Celestine Market to Surge by the End of 2024
Monday, January 29, 2018
In Brief: This report clarifies the future of Strontium market including Celestine and Strontianite. Key players in Celestine Market and the share of North America and Asia Pacific in the market is also explained.
The global strontium market is forecast to exhibit a CAGR of 4.91% until 2024. At this pace, the market which stood at 240.72 kilo ton in 2015 is expected to reach 372.09 kilo ton by the end of 2024.
Strontium, an alkaline earth metal, ranks 15th in terms of abundance among elements found in the earth’s crust, occurring as Strontianite and Celestine mineral ores. Strontium (Sr) is obtained from two primary minerals: Celestine (consisting of strontium sulphate) and Strontianite (consisting of strontium carbonate).
With improvements to global economic conditions, consumption of strontium compounds like Celestine would be expected to increase. Little information is available about the potential for Celestine consumption in drilling fluids, but if oil and gas drilling increases, Celestine consumption in that end use may increase as well. The current state of oil prices internationally, however, implies that oil and gas drilling will not increase in the immediate future.
In terms of production, China, Mexico, and Spain are major countries in the strontium market. Deposits of high-grade Celestine have been identified in China, Mexico and Spain, but detailed information on most of these deposits is not readily available. Many of the deposits are in remote, sparsely inhabited areas where little formal exploration has been done. Other deposits may be well delineated but are in countries from which specific mineral information is not easily obtained, such as Iran and Tajikistan.
North America and Asia Pacific to Fight for the Leading Spot
The U.S., the U.K., France, Italy, China, India, and a few other nations in Asia are major consumers of strontium. Currently North America and Asia Pacific exhibit the most lucrative prospects for market players. These regions together hold the leading market share, however, in 2015 the North America strontium market marginally emerged dominant with a share of 29.65% in the coming years. Similarly, over the forecast period there is high possibility of the table turning in favor of the Asia Pacific market.