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

Strontium Chloride Market Size and Trends

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.

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.