Strontium Market Expands Use in Medical Imaging

The global strontium market was valued at USD 248 million in 2023 and is expected to expand to USD 378.7 million by 2030, registering a CAGR of 6.3% from 2024 to 2030. Market growth is primarily supported by rising consumption of strontium in ceramic ferrite magnets and its increasing adoption in the medical sector for the prevention and treatment of bone-related disorders. These applications continue to strengthen demand across both industrial and healthcare end-use segments.

The market’s expansion is further supported by the growing use of vibrant and colorful fireworks in entertainment and event management industries. This trend has significantly contributed to strontium consumption, particularly in pyrotechnic formulations.

According to the American Pyrotechnics Association, display fireworks consumption in the U.S. reached 27.1 million lbs. in 2023, reflecting a year-over-year increase of 7%. This rise in public fireworks displays underscores the growing demand for strontium compounds within the fireworks industry.

Key Market Trends and Insights

  • Asia Pacific led the global market, accounting for a revenue share of 37.2% in 2023, supported by strong electronics manufacturing and pyrotechnics demand.
  • The U.S. strontium market is expected to benefit from increasing military expenditure, which supports demand in signaling and defense-related applications.
  • By product type, strontium carbonate dominated the market with a revenue share exceeding 41.0% in 2023, owing to its widespread use in ceramics, glass, and electronics.
  • By application, the personal care segment is projected to witness the fastest growth, registering a revenue CAGR of 7.0% during the forecast period.

Market Size and CAGR Highlights

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

Pyrotechnics and signaling applications remain the largest demand drivers for strontium. The element plays a critical role in imparting a deep red color to fireworks and is valued for its high oxygen content, which supports ignition efficiency. Additionally, its use in ceramic ferrite magnets is gaining traction due to increasing demand from the electronics sector.

The medical industry represents a promising growth avenue for the strontium market. Ongoing research evaluating the effectiveness of strontium compounds in treating bone and dental disorders is expected to create new opportunities and broaden its clinical applications over the long term.

Despite its extensive use across electronics and medical applications, the market faces potential restraints from the development of alternative technologies. The shift toward OLEDs, LED displays, and alternative alloys could reduce reliance on strontium-based products. However, the gradual pace of adoption of these technologies suggests that substitution risks remain limited in the near to medium term.

Order a free sample PDF of the Strontium Market Intelligence Study, published by Grand View Research.

Key Company Insights

The strontium market is moderately consolidated, with several established players contributing to product innovation and global supply.

  • Basstech International, founded in 1994 and headquartered in New Jersey, U.S., specializes in strontium nitrate and primarily serves the North American market.
  • Solvay, established in 1863 and headquartered in Brussels, Belgium, offers a broad portfolio of strontium compounds, including high-purity strontium carbonate and hydroxide, serving customers worldwide.

Leading Companies 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

Conclusion

The global strontium market is positioned for steady growth through 2030, driven by sustained demand from pyrotechnics, electronics, and emerging medical applications. While technological substitutions pose a long-term challenge, the essential role of strontium in fireworks, ceramic magnets, and bone health solutions continues to underpin market expansion. Strong regional demand in Asia Pacific and innovation by key industry players are expected to support stable growth and reinforce the market’s long-term outlook.

Explore Horizon Databook – The world’s most expansive market intelligence platform developed by Grand View Research.

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