Strontium nitrate is an inorganic compound with the formula Sr(NO3)2. It is commonly used as additives in fireworks that produce various colors when combusted. Strontium nitrate produces red color when combined with other chemicals in fireworks. In addition, it also finds applications as dopants for scintillation detectors and luminescent materials. Strontium nitrate is also used in the production of glass and ceramics where it acts to reduce melting temperatures. Due to growing consumption of fireworks worldwide coupled with increasing demand for vibrant display during celebrations and festivals, usage of strontium nitrate is witnessing considerable rise.

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 Dynamics:
Increasing usage of fireworks as a rapidly growing industry across the globe, especially in developing economies of Asia Pacific, is a major driver propelling growth of strontium nitrate market. China accounts for over 70% of the global fireworks production and is one of the leading consumers of strontium nitrate. Growing disposable income, improving standard of living and rising cultural celebrations are enhancing adoption of fireworks displays globally thereby augmenting market growth. In addition, expanding application scope of strontium nitrate as doping material in scintillators and luminescent materials used in lighting and screen displays is another factor accelerating demand. However, stringent regulations pertaining to usage of hazardous chemical in fireworks in some countries may hamper market expansion over the forecast period.

Segment Analysis
The strontium nitrate market can be segmented based on form into powder and liquid. The powder segment is expected to dominate the market and hold around 70% share during the forecast period. Powder form of strontium nitrate is widely used in sparklers and fireworks as it produces bright red flames and sparks on combustion. It is also used as a precursor to make other strontium compounds in powder form for electronics and ceramics industry.

PEST Analysis
Political: The fireworks and pyrotechnics industry using strontium nitrate is regulated for safety and environmental regulations in many countries. Any changes in regulations can impact the market.
Economic: The market is dependent on economic growth and consumer spending on activities using strontium nitrate like fireworks display. Economic slowdowns can negatively impact the market.
Social: Strontium nitrate is traditionally and culturally used in fireworks display worldwide during festive occasions. Changes in festive celebration patterns can impact the demand.
Technological: Research is ongoing to develop new applications of strontium nitrate in electronics and material science. Advancements leading to new high-growth applications can provide opportunities.

Key Takeaways
The global strontium nitrate market share is expected to witness high growth over the forecast period driven by increasing demand from the fireworks industry across the world.

Regional analysis: The Asia Pacific region dominates the global strontium nitrate market with a share of over 45% in 2023. China is the leading producer and consumer of strontium nitrate globally attributed to large fireworks industry in the country. Other Asian countries like India, Japan and Southeast Asian nations also contribute to regional growth.

Key players operating in the strontium nitrate market are 23andMe, Ancestry, Mapmygenome, Helix, MyHeritage, Gene by Gene, Pathway Genomics, Veritas Genetics, Xcode, Color Genomics. Key players dominate the market owing to their strong distribution network and economies of scale in production of strontium nitrate.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it