growth during this period. Rising glass production for CRT and LCD screens along with increasing use of ferrite magnets in automotive electronics are projected to support the consumption of strontium carbonate.

Increasing demand from glass industry

The glass industry has seen significant growth in recent years, especially in applications such as windows, fiber glass insulation, containers, and solar panels. As the world moves towards more energy efficient buildings and renewable energy sources, the demand for specialized glass is on the rise. Strontium carbonate is a key input material that is used in the manufacturing of low-emissivity (Low-E) glass and fiberglass. Low-E glass helps reduce heating and cooling costs in buildings as it controls the flow of infrared and ultraviolet light. It has better insulation properties compared to ordinary glass and is increasingly being used in commercial and residential constructions. According to the International Energy Agency, the use of more energy efficient windows could reduce the worldwide energy use for heating and cooling by over 10% (IEA, 2021). This growing emphasis on greener buildings and more energy efficient solutions is expected to propel the demand for Low-E glass significantly in the coming years.

Market Concentration and Competitive Landscape

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Growth in ceramic industry

The global ceramic industry has seen steady rise in the recent years which has significantly contributed to the growth of the strontium carbonate market. Ceramics have wide applications across various sectors such as construction, sanitary ware, electrical and electronics, and armor and defense. Growth in the construction and infrastructure development activities around the world have boosted the demand for ceramic tiles and sanitary ware products.

Strontium carbonate is used as a fluxing agent in the production of ceramic glazes and tiles. It aids in lowering the melting points of minerals during firing and improves workability. Rising construction of residential and commercial buildings has fueled the sales of ceramic tiles, which, in turn, has increased the consumption of strontium carbonate.

Key Takeaways from Analyst:

One of the key drivers for this market is the increasing use of strontium carbonate in the production of ferrite magnets and strontium salts. As electronics and electric vehicles see greater adoption worldwide, the demand for ferrite magnets from the automotive and electronics industries will rise notably. Strontium carbonate also finds application in the production of glass for cathode ray tubes and as a red coloring agent in fireworks and signal flares.

Availability of substitutes remains a restraint for the market. Strontium nitrate can replace strontium carbonate in certain end-use industries. Fluctuations in raw material prices pose another challenge as strontium carbonate manufacturers have limited control over the prices of key feedstock. Stringent environmental regulations regarding strontium emissions during the production process also impact growth negatively.

The North America region, currently dominates the global strontium carbonate market owing to sizable electronics and automotive manufacturing bases in the region. The demand is expected to rise steadily in Asia Pacific and Europe as well as electric vehicles see higher adoption.

Challenges: Availability of substitutes

The availability of substitutes is presenting a challenge for the growth of the strontium carbonate market. Strontium carbonate has traditionally been used in the production of color TV glass and as a substitute for lead in glasses and ceramic products. However, advancements in display technologies have diminished the use of color TV glass globally. The consumer preference for LED TVs and LCD displays over CRT-based TVs has been rising steadily in the past decade.

Opportunities: Emerging markets in Asia Pacific and Latin America

Emerging markets in Asia Pacific and Latin America show great promise for expansion in the strontium carbonate market. These regions have increasingly large populations and rapidly growing middle class population who will demand more consumer products that use strontium carbonate. Several factors point to the opportunities in these areas. Countries like India, Indonesia, Brazil, and Mexico all have populations over 100 million, and populations are projected to continue growing steadily according to UN data. As more people enter the workforce and consumer class, they will purchase more paints, plastics, ceramics, and glass - all applications where strontium carbonate plays an important role. 

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Insights by grade: Industrial Grade Dominates Due to Wide Applications in Construction

Industrial grade is expected to contribute 84.4% share of the global strontium carbonate market in 2024, owing to its wide use in the construction industry. This grade of strontium carbonate has physical and chemical properties making it well-suited for applications in glass, ceramics, cement, and other building materials. Its low cost and availability in bulk quantities have allowed it to displace more expensive alternatives in various construction applications over time.

The construction sector accounts for a major portion of the global strontium carbonate consumption. It is used as an additive in glass production to enhance optical properties, mechanical strength, and thermal resistance. Strontium carbonate improves the workability, binding properties, and durability of cement and other concretes. Its functional benefits have made it a staple raw material in the booming global construction industry. Rapid urbanization and infrastructure development especially in emerging economies continue to drive the demand for housing, commercial buildings, and civic structures. This positively impacts the uptake of strontium carbonate, predominantly in industrial grades.

Apart from construction, industrial grade strontium carbonate also sees steady use in the ceramics and pigments industries. Various ceramic products like tiles, sanitaryware, and tableware employ strontium compounds for their brightening and conditioning effects on glazes and colors. The pigments sector utilizes its to produce long-lasting and robust oxide pigments. Well-established end-use markets for ceramics and pigments ensure a stable outlet for industrial grade strontium carbonate globally.

Insights by application: Glass and Ceramics Applications Maintain Market Dominance

Based on application, the glass and ceramics segment is expected to hold 34.3% of the market share in 2024. It contributes over half of the total strontium carbonate consumption worldwide. The segment maintains its leading position owing to well-established and large-scale applications of strontium compounds in the glass and ceramics manufacturing industries.

Strontium carbonate exhibits unique decolorizing and strengthening properties when added to glass melts. It enhances optical clarity and improves mechanical strength of finished glass products without hindering workability. These traits have made it an indispensable component in a variety of specialty glasses and glass ceramics. Its usage allows manufacturers to develop high-performance products catering to applications spanning solar panels, electronics, lighting, and construction.

The ceramics industry is another major consumer where strontium carbonate blends impart whiteness, brightness, and durability to finished ceramic wares. It enhances the functional qualities of ceramic tiles, tableware, sanitaryware, and technical ceramics. Mature and mass markets for various ceramic goods worldwide underpin the consistent demand. Rising building construction and infrastructure development especially in developing nations continue expanding the market for ceramic tiles and construction materials.

Regional Insights

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North America has established itself as the dominant regional market for strontium carbonate. The region is expected to account for over 35.8% of the market share in 2024, owing to its well-established end-use industries such as glass, pyrotechnics, aerospace, and paints & coatings. The U.S. alone consumes more than half of strontium carbonate produced worldwide primarily to fulfill the requirements of defense and aerospace sectors. With the presence of leading OEMs and component manufacturers, the defense industry in the U.S. allocates sizable budgets towards the procurement of essential materials like strontium carbonate annually.

Meanwhile, Asia Pacific has emerged as the fastest growing regional market for strontium carbonate. China represents the major contributor to the Asia Pacific market. The sizeable production of paints & coatings, enamels, porcelain enamels along with increasing automobile and construction activities in China and India is fueling the demand for strontium carbonate in the region. Moreover, Asia Pacific also serves as a major export hub of strontium carbonate to other developing markets due to the abundant availability of raw materials and cost competitiveness of local manufacturers.

*Definition: The strontium carbonate market refers to the commercial industry for the production and trade of strontium carbonate. Strontium carbonate is an inorganic compound with the formula SrCO3. It occurs naturally as the mineral strontianite. It is used in the manufacturing of colored glasses, paints, pottery, and porcelain. It also acts as a getter (gas absorbent) in vacuum tubes. The global strontium carbonate market has been growing due to its increasing demand in industrial applications such as glass coatings and additives.

Market Report Scope

Market Segmentation

• Grade Insights (Revenue, USD Mn, 2019 - 2031)
  • Electronic Grade
  • Industrial Grade
•  Application Insights (Revenue, USD Mn, 2019 - 2031)
  • Glass and Ceramics
  • Pyrotechnics and Signals
  • Electronics and Semiconductors
  • Paints and Coatings
  • Others (Metallurgy, Pharmaceuticals, etc.)
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • 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.
  • Ataman Kimya