Thevendor landscape in the global strontiummarket is marked by the presence of a limited number ofcompanies. Among these, Sakai Chemical Industry Co., Ltd., Solvay, and BassTechInternational accounted for the dominant share of 60% in the global market in2015, finds Transparency Market Research (TMR) in a new study. Of thesecompanies, Solvay holds advantage as it is engaged in mining strontiummaterials. This has made the prevailing competition fiercer. TMR predictsmedium to high degree of competition in the global strontium market. Meanwhile,the market exhibits the presence of companies such as KBM Affilips and YuxiangMagnetic Materials Ind. Co. Ltd. who are not directly engaged in the productionof strontium. They are primarily engaged in manufacturing products used indownstream application sectors.
“Strategiesadopted by these companies have a profound impact on the overall strontiummarket,” said a lead TMR analyst. TMR pegged the global market at 240.72 kiloton in 2015. The market is expected to reach 372.09 kilo ton by the end of2024, reporting a CAGR of 4.91% from 2016 and 2024. Among key applicationsegments, ferrite magnets are likely to hold dominance through the forecastperiod. The segment held nearly 32.29% of the global market surpassing othersegments including master alloys, zinc refining, paints and coatings, medical,and pyrotechnics. Regionally, Asia Pacific and North America are leadingcandidates for the top spot. While North America emerged dominant in 2015 witha share of over 29% in the global market, Asia Pacific, as per TMR, is likelyto redeem itself.
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Adventof Novel Applications and Increasing Use in Traditional Sectors to Boost Growth
Theimproving economic conditions across nations has greatly benefited the globalstrontium market. Economic rebound in developed economies and growth inemerging nations have made industries across the globe more willing to investin strontium carbonate. Besides this, the market is forecast to benefit fromnovel applications. In addition to this, the persistently rising use ofstrontium in traditional areas will bode well for the global strontium market.As per TMR, the increasing use of pyrotechnics in firecrackers, flashpapers,flares, and crackers will boost sales prospects for the market. Firecrackerdisplays during events across various parts of the world will therefore fuelthe demand for strontium.
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Stringent Regulations LimitingUnbridled Use of Firecrackers to Restrain Growth
On thedownside, various countries have implemented stringent regulations to curbpollution. Some of these regulations also inhibit the use of firecrackers.Since strontium is a commonly used compound in firecrackers, regulationsimposed to limit their use will have a negative impact on the overall strontiummarket. Nonetheless, the market is expected to gain from the increasing salesof master alloys in the coming years. The rising use of master alloys in plantswhere metals and alloys are melt to cast the, into various shapes willtherefore boost growth prospects for the market.
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Masteralloys are made of strontium, which offers increased ductility and excellentstructure control. Because using master alloys can prove economical than puremetals their demand is expected to surge in the coming years. This will in turnfuel the demand for strontium in the forthcoming years.
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