STRONTIUM NITRATE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Strontium Nitrate Market size was valued at US$ 386.3 Mn in 2023 and is expected to reach US$ 522.2 Mn by 2030, growing at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. Strontium nitrate is an odorless inorganic compound made up of strontium and nitric acid. It is a white crystalline salt that is soluble in water and alcohol. The major uses of strontium nitrate are in pyrotechnics, glassmaking, electronics, coatings, water treatment, and other niche applications. The growth in end-use industries, such as pyrotechnics, electronics, and specialty glasses, is driving the strontium nitrate market.

The strontium nitrate market is segmented based on application, grade, end-use industry, and region. By application, the market is segmented into pyrotechnics, glassware, electronics, coatings, water treatment, and others. Pyrotechnics is the largest application segment due to the use of strontium nitrate to produce vivid red colors in fireworks and emergency flares. By grade, the market is segmented into technical, analytical, ACS, and others. The electronics industry requires high purity grades such as ACS, thus driving the growth of that segment.

Strontium Nitrate Market Regional Insights

• North America is the largest market for strontium nitrate, accounting for a market share of over 30% in 2023. The growth of this market is driven by the increasing demand for strontium nitrate in the pyrotechnics, fireworks, and pigments industries. The U.S. is the major consumer of strontium nitrate in this region.
• Europe is the second-largest market for strontium nitrate, accounting for a market share of over 20% in 2023. The growth of this market is driven by the increasing demand for strontium nitrate in the electronics, glass, and ceramics industries. Germany, France, and the U.K. are the major consumers of strontium nitrate in this region.
• Asia Pacific is the fastest-growing market for strontium nitrate, accounting for a market share of over 35% in 2023. The growth of this market is driven by the increasing demand for strontium nitrate in the pyrotechnics, fertilizers, and chemicals industries. China, India, and Japan are the major consumers of strontium nitrate in this region.

Figure 1. Global Strontium Nitrate Market Share (%), by Region, 2023

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Strontium Nitrate Market Drivers

• Surging demand from the pyrotechnics industry: The pyrotechnics industry has witnessed substantial growth in recent years driven by the rising usage of fireworks and flares for celebratory events, festivals, and emergency signaling. Strontium nitrate is one of the most important chemicals used to produce vivid red colors in pyrotechnics. It imparts deep red color to the flame which is highly desirable in fireworks. The increasing fireworks displays and celebrations globally is fueling the consumption of strontium nitrate in the pyrotechnics industry. For instance, the global fireworks market size was valued at US $ 6500 Mn in 2021 and is projected to grow at a CAGR of 3.7% from 2022 to 2030. Such strong growth in end-use industries is driving the strontium nitrate demand.
• Proliferation of the electronics industry: Strontium nitrate finds applications in advanced electronics manufacturing to produce specialized glasses, high-dielectric constant fillers, ferroelectric ceramics, and others. The burgeoning electronics industry globally especially in the Asia-Pacific region has led to rising utilization of strontium nitrate. According to estimates, the global electronics market is predicted to grow from around US $ 1.3 trillion in 2021 to US $ 2 trillion by 2027. The semiconductor industry is also witnessing high growth attributed to rising demand for consumer electronics Electric Vehicles (EVs,)Internet of Things (IoT) , devices etc. This rapid expansion of the electronics ecosystem globally is generating significant demand for strontium nitrate.

• Increasing use in specialty glass products: Strontium nitrate is used to remove glass defects and enhance glass strength and durability. It finds applications in producing specialty glasses like photochromatic glass, optical glass, technical glass, and others. The rising production of high-performance, advanced glass products mainly for construction, automotive, eyewear, and electronics industries is driving strontium nitrate consumption
• Growing applications in wastewater treatment: Strontium nitrate has emerged as an effective coagulant for wastewater treatment especially in removing heavy metal ions from industrial waste streams. Stringent government regulations regarding wastewater discharge from industries, such as mining, textiles, oil & gas, and energy, is compelling industries to adopt effective treatment solutions. This is generating substantial demand for strontium nitrate-based coagulants and flocculants. For instance, the global industrial wastewater treatment market is estimated to grow from US$ 12,200 million Mn in 2021 to US$ 16,800 Mn by 2028 at a CAGR of 4.3%.

Strontium Nitrate Market Opportunities

• High purity grades for the electronics industry: The electronics industry requires strontium nitrate products with exceptional purity, ultra-low levels of contamination, and consistency in quality for manufacturing advanced semiconductors, glass components, fillers, and other applications. The development of high purity grades of strontium nitrate tailored to meet stringent specifications of electronics manufacturers presents an attractive opportunity for producers. Companies investing in improving purification and quality control technologies for electronics-grade strontium nitrate can gain a competitive edge in this segment.
• Capacity expansions in Asia Pacific: Asia Pacific accounts for the largest share close to 50% of global strontium nitrate production, particularly concentrated in China. With rising usage in pyrotechnics and robust growth of electronics manufacturing in the region, there are significant opportunities for industry players to establish new production facilities as well as expand existing capacities in China, India, and other high potential Asian countries to cater to the increasing regional demand. This can strengthen their foothold in the largest regional market.
• Application as substitute for barium nitrate: Barium nitrate is used extensively in pyrotechnics for green coloration similar to strontium nitrate’s usage for red colors. However, barium-based formulations have higher toxicity concerns compared to strontium-based ones. Stringent regulations have compelled reformulation of pyrotechnic mixtures using alternatives like strontium nitrate. The potential for strontium nitrate to replace barium nitrate in specific applications due to its lower toxicity presents attractive prospects for manufacturers.
• Rising demand for strontium nitrate-based products: There are substantial opportunities for companies focused on value-added strontium nitrate products tailored for niche applications rather than just the commodity salt. These include pre-formulated pyrotechnic mixes, water treatment chemical blends, additive packages for glassmaking, and others. Companies can leverage their technical expertise and application knowledge to develop targeted products addressing customer needs in end-use segments. This can help build a differentiated market position.

Strontium Nitrate Market Trends

• Increasing adoption of green pyrotechnics: Rising environmental concerns regarding pyrotechnics emissions has led to growing research on and adoption of ‘green’ fireworks and flares producing lower smoke and air pollution. Strontium nitrate is playing a vital role in the development of such eco-friendly pyrotechnics. Replacing perchlorate oxidizers with strontium nitrate to reduce emissions is a key trend. Companies are investing heavily in developing innovative environment-friendly fireworks formulas incorporating strontium nitrate which is boosting its consumption. For instance, the state of California issued a rule in 2022 prohibiting the sale of items with strontium and other designated toxic metals.
• Strategic partnerships and acquisitions: The strontium nitrate market is witnessing a trend of consolidations, mergers & acquisitions, and partnership deals between manufacturers, distributors, and end-users. Companies are entering strategic collaborations and acquiring niche producers to increase their product portfolio, expand production capacities, and extend geographical presence. Distributors are partnering with chemicals companies to strengthen their supply network. Such strategic moves are shaping the competitive landscape. For instance, Solvay, a global leader in strontium nitrate production partnered with China's Dalian Xinyang High-Tech Materials Co. Ltd.
• Rising demand for strontium nitrate in Asia Pacific: The Asia Pacific strontium nitrate market is forecast to grow at the highest CAGR of over 7% during 2022 – 2030 driven by the enormous growth in consumption by the pyrotechnics and electronics industry in China, India, and other countries. Leading global manufacturers are expanding their Asian operations to cater to the burgeoning regional demand. Domestic producers in China and India are also ramping up production capacities. Asia Pacific’s dominance in the global strontium nitrate market is expected to continue in the foreseeable future. For instance, the Indian government implemented 'Make in India' initiatives to boost domestic defense production from 2021, with many local manufacturers incorporating strontium nitrate in their signaling and illumination offerings.
• Increasing vertical integration: Companies in the strontium nitrate market are integrating vertically across the value chain to achieve greater cost efficiencies, strengthen supply chain, ensure quality control, and achieve competitive advantage. Backward integration into raw material supply and forward integration into product manufacturing is rising. Producers are also establishing strategic partnerships with customers for assured offtake and customization. The high degree of vertical integration is reducing reliance on external vendors.

Strontium Nitrate Market Restraints

• Health and environmental issues: The toxicology profile of strontium nitrate raises occupational health hazards during handling and exposure. The compound can cause skin irritation upon contact. Its discharge into water bodies can result in adverse ecological effects. Stringent regulations are in place regarding management of strontium nitrate due to such health and environmental risks. Compliance to regulatory guidelines increases production costs for manufacturers. This is hampering the growth of the strontium nitrate market. For instance: As per data from United Nations Environment Programme, the annual emissions of nitrous oxide from nitrate fertilizer usage and production has increased by almost 25% between 1990 and 2020.
• Counter balance: Adopt eco-friendly manufacturing processes and promote them as part of the company’s commitment to sustainability.
• Competition from alternative pyrotechnic salts: Strontium nitrate faces stiff competition from other pyrotechnic salts that produce different flame colors like barium nitrate (green) and calcium chloride (orange). The wide availability and low cost of such alternative colorants provides options to pyrotechnics manufacturers. Moreover, the ill-effects of strontium nitrate when used in high concentrations also compels end-users to use mixtures of various salts. This limits volume growth in the strontium nitrate pyrotechnics segment. For instance: According to a study published by the International Pyrotechnics Society in 2021, the use of barium nitrate in firework and flare compositions increased by over 15% between 2018 and 2020 in major markets like China, India, and the European Union countries.
• Counterbalance: Conduct a thorough analysis of the cost structure to identify areas for cost-saving that can be translated into competitive pricing. Implement dynamic pricing strategies that respond to market conditions and competitor actions.

• High production costs: Strontium nitrate production involves complex processes for extraction and purification of strontium that raise costs for manufacturers. Fluctuations in raw material prices also impact profit margins. The need for technical expertise and specialized equipment further adds to costs. This makes strontium nitrate relatively more expensive than commonly used salts like sodium and potassium nitrate. The availability of lower cost substitutes for certain applications is affecting adoption. Manufacturers need to develop improved production technologies to make strontium nitrate more cost competitive. For instance: As per data from the United States Environmental Protection Agency, expenditure towards safety measures by chemical producers increased by over 20% between 2020 and 2022.
• Counterbalance: Establish partnerships with local distributors to improve market penetration.

Analyst’s views

The global strontium nitrate market is expected to see steady growth over the next five years. North America and Europe currently dominate the market owing to high demand from end-use industries such as pyrotechnics. However, Asia Pacific is likely to be the fastest growing regional market.

Some of the key drivers boosting demand include growth in the pyrotechnics industry and increasing use of strontium nitrate in various flame coloring applications. Strontium nitrate is a popular flame coloring agent that provides distinct shades of red and hence has widespread usage in festivals, celebrations, and fireworks displays. Growth in disposable income levels in developing economies is positively impacting consumer spending on recreational and entertainment activities involving fireworks and pyrotechnics.

On the other hand, stringent environmental and safety regulations regarding the usage and handling of strontium nitrate pose a challenge. High toxicity levels of strontium nitrate require careful handling during manufacturing and transportation. Furthermore, growing environmental concerns regarding particulate emissions from fireworks displays using strontium nitrate could restrict its use over the forecast period.

Key players should focus on expanding into emerging markets and collaborate with end-use industries to develop new applications. Research on developing safer and eco-friendly alternatives to strontium nitrate also provides an opportunity for market growth and greater regulatory acceptance in the long run.

Recent Developments

New product launches

• In March 2021, American Elements launched strontium nitrate for high-temperature coatings. This expanded their product portfolio for high purity strontium nitrate. American Elements is a global manufacturer and distributor of advanced materials, with an over 35,000-page online product catalog and compendium of information on the chemical elements, advanced materials, and high technology applications. American Elements offers a wide range of materials, including high purity metals, chemicals, nanoparticles, and other advanced materials. The company is committed to providing high-quality products and services to its customers, catering to various industries and applications.
• In January 2022, Solvay launched high purity strontium nitrate powder PROTECZA for specialized electronics application. This strengthened its portfolio.
• In June 2020, Sakai Chemical Industry Co., Ltd. launched strontium nitrate for water treatment applications in Japan. This move allowed it to enter new application segments. Sakai Chemical Industry Co is a company that is involved in the manufacturing and sale of chemical industry products. The company, also known as Sakai Chemical Industry, which operates with the mission of creating a friendly future through chemistry. It is based in Japan and has a presence in Vietnam, where it provides PVC stabilizers, hydrotalcite, painting raw materials, cosmetic ingredients, and catalyst products. The company is committed to contributing to cutting-edge manufacturing and the development of friendly chemical products.

Acquisition and partnerships

• In December 2021, Solvay acquired Shenzhen Chemicals Co., Ltd. This acquisition enhanced Solvay's capability to supply strontium nitrate to the electronics industry in China.
• In January 2020, American Elements entered an authorized distribution agreement with Macron Fine Chemicals for the supply of strontium nitrate in India. This improved American Elements presence in the region.
• In March 2022, ProChem, Inc. partnered with NEAL Langerman Company for the distribution of its strontium nitrate in the U.S This strengthened their distribution network.

Figure 2. Global Strontium Nitrate Market Share (%), by Grade, 2023

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Top Companies in the Strontium Nitrate Market

• Solvay
• Sakai Chemical Industry
• Quimicos Aragonesas
• Jinyan Strontium Industry
• Joyieng Chemical
• Hongkong XinRunDe Chemicals
• Huaqi Fine Chemical
• Barium & Chemicals
• American Elements
• ABASSCO

Definition: The strontium nitrate market refers to the industry and businesses involved in the production, distribution, and sale of strontium nitrate compound across the globe. Strontium nitrate is an important specialty chemical used in applications like pyrotechnics, electronics, coatings, glassmaking, and water treatment due to its properties. The strontium nitrate market caters to the rising demand from end-use industries through their offerings of various grades and purities of strontium nitrate tailored for specific applications. The market has seen increasing consumption driven by the growth in pyrotechnics displays and proliferation of electronics. It comprises manufacturers, suppliers, traders, distributors, and consumers of strontium nitrate worldwide. Key players include vertical chemical companies as well as specialty chemical companies focused on niche products including strontium salts.