Strontium Market Witnesses Growth in the Aerospace and Defense Sectors
The global strontium market size was estimated at USD 248 million in 2023 and is projected to reach USD 378.7 million by 2030, expanding at a CAGR of 6.3% from 2024 to 2030. This growth is primarily driven by increasing demand in the production of ceramic ferrite magnets and the medical industry, particularly for the prevention and treatment of bone-related disorders. One of the key growth contributors is the rising usage of bright and colorful fireworks, especially within the entertainment and event management sectors. This trend continues to support overall market demand. According to the American Pyrotechnics Association, display fireworks consumption in the U.S. reached 27.1 million lbs. in 2023, marking a 7% year-over-year increase. This uptick highlights the robust demand for strontium in pyrotechnics. Strontium’s most significant application lies in pyrotechnics and signals, where it is an essential raw material due to its ability to create a vivid red color ...