The global demand for Strontium Nitrate Market is presumed to reach the valuation of nearlyUSD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period of 2022-2028.
Strontium metal is the 15th most abundant element in nature. Strontium nitrate is an inorganic compound composed of the elements strontium, oxygen, and nitrogen. It prepared by treating strontium carbonate with nitric acid to yield anhydrous nitrate. It is a colorless, solid and inorganic acid salt of strontium element. It is noncombustible but accelerates burning of combustible materials. It is extensively used in the pyrotechnics for the production of rich red flame in road flares and fireworks for its advantageous oxidizing properties. Besides being applicable in pyrotechnics, strontium nitrate can also be used as skin irritation reducing agent when mixed with glycolic acid. This mixture reduces the sensation of skin irritation significantly better than using glycolic acid alone. Moreover, the market is used for the production of high purity and ultra-high purity compounds, catalysts and nano scale materials. In addition to that, strontium compounds are used in military devices such as- tracer ammunition, military flares, and marine distress signals etc. Among non-military applications, pyrotechnics are utilized in warning devices and fireworks. Strontium nitrate is also utilized in numerous other applications such as refrigeration, steelmaking, and automobile and electronics. Additionally, strontium compounds have the ability to impart red color to substances and hence, they are also used as colorants.
At present, flashes, smoke flames, and other fireworks and pyrotechnics have become one of the important part of recreation and entertainment shows related to sports events, award shows, media events and festivals among others for the addition of extravaganza grandeur to the show. This has resulted in a significant upsurge in the demand for fireworks and pyrotechnic chemicals across the geographies. It is expected that the increasing demand for pyrotechnic chemicals will create a demand for strontium nitrate which is used as an oxidizer as well as a colorant in the pyrotechnic products. Therefore, the increasing consumption of strontium nitrate in pyrotechnics will drive the growth of global strontium nitrate market. Furthermore, the growing applications of distress flare as an essential piece of safety kit in marine, and defense among other end-uses is expected to increase the sales of strontium nitrate at a lucrative rate and hence, lead the growth of the global market. However, this compound is categorized as a hazardous substance. Strontium nitrate is a non-combustible chemical but it is a strong oxidizer. Being a strong oxidant, it enhances ignition of other finely divided inflammable materials and may lead to explosion under prolonged exposure to heat or fire. Moreover, toxic oxides of nitrogen are produced in fires and its dust causes irritation to the skin, eyes, and respiratory system. Furthermore, the possibilities of explosion and fire hazards from the mishandling of strontium nitrate can be restraining factor acting against the market growth. However, such hazards can be efficiently avoided by handling such chemicals with proper care and guidance.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of strontium nitrate.
The entire strontium nitrate market has been sub-categorized into application, and end-user. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
- Preparation of Other Chemicals
This section covers regional segmentation which accentuates on current and future demand for strontium nitrate market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Strontium Nitrate Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the strontium nitrate market include Solvay, Celtic Chemicals Limited, BassTech International, Furun Chemicals, Sakai Chemical Industry Co., Ltd., Ronas Chemicals Ind. Co. Ltd., Mintchem Group, Big Dragon Group, Wenzhou Chemical Material Factory, and TQ Chemicals Inc.. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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