by It is used to manufacture strontium ranelate, which is prescribed for osteoporosis treatment. Strontium chloride provides advantages like increased bone formation, reduced bone resorption, and minimized fracture risk. With rising cases of osteoporosis worldwide, the demand for strontium chloride from drug manufacturers is increasing substantially.
The global strontium chloride market is estimated to be valued at US$ 359.7 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players: The key players operating in the strontium chloride market include Choice Organochem LLP, Riddhi Siddhi Industries, Anmol Chemicals, Gujarat Fluorochemicals Limited, S. R. Chemicals, Siddhi Vinayak Chemicals, S. M. Chemicals, Jayesh Group, Shreeji Chemicals, Vishnu Chemicals, K. S. S. Chemicals, Hindustan Chemical Company, B. S. S. Chemicals, S. B. Chemicals, A. B. Enterprises, K. R. Industries, V. S. Chemicals, and Shree Ram Chemicals.
Growing demand: The rising incidence of osteoporosis worldwide has increased the consumption of drugs containing strontium, propelling the strontium chloride market. As per estimates, around 30% of postmenopausal women and 10% of men suffer from osteoporosis in developed countries.
Global expansion: Leading manufacturers are expanding their production facilities across China, India, Germany, and the US to cater to the growing global demand for strontium chloride. They are also entering into long-term supply agreements with domestic pharmaceutical companies.
Market Key Trends
Increasing investments in pharmaceutical research & development activities focused on bone health are estimated to drive the Strontium Chloride Market Size. Many drug developers are conducting clinical trials to evaluate the efficacy of strontium in treating various bone disorders. Additionally, favorable regulatory framework and growing consumer awareness about osteoporosis treatment options are expected to boost market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: The strontium chloride market requires high initial investments and strict production standards and certifications. This makes the threat of new entrants moderate.
Bargaining power of buyers: The buyers have moderate bargaining power due to availability of substitutes and fragmented nature of the market with presence of multiple players.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to availability of substitute raw materials and less differentiation in materials.
Threat of new substitutes: There exists threat from substitutes like strontium carbonate, however strontium chloride has its own niche applications which makes the threat of substitutes moderate.
Competitive rivalry: The market is competitive with presence of multiple national and international players. However, companies differentiate through innovation, quality, and customer service which keeps competitive rivalry high.
Geographical regions with highest market share:
Asia Pacific holds the highest share of around 35% of the global market due to large scale production facilities and presence of emerging economies like China and India with growing industrial sector.
North America is the fastest growing region for strontium chloride market due to increasing applications in pyrotechnics, metal production and glass industries where demand is growing at a rate above 5% annually till 2031.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
