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

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.