The global strontium market size was estimated at USD 248 million in 2023 and is projected to reach USD 378.7 million by 2030, expanding at a CAGR of 6.3% from 2024 to 2030. This growth is primarily driven by increasing demand in the production of ceramic ferrite magnets and the medical industry, particularly for the prevention and treatment of bone-related disorders.

One of the key growth contributors is the rising usage of bright and colorful fireworks, especially within the entertainment and event management sectors. This trend continues to support overall market demand. According to the American Pyrotechnics Association, display fireworks consumption in the U.S. reached 27.1 million lbs. in 2023, marking a 7% year-over-year increase. This uptick highlights the robust demand for strontium in pyrotechnics.

Strontium’s most significant application lies in pyrotechnics and signals, where it is an essential raw material due to its ability to create a vivid red color in fireworks and its high oxygen content, which supports ignition. Additionally, the material's role in ceramic ferrite magnet production has grown due to its utility in electronics manufacturing.

In the medical field, strontium offers promising opportunities, with ongoing research exploring its use in treating bone and dental conditions. These advancements are expected to strengthen its presence in healthcare applications in the coming years.

Despite its wide applications, the strontium market faces potential challenges from emerging technologies that could substitute traditional materials. Alternatives such as OLEDs, LED displays, and new alloys could reduce demand over time. However, the slow pace of technological transition implies that any significant impact on strontium demand would likely be delayed.

Global market reception of strontium remains mixed. Factors such as its exclusion from critical mineral lists, varied consumption across applications, and relatively low commercial value compared to other minerals have influenced its perception. Nevertheless, demand consistency across major sectors has supported relatively stable global pricing.

Strontium pricing is affected by a range of factors, including ore and production costs, energy and labor expenses, market demand dynamics, technological changes, environmental regulations, currency fluctuations, and geopolitical trends. Historically, prices have shown low volatility due to steady demand, although occasional regional price shifts have occurred.

In the U.S., strontium demand is largely driven by its applications in pyrotechnics and ceramic magnets. However, a notable decline in its use in drilling fluids was recorded in 2023 due to reduced drilling activities, leading to a year-over-year price dip.

Meanwhile, the electronic, medical, and personal care sectors have shown steady growth since 2022, driven by post-pandemic economic recovery. This sustained demand is expected to contribute to relatively stable pricing trends throughout the forecast period.

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Key Market Trends & Insights

• Asia Pacific led the global market with a 37.2% revenue share in 2023.
• In the U.S., increased military spending is anticipated to support market growth.
• The strontium carbonate product segment held the largest share at over 41.0% in 2023.
• The personal care application segment is forecasted to witness the highest CAGR of 7.0%.

Market Size & Forecast

• 2023 Market Size: USD 248 Million
• 2030 Projected Market Size: USD 378.7 Million
• CAGR (2024–2030): 6.3%
• Largest Regional Market: Asia Pacific (2023)

Key Company Insights

Basstech International (U.S.) specializes in strontium nitrate and serves the North American region.

Solvay (Belgium) produces high-purity strontium compounds and operates globally.

Key Players in the Strontium Market

• ABASSCO
• Basstech International
• Canteras Industriales, S.L.
• Joyieng Chemical LTD.
• ProChem
• Quimica Del Estroncio, S.A.
• Sakai Chemical Co., LTD.
• Solvay

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Conclusion

The global strontium market is poised for steady growth, supported by diverse end-use industries including fireworks, electronics, and healthcare. While challenges from emerging technologies may impact certain applications in the long term, the current stability in demand and pricing—especially across Asia Pacific and North America—suggests a favorable outlook through 2030. Continued innovations and expanding medical research further position strontium as a valuable mineral across evolving industrial landscapes.