Global demand for barium sulphate is projected to be worth US$ 1,390.0 million in 2022 and to increase at a CAGR of 4.9% to US$ 2,242.7 million from 2022 to 2032. Growth is attributable to an increase in lubricant use as well as an increase in paint and coatings demand.
Increasing sales of barium sulphate in the pharmaceutical industry is mainly attributed to the rise in the applications of polypropylene and polystyrene in pharmaceutical packaging materials. In addition, it is also used in a wide range of diagnostic equipment, which further contributes to the growth of the pharmaceutical-grade barium sulphate market.
In the coming years, increasing use of barium sulphate in diagnostics procedures such as X-ray imaging, as a radio-contrast agent is likely to create new opportunities for stakeholders in the barium sulphate market. With the ongoing developments in the diagnostics technologies in the healthcare industry, the sales of pharmaceuticals-grade barium sulphate are expected to go up in the coming years.
Consequently, leading players in the barium sulphate market are expected to bolster research & development activities in order to maximize the utilization of pharmaceutical-grade barium sulphate for X-ray diagnosis. In fact, a majority of healthcare institutions are running clinical trials to evaluate the effectiveness of these X-ray diagnosis procedures, and this is further triggering market players to attain patents and design production plants to effectively implement various processing applications.
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Wide Ranging Applications will Open New Windows of Opportunities
Barium sulfate is most commonly utilized in the oil industry as an oil well drilling fluid, as it helps in increasing the density of oil-like fluid, and this is expected to drive growth of the barium sulphate market. In the coming years, the demand for highly purified fluids is expected to reach a new high, and which will further contribute to the growth of the global market for barium sulphate.
Furthermore, the applications of barium sulphate in the paints & coatings industry are adding another dimension to the growth prospects of the market, as the chemical is transparent and it is commonly used for modifying the consistency of paints & coatings. In addition, paints & coatings are widely used in the automotive industry, and its positive growth prospects may account for a significant share in the growth of the barium sulphate market. Manufacturers are also aiming to capture lucrative opportunities triggered by the growing applications of barium sulphate in the construction industry, and this will encourage market players to enter in developing economies to capitalize on the rising urbanisation in these regions.
Barium Sulphate Market: Region-wise Analysis
According to geography, the global market for barium sulphate is broadly divided into seven regions – North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. Being the largest consumer of barium sulphate, North America is expected to create new opportunities for stakeholders in the barium sulphate market. The use of industrial-grade barium sulphate is expected to rise in the North American region, and the demand is likely to remain concentrated in the steel and automotive industries in the region.
On the other hand, the growth avenues of Asia Pacific region in the global barium sulphate market are improving, as the developing Asian countries are emerging as large consumers of the chemical. Positive growth in industrialization, especially in the construction industry will contribute to a heavy demand for barium sulphate. Furthermore, increasing growth of the pharmaceutical industry will also boost the sales of pharmaceutical-grade barium sulphate in the region, creating lucrative opportunities for stakeholders in Asia Pacific, in the coming years.
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Barium Sulphate Market: Competitive Landscape
- Dongfeng Chemical
- ValourImpex
- Shaanxi Fuhua Chemical
- SachtlebenChemie
- XinJiXibo, Xuri Group
- ShenzhouJiaxin Chemical
- Nippon
One of the most popular strategies among the leading manufacturers in the global barium sulphate market is the rise in the investments in research & development. In order to capture new opportunities across a wide range of industries, manufacturers are aiming to introduce innovative products and gain an edge in the global market.
Furthermore, a mounting number of market players are also aiming to capitalize on increasing demand for barium sulphate nanoparticles and nanopowders, as their adoption in the manufacturing of medical equipment is on the rise across the world. Burgeoning growth of the medical devices industry is expected to further amplify the demand, and this will trigger an emerging trend in the global barium sulphate market in the coming years.
In addition, leading market players are also focusing on introducing barium sulphate as an efficiency-boosting component for paints & coatings used in the automotive industry. This will further instigate the wave of innovation and R&D among the leading manufacturers in the global barium sulphate market, in the foreseeable future.
Barium Sulphate Market: Segment Analysis
The barium sulphate market can be segmented on the basis of the following:
By Type
- Ordinary Precipitated Barium Sulfate
- Modified Barium Sulfate
- Nanometer Precipitated Barium Sulfate
- Others
By End-use Industry
- Coating Industry
- Pharmaceuticals Industry
- Rubber Industry
- Plastic Industry
- Others
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