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.

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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.