Strontium Nitrate Market Size and Trends
Strontium Nitrate Market Trends
- Increasing adoption of green pyrotechnics: Rising environmental concerns regarding pyrotechnics emissions has led to growing research on and adoption of ‘green’ fireworks and flares producing lower smoke and air pollution. Strontium nitrate is playing a vital role in the development of such eco-friendly pyrotechnics. Replacing perchlorate oxidizers with strontium nitrate to reduce emissions is a key trend. Companies are investing heavily in developing innovative environment-friendly fireworks formulas incorporating strontium nitrate which is boosting its consumption. For instance, the state of California issued a rule in 2022 prohibiting the sale of items with strontium and other designated toxic metals.
- Strategic partnerships and acquisitions: The strontium nitrate market is witnessing a trend of consolidations, mergers & acquisitions, and partnership deals between manufacturers, distributors, and end-users. Companies are entering strategic collaborations and acquiring niche producers to increase their product portfolio, expand production capacities, and extend geographical presence. Distributors are partnering with chemicals companies to strengthen their supply network. Such strategic moves are shaping the competitive landscape. For instance, Solvay, a global leader in strontium nitrate production partnered with China's Dalian Xinyang High-Tech Materials Co. Ltd.
- Rising demand for strontium nitrate in Asia Pacific: The Asia Pacific strontium nitrate market is forecast to grow at the highest CAGR of over 7% during 2022 – 2030 driven by the enormous growth in consumption by the pyrotechnics and electronics industry in China, India, and other countries. Leading global manufacturers are expanding their Asian operations to cater to the burgeoning regional demand. Domestic producers in China and India are also ramping up production capacities. Asia Pacific’s dominance in the global strontium nitrate market is expected to continue in the foreseeable future. For instance, the Indian government implemented 'Make in India' initiatives to boost domestic defense production from 2021, with many local manufacturers incorporating strontium nitrate in their signaling and illumination offerings.
- Increasing vertical integration: Companies in the strontium nitrate market are integrating vertically across the value chain to achieve greater cost efficiencies, strengthen supply chain, ensure quality control, and achieve competitive advantage. Backward integration into raw material supply and forward integration into product manufacturing is rising. Producers are also establishing strategic partnerships with customers for assured offtake and customization. The high degree of vertical integration is reducing reliance on external vendors.
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