The global strontium bromide market was valued at US$ 3.09 million in 2021, according to Global Strontium bromide Market Report, by Type (Strontium Bromide Hexahydrate and Strontium Bromide Anhydrous), by Application (Analytical Reagents, Pharmaceuticals, Water Treatment and others (Flares, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global strontium bromide market is expected to surpass US$ 4.91 million by 2030, exhibiting a CAGR of 5.3% during the forecast period (2022-2030).
Strontium is a mineral found in seawater and soil. Strontium can be mainly obtained from seafood, but it can also be found in small amounts in whole milk, wheat bran, meat, poultry, and root vegetables. Strontium is similar to calcium. Strontium is quite common in nature, according to the Minerals Education Coalition (MEC) it is the 15th most abundant element in Earth's crust. Strontium occurs in about 0.03 percent of all igneous rock, according to the US Geological Survey (USGS). Bromine occurs in compounds present in sea water, natural brines and salt-lake evaporates. The strontium bromide or SrBr2 can be prepared from strontium hydroxide and hydrobromic acid. Alternatively, strontium carbonate can also be used as a strontium source. The strontium bromide is divided into 2 types, strontium bromide hexahydrate and strontium bromide anhydrous. The strontium bromide hexahydrate is an inorganic salts containing water molecules combined in a definite ratio as an integral part of the crystal which have crystallized the metal complex with strontium bromide. The strontium bromide hexahydrate is used as a pharmaceutical intermediate.
The pharmaceutical intermediate market is a blooming field in the production of drugs around the world. Leading biopharmaceutical and pharmaceutical manufacturing companies are focusing on improving their product footprint globally. These companies are focusing on strengthening their product reach in different countries across the world through various distribution channels. For instance, in July 2018, Pfizer, which is pharmaceutical company announced about the investment of around US$ 500 million to build a sterile injectable plant in Portage, Michigan. The heavy investments made by the pharmaceutical companies is driving the demand for pharmaceutical intermediate and it will also benefit the global strontium bromide market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/strontium-bromide-market-5294
Browse 30 market data tables* and 24 figures* on "Global Strontium bromide Market” - Forecast to 2030.
Key Trends and Analysis of the Strontium bromide Market:
Among regions, Asia Pacific accounted for a significant market share in 2021. Asia Pacific is generating the maximum revenue over US$ 45.23 million compared to any other region in 2020, driven by gradual rise in consumption of strontium bromide and its compounds in pharmaceuticals, analytical reagents and flares industries in countries including India and China. China registered the largest procurement of Celestine in the world from its mines which was over 350 kilo tons in 2016. Moreover, increasing use of firecrackers in these countries on festive occasions is a prominent factor towards high regional product demand. In addition, China and India are major producer of fire crackers, which substantially contributes in the regional industry growth directly augmenting the global strontium bromide market growth.
Key Takeaways of the Market:
- The others segment of applications of strontium bromide includes manufacturing of flares accounts for 15.66% share of the global market in the year 2021. Growing demand for firecrackers and pyrotechnic activities during concerts, festivals or any sort of celebrations will inevitably augment the strontium market size in the forecast period. Additionally, it is also widely used in making flares and flare guns that has its applications in defense industry globally.
- Major 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.
Global Strontium bromide Market - Impact of Coronavirus (COVID-19) Pandemic
- The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Adoption of lockdown across the globe has halted the production of chemical reagents and water treatment chemicals, which restrains the growth of the strontium bromide market. For instance, according to Institute of Supply Management (ISM) in April 2020, during the pandemic about 75% of the global companies reported supply chain disruptions, 80% expected some kind of disruptions in the near future, 62% reported delays in receiving goods. Thus, the shortage in the raw materials and the disruption in the supply chain across the world resulted in the low production of strontium bromide and hence affects the market growth. You also can read about Strontium Nitrate Market Analysis.
