Strontium Nitrate Market is Estimated To Witness High Growth Owing To Increased Use In Pyrotechnics And Flares

 

Strontium Nitrate Market

The global 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 an inorganic compound widely used as a pigment in pyrotechnics and flares for its red color. It also finds applications as a precursor to make other compounds used in glass applications, ceramics, luminescence materials, and concrete additives. Strontium nitrate acts as a reinforcement additive to improve concrete properties.

 

Market key trends:

The increasing use of reinforced concrete as a construction material is a major trend fueling the growth of the strontium nitrate market. Strontium nitrate is used as an additive in concrete to improve its mechanical properties such as compressive strength and durability. Strontium nitrate reaction with cement hydration products leads to the formation of stronger calcium silicate hydrates (CSH) gels, denser microstructure and reduced permeability. These properties render the concrete more crack and corrosion resistant. As infrastructure development and construction activities are booming globally, the demand for quality reinforced concrete is rising exponentially, thereby propelling the consumption of strontium nitrate in this application.

Segment Analysis

The strontium nitrate market is segmented into grade and application. By grade, analytical reagent grade strontium nitrate accounts for the largest share as it is used in various applications involving research and development. It provides high purity that is required for analytical test procedures. By application, pyrotechnics dominates the market as strontium nitrate is the key ingredient used in bright red pyrotechnic compositions giving fireworks their vivid red color. It is replacing other transition metal nitrates owing to its ability to burn cleaner.

 

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 and flame retardants industries.

 

Regional analysis:

Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. Rapid industrialization and growth of end use industries such as pyrotechnics in China and India are driving the demand. Furthermore, presence of major players in the region is also contributing to its large share.

 

Key players:

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, ABASSCO. Major players are focusing on expansions and new product launches to cater to growing demand and gain competitive advantage. The market is relatively consolidated.

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