STRONTIUM CHLORIDE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global strontium chloride market is estimated to be valued at USD 359.7 Mn in 2024 and is expected to reach USD 533.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.
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The market is witnessing steady growth on account of the increasing application of strontium chloride in various end-use industries such as electronics, pyrotechnics, and glass production.
Market Driver - Increasing demand from glass industry
The global glass industry has been experiencing significant growth over the past few years primarily attributed to increasing construction activities around the world. As strontium chloride has versatile properties that are leveraged in the manufacturing process of glass, the demand for this compound has witnessed a simultaneous rise. Strontium chloride acts as a fluxer and fining agent during glass formulation which facilitates the manufacturing process and enhances the qualities of final glass products.
Being a notable flux, strontium chloride allows glass to be manufactured at lower temperatures by lowering its melting point. This enables improved energy efficiency and reduced power consumption in glass plants. At the same time, its fining properties improve the clarity and transparency of glass by eliminating gas bubbles and impurities. As a result, glass articles made using strontium chloride have superior optical properties for a variety of end-use applications. With the growing construction of commercial buildings and architectural marvels globally, the requirements for high-performance and eco-friendly glass is surging notably. This expanding infrastructure activity has augmented the demand for specialized glass from the industry.
As environmental regulations become more stringent across major economies, manufacturers are under increasing pressure to curb emissions and optimize energy usage. In response, many companies in the glass industry have elevated their focus on incorporating best practices as well as advanced production technologies. The deployment of strontium chloride serves this objective well since it allows glass production with reduced carbon footprint. Moreover, strontium chloride assists in developing value-added specialty glass with sophisticated technical attributes. Their rising utilization in energy-saving glass, low-e glass, and fiberglass reinforces further catalyzes market opportunities.
The proliferating smart building concept also drives significant market traction. Modern glass developments integrating multifaceted functionalities rely on compositional refinement delivered by fluxers and refiners like strontium chloride. As urbanization continues unabated worldwide with dense conglomerations of residential, commercial, and public infrastructure, the outlook for high-performance architectural glass remains firmly positive. This will subsequently augment the consumption of associated raw materials and intermediates, including strontium chloride, over the coming years.
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Rising demand from paints & coatings industry
The paints and coatings industry has been showing healthy growth trends mainly attributed to broadening construction activities around the world. Strontium chloride finds wide application as a drying agent in industrial paints and coatings owing to its unique dehydration properties. When used in paint formulations, it effectively removes water from the wet film and accelerates the drying process.
Strontium chloride exhibits excellent drying behavior without compromising on other paint qualities. It promotes faster drying even at low concentrations and in thin films. The drying rate it provides is sufficient for versatile applications yet not too rapid to create application issues. Additionally, its non-toxic nature makes it a safer substitute to traditionally used toxic drying agents like lead compounds. With growing environmental awareness, manufacturers are increasingly shifting towards greener product lines, generating ample opportunities for alternative drying agents like strontium chloride.
Rising disposable incomes in developing economies have also fueled the consumer demand for decorative paints and improved infrastructure. This has prompted architects as well as homeowners to refurbish and upgrade more frequently using enhanced aesthetics and protective coatings. The expanding commercial construction space including warehouses, malls, and office buildings further expands the market scope. Protective industrial coatings also observe widespread requirement across various process industries for equipment, machinery as well as large-scale civil applications.
As the need to extend asset life rises alongside more stringent regulation, high-performance coatings are gaining ground. Sophisticated formulations relying on strontium chloride allow developing maintenance-free coatings exhibiting anti-corrosive, anti-microbial, and self-cleaning properties. Its integration enables formulating environment-friendly coatings for applications such as anti-fouling, preservative, and wood finishes.
Key Takeaways from Analyst:
The global strontium chloride market is expected to witness steady growth over the forecast period driven by increasing demand from glass manufacturing industries. Strontium chloride finds wide usage as a fluxing agent for production of glass due to its heat-resistant properties. Growth in end-use glass industries such as CRT, optic fiber, and other specialty glass segments will augment the demand for strontium chloride.
However, availability of substitute materials for glass production can hamper the market growth. Strict environmental regulations regarding the disposal of strontium containing waste may also act as a restraint. Increasing R&D activities to develop new applications of strontium chloride can create lucrative opportunities. Emerging applications in ceramic industries, luminescence materials, and metal alloys are expected to boost the market growth in coming years.
Regionally, North America dominates the global strontium chloride market and the trend is expected to continue during the forecast period. Rapid industrialization and urbanization in countries is driving the demand for glass and ceramics, which, in turn, will propel the strontium chloride consumption. North America and Europe are also expected to witness steady growth aided by demand from optical fiber manufacturers.
Market Challenge - Availability of substitutes
One of the major challenges faced by the global strontium chloride market is the availability of substitutes in the market. Strontium chloride is used as a precursor in the production of strontium compounds used in pyrotechnics, electro-ceramics, and glasses. However, other alkaline earth metal chlorides such as barium chloride and calcium chloride can also be used as substitutes for some applications. Barium chloride has high solubility in water and polar organic solvents and can be used as a substitute where these properties are required. Similarly, in applications where toxicity is a major concern, calcium chloride which has lower toxicity compared to strontium chloride, can capture part of the market. With easy availability of these substitutes at competitive prices, manufacturers operating in the global strontium chloride market might face volume and revenue losses. This poses a significant challenge for market players to differentiate their products and focus on applications where substitutes are limited.
Market Opportunity - Emerging applications in electronics industry
One of the major growth opportunities for the global strontium chloride market is the emerging applications in the electronics industry. Strontium chloride finds use as a precursor in the manufacturing of electronic components such as multilayer ceramic capacitors (MLCC), electro-optic crystals, and electroluminescent phosphors. MLCCs that use strontium titanate in their construction are widely used in electronic devices for decoupling, bypass, and noise filtering applications. With growing demand for smartphones, tablets, and other consumer electronic products, MLCC consumption is set to surge, thereby propelling the demand for strontium chloride. Moreover, strontium chloride is used to produce luminescent strontium aluminates that are increasingly replacing backlights in liquid crystal displays. Rising electronics manufacturing across developing regions is expected to drive volumes in the strontium chloride market over the forecast period. Market players could capitalize on this opportunity by developing long term supply contracts with major MLCC and luminescent pigment producers.
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Insights by form: Stability and cost effectiveness
In terms of form, hexahydrate is expected to contribute 62.1% share of the market in 2024. The strontium chloride hexahydrate form accounts for a dominant share of the global market due to its inherent technical advantages. Strontium chloride hexahydrate has a crystalline structure that makes it highly stable under various temperatures and pressure conditions. This stability ensures that it does not decompose or change its properties during manufacturing processes, transportation, or long-term storage. It can withstand fluctuations that may occur during these stages without any loss of purity.
Moreover, hexahydrate has a lower cost of production compared to the anhydrous form. Producing hexahydrate only requires the addition of water during the manufacturing process, keeping costs low. Anhydrous form, on the other hand, involves further dehydration steps after crystallization which increases energy consumption and capital costs. Its stability also reduces wastage during production as hexahydrate has negligible decomposition rates.
Thus, the stability and resultant reliability of properties coupled with lower costs of production have made hexahydrate the preferred form for a wide range of end-use industries. This drives its large market share size compared to the other segment.
Insights by application: Predominant use in flares and ignition applications
In terms of application, pyrotechnics is expected to contribute 37.7 % share of the martlet in 2024. Among the various application segments, pyrotechnics accounts for the major market share. Within this segment, strontium chloride finds its largest usage in the manufacturing of flares and ignition applications.
Flare manufacturing consumes a significant volume of strontium chloride as the compound supports the burning process and produces bright red colors when ignited. These safety flares are used across different industries such as marine, military, and aviation.
Ignition applications also utilize strontium chloride due to its ignition promoting properties. It helps provide reliable sparks and initiate other pyrotechnic mixtures involved in ignition processes. Common products that use strontium chloride-based igniters are gas cooktops, cigarette lighters, explosives, and others.
Owing to strontium chloride's wide prominence in flares and igniter formulations that ensure safety and reliable operation, the pyrotechnics segment leads the application markets for strontium chloride. This drives the overall larger market share held by this segment compared to others.
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North America has dominated the global strontium chloride market for several years owing to a large presence of end-use industries in the region. The region is expected to account for 37.6% of the market share in 2024. Countries like the U.S. and Canada have strong industrial base in sectors like aerospace, healthcare, and electronics where strontium chloride finds widespread applications. These industries have continually driven the demand for strontium chloride in activities like aluminum production, flares/signals, and healthcare. Furthermore, North America is also home to some of the major manufacturers and distributors of strontium chloride which enables the easy availability of the product across the region. This strong production and supply chain network has served North America to gain economy of scale and maintain edge over other regional markets.
The Asia Pacific region has emerged as the fastest growing market for strontium chloride in recent times on account of rapid industrialization and infrastructure growth. Countries like China, India, Japan, and South Korea are global manufacturing hubs and their expanding industrial activities have led to increased consumption of strontium chloride. Particularly in China, sectors like construction, automotive, and electronics have witnessed exponential rise which boosted the use of strontium chloride in applications like particle filters, spark plugs, and signal flares. Also, sizable population and GDP growth in the region resulted in improved healthcare spending and infrastructure development supplementing the demand from medical applications. Further, Asia Pacific nations are rapidly enhancing their domestic production capabilities through joint-ventures and technology transfers which is expected to make strontium chloride easily and cost-effectively available locally. Economies of scale from local manufacturing and growth of end-use industries will likely position Asia Pacific as a dominant force in the coming years.
Strontium Chloride Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 359.7 Mn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 5.8% | 2031 Value Projection: | US$ 533.8 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Choice Organochem LLP, Riddhi Siddhi Industries, Anmol Chemicals, Gujarat Fluorochemicals Limited, S. R. Chemicals, Siddhi Vinayak Chemicals, S. M. Chemicals, Jayesh Group, Shreeji Chemicals, Vishnu Chemicals, K. S. S. Chemicals, Hindustan Chemical Company, B. S. S. Chemicals, S. B. Chemicals, A. B. Enterprises, K. R. Industries, V. S. Chemicals, and Shree Ram Chemicals |
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| Restraints & Challenges: |
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*Definition: The global strontium chloride market is the worldwide market for strontium chloride, which is an inorganic compound with the formula SrCl2. It is a colorless crystalline solid that is soluble in water and is mainly used in the production of ferrite magnets, paints and pigments, paper, zinc refining, and fireworks. The global strontium chloride market includes companies that mine and process strontium to produce strontium chloride for sale to various end-user industries on a global scale.
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About Author
Yash Doshi
Yash Doshi is a Senior Management Consultant. He has 12+ years of experience in conducting research and handling consulting projects across verticals in APAC, EMEA, and the Americas. He brings strong acumen in helping chemical companies navigate complex challenges and identify growth opportunities. He has deep expertise across the chemicals value chain, including commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals. Yash is a sought-after speaker at industry conferences and contributes to various publications on topics related commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals.
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