How Will the Russia-Ukraine War Affect Strontium Market ?
The global strontium carbonate market size is expected to gain momentum during the forecast period. This is attributable to the increasing prevalence of osteoporosis and the growing demand for paints and coatings across the construction sector globally. This information is published by Fortune Business Insights, in its upcoming report, titled, “Strontium Carbonate Market Size, Share & Industry Analysis, By Grade (Electronic Grade, Industrial Grade), By Application (Bone Health, Novel Nanoparticle, Fireworks Manufacturing, Pyrotechnics, Ceramics, Electromagnets, Others) and Regional Forecast, 2022-2029.”
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
Strontium carbonate is a type of carbonate salt that is found in grey or white powder in nature. It easily dissolves in acids and is less soluble in water. Owing to its non-hazardous nature and versatility, it is adopted across several industrial applications such as paints & coatings, medical, and firecracker production.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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Increasing Incidence of Osteoporosis to Favor Growth
According to the International Osteoporosis Foundation, it is anticipated that about 200 women suffer from the disease across the globe. Additionally, osteoporosis affects around 75 million people across the U.S., Japan, and Europe every year. The growing prevalence of the disease is expected to propel the demand for advanced strontium carbonate that is widely used to treat the disease. Additionally, the rapid-paced industrialization and the high disposable income are favoring the growth of paints and coatings industry globally. Strontium carbonate is used to provide essence and glossy shine to paints that is likely to boost the demand for the strontium carbonate market during the forecast period.
Increasing Utilization of Firecrackers for Festivities in Asia-Pacific to Surge Demand
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global strontium carbonate market in the forthcoming years. This is attributable to the increasing adoption of firecrackers that consist of superior quality strontium carbonate that enables vibrant colors in them when lit.
The market in North America is expected to showcase substantial growth backed by the growing import of the strontium mineral to produce strontium carbonate in the region between 2020 and 2027.
Prominent Companies Focus on Acquisition to Consolidate Their Market Position
The global strontium carbonate market is fragmented by the presence of major companies that are focusing on strengthening their positions in the fiercely competitive market. They are doing so by acquiring other small companies and further developing innovative strontium carbonate products. Other key players in the market are trying to maintain their presence by adopting strategies such as the introduction of new products, collaboration, and partnership in the forthcoming years.
- March 2018 – Solvay announces the expansion of its facility to focus on tailor-made solutions and high-performance materials. The company aims to leverage the opportunity provided by the global marketplace to maintain its dominance.
List of the Companies Operating in the Global Market for Strontium Carbonate:
- Muby Chemicals
- American Elements
- Celtic Chemicals Ltd.
- Zaozhuang Yongli Chemical Co. Ltd.
- Sakai Chemical Industry Co. Ltd
- Shijiazhuang Zhengding
- Hebei Xinji Chemical Group Co. Ltd.
- Jinshi Chemical Co. Ltd.
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