Albany, NY -- (SBWire) -- 03/09/2019 --Transparency Market Research has published a new report titled "Strontium (Strontium Carbonate, Strontium Nitrate, Strontium Sulphate, and Others) Market for Pyrotechnics, Ferrite Magnets, Master Alloys, Paints & Coatings, Medical, Zinc Refining, and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global strontium market stood at 240.72 Kilo Tons in 2015 and is estimated to amount to 372.09 Kilo Tons by 2024, expanding at a CAGR of 4.91% between 2016 and 2024.

Strontium, an alkaline earth metal, ranks 15th in terms of abundance among elements found in the earth's crust, occurring as Strontianite and Celestine mineral ores. Strontium (Sr) is obtained from two primary minerals: Celestine (consisting of strontium sulphate) and Strontianite (consisting of strontium carbonate).

The strontium products are segmented as follows: strontium carbonate, strontium nitrate, strontium sulphate, and others (oxides, peroxides, hydroxides, and chlorides of strontium). Strontium carbonate is the carbonate salt of strontium with chemical formula SrCO3 and the appearance as white or grey powder. Strontium nitrate is the nitrate salt of strontium with chemical formula Sr(NO3)2 with the appearance as colorless solid. Strontium sulfate is the sulfate salt of strontium with chemical formula SrSO4 having the appearance as white crystalline powder. The others segment comprises strontium oxide, strontium peroxide, strontium hydroxide, and strontium chloride.

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Pyrotechnics used for exhibition purposes includes fireworks, flares, crackers, and flashpapers. Exhibition fireworks and crackers are a major part of concerts and other live performance shows. Fireworks displays also feature extensively in festivals and celebrations. These fireworks exhibitions usually includes bright colors, one of them being red. Also, red is a primary color from which other shades can be created. Strontium compounds being used as red colorant providers acts as a driver for the strontium market.

Strontium is predominantly employed in pyrotechnics and the production of ceramic ferrite magnets. It acts as a luminescence and anti-corrosive factor in paints & coatings and is utilized in small amounts in the medical industry as well. Major drivers of strontium market include master alloys and ferrite magnet application segments. Majority are master alloys produced that contains strontium are aluminium based. Strontium ferrite magnets are employed in microwave devices, small electric motors, magneto-optic media, recording media, and in the electronics & telecommunication industry.

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Strontium ranelate containing drug is prescribed to population falling in the age group above 70 years. However, in the U.S., the drug for osteoporosis is not approved by the FDA. It exhibited hypersensitivity to some substances in the study carried out on it, and is not recommended to patients suffering from severe renal diseases. Stringent government regulations on the use of strontium compounds could act as a restraint for the overall strontium market.

In terms of production, China, Mexico, and Spain are major countries in the strontium market. The U.S., the U.K., France, Italy, China, India, and a few other parts of Asia are major consumers. Major players in the strontium market include Solvay, Sakai Chemical Industry Co., Ltd., and BassTech International.