Strontium Nitrate Market Is Estimated To Witness High Growth Owing To Rising Usage In Pyrotechnics
Strontium nitrate is a colorless crystalline solid, miscible with water and used for making red fireworks. It produces an intense crimson-red color when burned. Strontium nitrate also finds application in fireworks due to its ability to decompose at high temperatures producing strontium oxide that emits bright red light.
Strontium nitrate finds major application in pyrotechnics and as illumination in flares and fireworks where it imparts a bright red color. The growing use of colorful fireworks and optical signal flares across various end use industries such as defense, mining, construction etc. has been a major factor driving the demand for strontium nitrate. Moreover, strontium oxide formed during decomposition of strontium nitrate is also finding increasing use as ferrite material in the electronic industry owing to its compatibility with gallium arsenide and as a calcium phosphate material in strengthening bones. This expanding applications of strontium nitrate and its derivatives across industries is expected to propel the market growth over the forecast period.
The global strontium nitrate market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand from pyrotechnics industry. In 2021, the market size stood at US$ 360.2 Mn.
Regionally, Asia Pacific dominates the global market and is expected to grow at fastest pace during the forecast period. This is attributed to the increasing manufacturing activities in China, India, and Japan. China represents largest producer and consumer of strontium nitrate globally.
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https://healthcarelatesteditionnews.blogspot.com/2023/11/strontium-nitrate-market-is-estimated.html
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