Strontium carbonate is an inorganic compound widely used in the manufacturing of glasses. It is added to glass melts during glass production to reduce the melting point and aid glass coloring. Strontium carbonate provides glass with a transparent white or pale yellowish tint and finds extensive usage in specialty glassware, cathode ray tubes and colored glass.
The compound acts as a fluxing agent in glass formulations, lowering the formation temperature and energy consumption during the melting process. It also enhances light transmission properties and chemical durability of glasses. The rising glass industry driven by growing construction activities and automotive glass demand has emerged as a key end-user of strontium carbonate in recent years.
The Global Strontium Carbonate Market is estimated to be valued at US$ 390 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2024-2031.
Key players operating in the strontium carbonate market are Solvay, GFS Chemicals Inc., Hebei Xinji Chemical Group, Rajat Carbonate Pvt. Ltd., JMC Minerals, Sigma-Aldrich and others.
Key Takeaways
Key players: Key players operating in the strontium carbonate market are Solvay, GFS Chemicals Inc., Hebei Xinji Chemical Group, Rajat Carbonate Pvt. Ltd., JMC Minerals, Sigma-Aldrich. Solvay is one of the leading producers of strontium carbonate globally with production facilities in Europe and Asia Pacific.
Growing demand:
The rising use of glass in construction, automotive and electronics industries has been a major factor fueling the Strontium Carbonate market Demand in recent years. Specialty glass is finding increasing applications in solar panels, display screens and electric vehicles which is propelling the strontium carbonate demand further.
Global expansion:
Leading strontium carbonate manufacturers are strategizing production capacity expansions and new plant investments across Asia Pacific and Middle East/Africa to tap the growing demand from developing nations. China remains a major consumer as well as producer of strontium carbonate globally.
Market Key Trends
Emerging applications of Strontium Carbonate Companies in the manufacturing of specialty glasses for solar panels is one of the key trends shaping the market growth. Glass panels used in photovoltaic cells and solar thermal collectors require addition of strontium carbonate during production to improve light transmission and durability. The rapid uptake of renewable energy technologies is creating opportunities for wider usage of strontium carbonate in advanced glass formulations.
Porter’s Analysis
Threat of new entrants: Strontium carbonate market Analysis requires lot of capital investments to establish manufacturing plants as it involves import of raw materials. Therefore threat of new entrants is moderate.
Bargaining power of buyers: Strontium carbonate has many industrial applications leading to availability of several buyers. However each individual buyer has moderate power due to availability of substitutes.
Bargaining power of suppliers: Key raw materials for strontium carbonate manufacturing are strontium minerals and carbon dioxide. Limited sources of strontium minerals globally enable suppliers to exert pressure on price and supply.
Threat of new substitutes: Alternatives like barium carbonate exists but strontium carbonate has its unique properties. Threat from substitutes is low to moderate.
Competitive rivalry: Major players have established production facilities globally. Intense competition exists among established producers on pricing and quality.
Geographical Regions
China accounts for over 50% of the global strontium carbonate market value owing to abundant strontium mineral reserves and presence of key manufacturers.
Asia Pacific excluding China is the fastest growing region for strontium carbonate market driven by increasing consumption in end use industries such as paints & coatings, plastic & polymer in countries like India.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)