The Strontium Nitrate Market is estimated to be valued at US$ 386.3 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Strontium nitrate is a colorless crystalline solid, miscible with water and used for making red fireworks. It produces an intense crimson-red color when burned. Strontium nitrate also finds application in fireworks due to its ability to decompose at high temperatures producing strontium oxide that emits bright red light.

Market key trends:

Strontium nitrate finds major application in pyrotechnics and as illumination in flares and fireworks where it imparts a bright red color. The growing use of colorful fireworks and optical signal flares across various end use industries such as defense, mining, construction etc. has been a major factor driving the demand for strontium nitrate. Moreover, strontium oxide formed during decomposition of strontium nitrate is also finding increasing use as ferrite material in the electronic industry owing to its compatibility with gallium arsenide and as a calcium phosphate material in strengthening bones. This expanding applications of strontium nitrate and its derivatives across industries is expected to propel the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants find it difficult to enter the market due to high capital requirement to set up manufacturing units.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.

Bargaining power of suppliers: A few well-established suppliers exist in the market thereby exerting moderate level of bargaining power.

Threat of new substitutes: Strontium nitrate faces threat from substitutes such as calcium nitrate and barium nitrate.

Competitive rivalry: The market is competitive in nature with presence of several global players.

SWOT Analysis

Strengths: Strontium nitrate finds wide application in fireworks and flares owing to its ability to emit bright red color. It also exhibits antimicrobial properties.

Weaknesses: Strontium nitrate is toxic if ingested and may cause health issues. Fluctuating raw material prices can adversely impact the profit margins.

Opportunities: Growing demand from oil & gas industry for drilling fluids and cementing applications is expected to drive the market. Rising aluminum production will augment the consumption of strontium nitrate.

Threats: Stringent regulations pertaining to the use and transportation of strontium nitrate can hamper its demand.

Key Takeaways

The global strontium nitrate market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand from pyrotechnics industry. In 2021, the market size stood at US$ 360.2 Mn.

Regionally, Asia Pacific dominates the global market and is expected to grow at fastest pace during the forecast period. This is attributed to the increasing manufacturing activities in China, India, and Japan. China represents largest producer and consumer of strontium nitrate globally.

Key players operating in the strontium nitrate market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, and ABASSCO. The market is moderately consolidated with top five players accounting for over 50% of the global production.

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https://www.ukwebwire.com/strontium-nitrate-market-size-share-growth-outlook-2023/