STRONTIUM BROMIDE MARKET ANALYSIS

Strontium bromide is a chemical compound with a formula SrBr₂. At room temperature, it is a white, odourless, crystalline powder. Strontium bromide imparts a bright red colour in a flame test, showing the presence of strontium ions. There are two type of the strontium bromide which are strontium bromide hexahydrate and strontium bromide anhydrous.

The global strontium bromide market is estimated to surpass US$ 4.91 Mn by the end of 2030 in terms of revenue, exhibiting a CAGR of 5.3% during the forecast period (2022 to 2030).

Drivers

One of the key factors expected to stimulate market growth during the forecast period is the multiple applications of strontium bromide in pharmaceutical industry. In the pharmaceutical industry strontium bromide is used to treat bone related disorders such as osteoporosis. The strontium bromide is incorporated in the medicines to optimize bone resorption and bone formation, resulting in increased bone mass, which may be of great value in the treatment of osteoporosis.

The rising prevalence of bone related disorders is expected to drive the market for the global strontium bromide market. For instance, according to the report published by National Center for Biotechnology Information in March 2017, due primarily to the aging of the population in the North America region, the prevalence of osteoporosis and low bone mass is expected to increase, by 2020, one in two Americans over age 50 is expected to have or be at risk of developing osteoporosis of the hip will be at risk of developing osteoporosis even more at any site in the skeleton.

Among regions, Asia Pacific held dominant position in the global strontium bromide market in 2021, accounting for 45.23% market share, in terms of revenue, followed by North America & Europe

Figure 1. Global Strontium Bromide Market Revenue Share (%), By Region, 2021

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Market Restraints

The lack of growth opportunities available in the pharmaceutical industries associated with strontium bromide in the emerging economies, such as majority of African countries is expected to hamper the market. For instance, according to a United Nations report the growth of Africa's pharmaceutical sector as do poor procurement and supply chain systems and policy incoherencies in countries' trade, industry, health, and finance department’s growth over the forecast period. Moreover, the side effects and health hazards caused due to exposure of strontium bromide such as skin irritation and eye irritation is also restraining the market growth. All this factors associated with the use of strontium bromide is expected to restrain the global strontium bromide market growth.

Market Trends

Strontium bromide seeks applications in the manufacturing of chemical reagents. In recent period, the companies engaged in the global laboratory chemical reagents market are growing investments in research and development activities. According to a report published by American Chemical Society in June 2019, 20 of the world’s largest chemical firms upped their research and development spending by 3.3% in 2018. This factor is projected to fuel the expansion of the global market for laboratory chemical reagents in the years ahead. A wide range of technologies such as cell culture, recombinant DNA technology, and bio-therapeutics are experiencing continuous evolution. This factor is likely to stimulate promising demand opportunities in the global laboratory chemical reagents market.

On the basis of applications in 2021, Analytical Reagent Segment accounted for 33.47% of the revenue share, in the global strontium bromide market. Analytical reagents are widely used in many industries, such as biopharmaceuticals and pharmaceuticals, food and beverages, petrochemicals, and agriculture. The pharmaceutical industry is one of the most regulated industries in the world, as medicines must be safe and effective. Pharmaceutical and biotech companies are investing heavily in research to develop breakthrough protein-related products to meet the growing needs of the healthcare industry. For instance, according to a report presented by the United States Congressional Budget Office in April 2021, in 2019 the pharmaceutical industry spent US$ 83 billion on research and development. The spending on the research and development by the pharmaceutical and other industries is driving the market for strontium bromide as analytical reagents.

Figure 2. Global Strontium Bromide Market Revenue Share (%), By Applications, 2021

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Global Strontium Bromide Market - Impact of Coronavirus (COVID-19) Pandemic

The global market for strontium bromide has been impacted due to the ongoing COVID-19 pandemic. Several governments across the globe have imposed nationwide lockdowns to limit the spread of the virus, which resulted in the shutting down of businesses and ceasing of several economic activities. For instance, according to the International Monetary Fund’s 2020 report, the global economy contracted sharply by 3.0% in 2020, which is worse than the 2008-09 financial crisis. Moreover, the supply chain disruption has indirectly led to low demand for the strontium bromide.

Competitive Section

Key players operating in the global strontium bromide market include Shanghai Xinbao Fine Chemical, Chongqing Huaqi Fine Chemical, S.K. Chemical, Axiom Chemicals, Barium Chemicals, ProChem, Inc., Celtic Chemicals Ltd., City Chemical, Thermo Fisher Scientific Inc., Otto Chemie Pvt., Ltd., Vizag Chemicals, ACS Chemicals, and Morre-Tec Industries, Inc.