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Strontium Sulfate Market Projected to be Influenced by Rising Technological Innovations

 

Strontium Sulfate Market: Introduction

·         Strontium sulfate occurs naturally in the form of a white crystalline powder in the Celestine mineral. It can also be produced by precipitation of a soluble strontium salt and a sulfate.

·         Strontium compounds are known for their characteristic red color. Strontium sulfate is used as a high temperature oxidizer in some red colors based on metals. It is a naturally occurring strontium compound that acts as a precursor to other strontium compounds such as nitrates and carbonates.

·         Strontium sulfate can be converted into strontium nitrate for usage in pyrotechnic applications. Strontium sulfate is converted in the form of strontium carbonate for use in ceramics

·         Strontium sulfate is increasingly used as pigment extender or filler in powder coatings and liquid paints in the paints industry. It helps in enhancing the performance of paints and coatinssgs. Building & construction and manufacturing industries are the major end-users of strontium sulfate, as they are the key consumers of paints and coatings. 

Key Drivers of Strontium Sulfate Market

·         Demand for strontium sulfate market is anticipated to rise at a fast pace during the forecast period. Rise in demand for strontium sulfate in end-use segments such as paints & coatings and pyrotechnic is a key factor driving the market

·         The global paints & coatings industry is mature. However, it is undergoing rapid transitions due to innovations and emergence of newer and environment-friendly technologies. Paints & coatings industry is an important component of the entire global chemical industry.

·         Macro-economic factors such as GDP growth, increase in purchasing power, higher disposable income, urbanization, improvement in economic conditions in developing countries, and recovery from debt crisis in Europe strongly impact the paints & coatings industry

·         Rise in population, especially in Asia Pacific, directly impacts the consumption of paints and coating products. Average per capita paint consumption in the world stands at around 15kgs. It is lower than this in several developing countries and is as high as 24kgs in developed countries such as Germany. This gap in consumption patterns is one of the key factors promoting the global paints & coatings industry. Expansion in the paints & coatings industry is anticipated to drive the demand for strontium sulfate during the forecast period.

Coatings Segment to Offer Attractive Opportunities

·         Prominent consumers of strontium sulfate include coatings, analytical reagent, pyrotechnic, ceramics, and others

·         Strontium sulfate can be used in liquid paints, powder coatings, and plastics. Paints & coatings industry is one of the prominent consumers of strontium sulfate in the world. Strontium sulfate can be extensively used in powder coatings, as it enables the coatings to have excellent optical properties, fog and UV resistance, and improved film coverage. It has whiteness comparable to that of titanium dioxide (TiO2) based compositions.

·         Pyrotechnic and coatings are estimated to be the rapidly expanding segments of the global strontium sulfate market during the forecast period

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Asia Pacific Expected to Lead Global Strontium Sulfate Market

·         Asia Pacific is the major region of the global strontium sulfate market. Demand for strontium sulfate is high in the region. This can be ascribed to the rapidly expanding paints & coatings industry and use of strontium sulfate in powder coatings. Asia Pacific is expected to be a rapidly growing region of the strontium sulfate market during the forecast period. India, China, and South Korea are estimated to lead the growth of the strontium sulfate market in the region during the forecast period.

·         North America and Europe are also projected to be the key consumers of strontium sulfate. Demand for strontium sulfate in Europe and North America is likely to rise at a slow pace during the forecast period due to sluggish growth of paints & coatings industry and other end-use segments in these regions.

·         Latin America and Middle East & Africa are anticipated to offer lucrative opportunities for the strontium sulfate market during the forecast period. Most of the growth in Latin America is likely to be concentrated in Brazil and Mexico.

·         Mexico is one of the largest producers of strontium in the world. Local availability of raw materials is likely to boost the production of strontium sulfate in the country during the forecast period. 

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Key Players in Strontium Sulfate Market:

Large numbers of players operate in the global strontium sulfate market. Key players operating in the global strontium sulfate market include:

·         Solvay SA

·         Haohua Chemical Group

·         Huaqi Fine Chemical

·         Jinyan Strontium Industry

·         Newcent New Material

·         Kunming Titan Technology

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