Rising from an expected value of US$ 1,390.0 Mn in 2022, the barium sulphate market is likely to be driven by elevated demand for coatings and paintings. The demand for barium sulphate is further accelerated by the increasing application of lubricants. The global barium sulphate market is anticipated to grow to an estimated US$ 2,242.7 Mn in 2032 while exhibiting a standard CAGR of 4.9% over the forecast period of 2022 to 2032.
An inorganic compound, barium sulphate is a white crystalline solid that is odorless and insoluble in water. It acts as a function filler and is superfine in nature while exhibiting a low absorption threshold. Owing to its inherent properties, there’s a notably high demand for barium sulphate in the pharmaceutical industry. This is due to the increasing application of polypropylene and polystyrene in pharmaceutical packaging materials. Pharmaceutical-grade barium sulphate is also used in a variety of diagnostic equipment which compounds the overall sales of barium sulphate.
“Increasing demand from the paints and coatings industry coupled with rising lubricant application is expected to bolster the sales of barium sulphate over the forecast period,” says an FMI analyst.
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Barium sulphate is generally used in crucial industries like rubber, plastic, leather, paper, paints, and coatings. With a growing demand for non-toxic products from these industries, a rise in the sales of non-toxic barium sulphate is likely to occur. Also, there’s an overall shifting consumer inclination toward plastic items which is supposed to further bolster the sales of barium sulphate. Besides, precipitated barium is an important part of the coatings industry. Therefore, many precipitated barium manufacturers are aiming for the coatings industry. As precipitated barium is a crucial ingredient in the rubber and coatings industries, the target market is expected to grow by leaps and bounds due to the advancing coatings and rubber industries. All of these factors are driving the global barium sulphate market over the forecast period.
Key Takeaways:
- Application as a drilling fluid in the oil industry is predicted to foster positive market prospects.
- Fluctuating raw material prices may hamper the market growth over the assessment period.
- North America is projected as one of the most lucrative markets for barium sulphate.
- The barium sulphate market in Europe will account for about 13.5% of the global market share by the end of 2022.
- Asia Pacific market will likely hold nearly 10.4% of the overall market share.
- Middle East & Africa is anticipated to provide substantial growth opportunities for the target market over the forecast period.
Competitive Landscape
Dongfeng Chemical, ValourImpex, Shaanxi Fuhua Chemical, SachtlebenChemie, XinJiXibo, Xuri Group, ShenzhouJiaxin Chemical, and Nippon, among others, are some of the major players in the barium sulphate market that are profiled in the full version of the report.
In a highly competitive market, major players are keen on acquiring a portion of the market share by operating across several regions and at different levels. These organizations are also increasing their research and development investments.
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More Insights into the Barium Sulphate Market Report
In its latest report, FMI offers an unbiased analysis of the global barium sulphate market, providing historical data from 2016 to 2021 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and capacity, the market is segmented based on type (ordinary precipitated barium sulphate, modified barium sulphate, nanometer precipitated barium sulphate, other barium sulphate types), end use (barium sulphate for coating industry, barium sulphate for pharmaceuticals industry, barium sulphate for rubber industry, barium sulphate for plastic industry, barium sulphate for other end-use industries), and region.
According to the latest FMI reports, based on region, the North American barium sulphate market is counted as the owner of the largest target market share. North America is expected to acquire nearly 29.2% of the overall market share during the forecast period. This growth is attributed to rising demand for the product from multiple industry verticals like metal, glass, ceramic industries, chemical manufacturing industries, and many others.
The barium sulphate market in Europe is likely to undergo a significant growth spurt over the assessment period. The region is predicted to account for nearly 13.5% of the global market share in 2022. Escalating industrialization and heightened demand for raw plastic will propel regional market growth. Countries like Germany and France will presumably lead the market growth over the projected period.
Key Segments Profiled in the Barium Sulphate Industry Survey
By Type:
- Ordinary Precipitated Barium Sulfate
- Modified Barium Sulfate
- Nanometer Precipitated Barium Sulfate
- Other Barium Sulphate Types
By End Use Industry:
- Coating Industry
- Pharmaceuticals Industry
- Rubber Industry
- Plastic Industry
- Other End Use Industries
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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