Strontium Nitrate Market Introduction
Strontium nitrate is a colorless, solid and inorganic acid salt of strontium element. Strontium nitrate is extensively used in the pyrotechnics for the production of rich red flame or as a red colorant 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. In the chemical industry, strontium nitrate is used for the production of high purity and ultra-high purity compounds, catalysts and nanoscale materials. For instance, strontium nitrate can be used for the preparation of strontium ferrite and calcium substituted strontium hexaferrite nanoparticles by a method called chemical co-precipitation method.
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Strontium Nitrate Market Dynamics
Strontium Nitrate Market Drivers
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 strontium nitrate market.
Strontium Nitrate Market Restraints
Strontium nitrate is categorized as a hazardous substance. Strontium nitrate is a non-combustible chemical but it is a strong oxidizer. Hence, it can strongly enhance the combustion of other substances. Therefore, the possibilities of explosion and fire hazards from the mishandling of strontium nitrate can be a potential restraint acting against the growth of the global strontium nitrate market. However, such hazards can be efficiently avoided by handling such chemicals with proper care and guidance.
Strontium Nitrate Market Participants
Some of the market key strontium nitrate market participants identified across the value chain of global strontium nitrate market that include manufacturers operating at national or international levels and suppliers are as follows:
- Yingfengyuan Industrial Group Limited
- Jost Chemical Co.
- New Bright Alloychem Private Ltd.
- Columbus Chemical Industries, Inc.
- Chongqing Yuanhe Fine Chemicals Inc.
- Sinoy Group Limited
- Muby Chemicals
- Hutong Global Co. Ltd.
- Divjyot Chemicals Private Limited
- S. K. Enterprise
- Linyi Kemele Chemical Co., Ltd.
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Strontium Nitrate Market Regional Outlook
Owing to the significant presence of natural strontium reserves, countries such as China, Spain and Mexico are among the top producers of strontium nitrate. In terms of consumption, East Asia is expected to be a prominent consuming region of the global strontium nitrate market owing to the prominence of explosives and pyrotechnics industry in China. Other regions such as North America and Europe are expected to consume significant shares of the global strontium nitrate market volume from the defense applications.