Strontium nitrate is an inorganic salt that finds wide application in pyrotechnics and flares primarily due to its non-toxic and flame-coloring properties. It produces bright red flames and sparks upon combustion. Strontium nitrate is formulated in various pyrotechnic compositions for safety flares, signal flares, coloured smoke generators, fireworks, and incendiary bombs. The global strontium nitrate market is estimated to be valued at US$ 386.3 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The wide application of strontium nitrate in pyrotechnic and colourant industry presents a lucrative market opportunity. The flares and pyrotechnics industry has been witnessing notable growth across various regions driven by increasing demand from military and civilian applications such as marine emergency signals, recognition signals used in warfare and training, coloured smokes used in military signalling, and coloured flares used in celebrations. However, strict regulatory norms associated with pyrothechnic composition formulations require manufacturers to use non-toxic and safer chemicals such as strontium nitrate over toxic counterparts. This is expected to propel the demand for strontium nitrate in flares and pyrotechnics industry and support the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The strontium nitrate market requires high capital investments and established distribution networks limiting threats of new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due the availability of alternatives. Threat of new substitutes: Substitutes like strontium chloride pose a moderate threat. Competitive rivalry: The market is moderately competitive due to the availability of established players.
SWOT Analysis
Strength: Strontium nitrate has wide application in fireworks, flares, pyrotechnics owing to its flame-reddening properties. Weakness: Volatility in raw material prices can impact production costs. Opportunity: Increasing research on strontium nitrate in advanced materials and emerging applications in medical diagnostics presents growth opportunities. Threats: Stringent regulations regarding the use and transportation of hazardous chemicals pose challenges.
Key Takeaways
The global strontium nitrate market scope is expected to witness high growth over the forecast period due to increasing demand from pyrotechnics and ceramics industries.
Regionally, Asia Pacific dominates the global market and is projected to maintain its lead through 2030. China is the largest producer and consumer of strontium nitrate globally.
Key players operating in the strontium nitrate market are 23andMe, Ancestry, Mapmygenome, Helix, MyHeritage, Gene by Gene, Pathway Genomics, Veritas Genetics, Xcode, Color Genomics, Positive Biosciences, Futura Genetics, Myriad Genetics, Quest Diagnostics, Laboratory Corporation of America, Illumina, Thermo Fisher Scientific, Qiagen, Genomic Health, Nebula Genomics. Strontium nitrate has application in preparation of pyrotechnic compositions used as colorants in signal flares and fireworks due to its flame reddening properties. Ongoing R&D for applications in advanced materials like luminescent materials is anticipated to boost market growth further.
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The Strontium Nitrate Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.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.
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.Get more information on "Global Strontium Nitrate Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/strontium-nitrate-market/download-sampleMarket DynamicsAt 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.
The Global Strontium Nitrate Market Report is a comprehensive and in-depth study on the size, share, growth,trends, demand and estimation with a focus on the latest development.
The report provides key statistics on the market status with highlights on various important strategic such as mergers, acquisitions, partnership and other development.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.Request a FREE Sample Copy of Global Strontium Nitrate Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/strontium-nitrate-market/download-sampleBy ApplicationPyrotechnicsPharmaceuticalsPreparation of Other ChemicalsBy End-UserMilitaryNon-MilitaryOthersThe 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..
