Strontium Market Size, Share, Growth Analysis, By Product(Strontium Carbonate, Strontium Sulfate, Strontium Nitrate, and Other Products), By Application(Electrical and Electronics, Medical and Dental, Paints and Coatings, Personal Care), By Region - Industry Forecast 2024-2031

Strontium Market size was valued at USD 205.49 million in 2021 and is poised to grow from USD 216.18 million in 2022 to USD 324.30 million by 2030, at a CAGR of 5.20% during the forecast period (2023-2030).

The global strontium market has experienced significant growth in recent years, driven by various factors such as increasing demand from the electronics, aerospace, and ceramics industries. Strontium, a chemical element with diverse applications, is widely used in the production of cathode ray tubes (CRTs), fireworks, pyrotechnics, and glass manufacturing. One of the key growth drivers for the strontium market is the growing electronics industry. With the rising adoption of smartphones, tablets, and other electronic devices, there has been a surge in the demand for strontium compounds, particularly in the production of color television screens and display panels. Furthermore, the aerospace industry has also witnessed substantial growth, leading to increased demand for strontium in the production of high-performance alloys and aviation-grade materials. However, the global market faces several challenges that could impede its growth potential. Firstly, the availability and sourcing of raw materials play a crucial role in the overall supply of strontium compounds. Strontium is primarily obtained from mining operations, and any disruptions in the mining activities or limited access to high-grade strontium ores can affect the market's stability. Additionally, environmental regulations and concerns pose another challenge for the strontium market. Strontium compounds are known to be toxic and hazardous if not handled properly. Strict regulations regarding their usage, disposal, and environmental impact have been imposed in many regions, which can increase compliance costs for manufacturers and limit market growth. Moreover, the increasing popularity of alternative technologies and materials may pose a threat to the strontium market. For instance, the shift towards LED displays and OLED technology in the electronics industry reduces the demand for strontium-based CRT screens. Similarly, the development of alternative materials in the aerospace industry could impact the demand for strontium alloys.

US Strontium Market is poised to grow at a sustainable CAGR for the next forecast year.