Strontium nitrate is an inorganic salt that finds various industrial applications. It is commonly used as a red coloring agent in fireworks and flares due to its distinctive red color upon combustion. Strontium nitrate produces an intense red light by chemiluminescence when burned or heated sufficiently. It is also used as an oxidizer in rocket propellants and gas generators. Additionally, strontium nitrate is sometimes used in oxygen candles which generate oxygen on combustion for emergency situations in submarines and ships. 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:
One of the key drivers for the growth of the global strontium nitrate market is the increasing use of strontium nitrate in pyrotechnics for fireworks and flares. Pyrotechnics is a multi-billion dollar industry and the demand for fireworks is growing globally with new countries adopting fireworks for celebrating festivals and events. Strontium nitrate produces a bright red flame which makes it a popular colorant for firework flashes and flares. Additionally, the use of strontium nitrate as an oxidizer is also propelling the market growth. Strontium nitrate is used as an oxidizer in solid rocket propellants for rockets and missiles due to its high combustion energy. It also finds increasing usage as an oxidizer in oxygen generators, which produce oxygen for emergency situations in submarines and aircrafts. Owing to its oxidizing properties and growth in end-use industries like aerospace and defense, strontium nitrate demand is expected to grow significantly over the forecast period.

SWOT Analysis
Strength: Strontium nitrate market is witnessing significant growth due to its wide applications in pyrotechnics, fluorescent lighting, plasma television, ceramic ferrite, medical, atomic energy and agriculture. Strontium nitrate is used in manufacturing of metal alloys and electronic ceramics owing to its non-toxic nature and desirable optical properties. It also finds usage in production of specialty glasses. Growing demand from these end-use industries is expected to drive the market growth.

Weakness: Concerns regarding health hazards associated with excess exposure to strontium nitrate can hamper the market growth. Strict regulations related to storage and handling of strontium nitrate can increase the production cost. Dependence on limited number of suppliers for raw materials is another challenge faced by the market players.

Opportunity: Rising scope of applications in electron beam melting 3D printing and radiopharmaceutical production is anticipated to create new revenue pockets. Growing demand for ferrite magnets from automotive industry can offer lucrative opportunities. Increasing investment in agricultural sector of developing nations will propel the adoption of strontium nitrate as fertilizer.

Threats: Volatility in raw material prices can negatively impact the production cost. Substitutes availability for applications such as pyrotechnics can threaten the market demand. Stringent environmental regulations pertaining to emissions can restrict the growth.

Key Takeaways
The global strontium nitrate market forecast is expected to witness high growth.

Regional analysis shows Asia Pacific dominates the global market and is expected to grow at fastest pace during the forecast period. Countries like India, China, Indonesia, Japan and South Korea are major consumers and producers of strontium nitrate in the region. Growing domestic demand from electronics and automobile industry drives the regional market.

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 and Nebula Genomics. Strontium nitrate find usage in manufacturing of medical devices and equipment produced by these companies. They also use strontium nitrate for production of analytical instruments, DNA sequencing tools and other bio-analytical platforms.

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