The strontium market is expected to register a CAGR of over 5.8% during the forecast period. The major factor driving the market studied is the demand from the paints and coatings segment.
- Furthermore, increasing housing construction activities in emerging economies of Asia-Pacific is expected to drive the demand for the market, during the forecast period.
- The impact of COVID-19 pandemic and the adverse effects of strontium on health are likely to hinder the growth of the market.
- Asia-Pacific is likely to dominate the market through the forecast period.
Key Market Trends
Paints and Coatings Segment to Dominate the Market
- Strontium is used in the painting industry in the form of Strontium Sulfate. Strontium Sulfate is white, odorless, and non-hazardous, chemically inert powder. it acts as a pigment extender (filler) to enhance powder coatings and liquid paints performance.
- Additionally, it also provides excellent salt, fog and UV resistance, Improved film coverage, Excellent mechanical properties, and more. It is used in powder coatings, liquid paints, plastics, etc.
- Paints and coatings are not only used in the interior of the houses to add colors or decorative purposes, but also to perform a wide range of functions. Their functions vary depending upon the type of environment and room that they are used on.
- In the developing countries, the developments in the construction sector are partly due to the robust economic growth and its positive implications on corporate profits, household income, and the state of public finances.
- Thus, owing to the growth in the various end-user industries globally, the consumption of paints and coatings is expected to drive the demand for the market studied during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region is the largest market for strontium. In Asia-Pacific China continues to dominate in demand for market studied globally powered with its huge production base for paints and coatings, which has more than 1/3rd of global production share.
- The annual paint production of the country has rocketed from 17.6 million tons in 2018 to nearly 18.6 million tons in 2019.
- According to European coatings, there are nearly 10,000 coatings manufacturers located in China. The Chinese paints and coatings production has been showing steady growth in the recent years.
- Furthermore, in Asia-pacific, China is expected to witness the highest growth in the construction activities, followed by India. In China, government spending has been increasing in order to construct affordable housing facilities to cater to the housing demand. In India, the infrastructure sector has become one of the major focus areas for the government.
- Hence, all such construction activities and favorable government measures are likely to boost the construction activities in the region, which is further projected to boost the demand for paints and coatings.
- The region also has major demand for the dental and medical applications of strontium owing to its increasing population.
- Thus from the factors mentioned above the consumption of strontium is expected to increase during the forecast period.
The market is highly fragmented in nature. The major players in the market include Solvay, abassco, Hebei Xinji Chemical Group Co., Ltd., Noah Technologies Corporation, Nanjing Jinyan Strontium Industry Co.,Ltd., and Xiamen Yuxiang Magnetic Materials Technology Co. Ltd, among others.
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