Barium Derivatives Market Overview
The global barium derivatives market is expected to rise in their business, with a volume prediction of over 2.21 million tons, by the end of the present forecast years. The CAGR in the present forecast years is recorded at 4.5%
Top Boosters and Restraints
Barium derivatives market have extensive applications in diverse industries including mining, explosives, and construction, to name a few. Barium derivatives are deployed in the mining sector for water treatment, in metal alloys while also acting as a drilling fluid, and. With rising focus on infrastructural improvement across developing as well as developed countries, the demand for barium derivatives is expected to surge rapidly in the years to come.
Other than the building construction sector, the automotive industry is emerging as a key end-user in the global market. The automotive sector makes extensive use of alloys of steel and aluminum, which are made using barium derivatives. This trend should remain prevalent in the coming years as well, helping the barium derivative market achieve a double-digit growth rate.
The global market is consolidated among the few leading companies. With continuous vigorous research and the development activities with respect to various barium derivatives to explore newer and emerging applications, players are able to gain a competitive edge. The surging use of new technologies such as AI (Artificial Intelligence) and IoT (Internet of Things) during the manufacturing processes by major companies could be favorable as well. New emerging revenue streams being explored by the top brands should add to the global market’s value.
Barium Derivative Market can be considered for type and application.
The types of barium derivatives are barium sulfate, barium carbonate, barium nitrate, barium chloride, and others. The highest demand is noted by barium carbonate, especially in the construction sector. The glass making sector is another key end-user for barium carbonate. The second highest demand is witnessed by barium sulfate, which is used widely in the manufacturing of drilling fluids that have applications in mining. Barium chloride’s top applications are in water treatment.
Top applications of barium derivatives are in metal alloys, water treatment, construction, explosives, mining, and others. Maximum product demand is created by the building construction industry, in view of the escalating use of walls floor tiles, glass and ceramic glaze. Most of the countries are spending considerably on infrastructural developments. Apart from building construction, the automotive industry generates a huge demand for barium derivatives, considering the widespread use in the manufacturing of aluminum and steel alloys.
The industry contenders profiled in the MRFR study of the Barium Derivatives Market are TPL, Inc., (Mexico), Solvay SA (Belgium), JIGCHEM UNIVERSAL (China), Toronto Research Chemicals (Canada), Norkem (England), ProChem, Inc (US), Alliance Global (India), Gemme Corp (China), BASF SE (Germany), Vishnu Chemicals (India), AG CHEMI GROUP SRO (Czech Republic), IBC LTD (India), and more.
Voyageur Pharmaceuticals Ltd. has got the green signal from the Health Canada (HC) for its latest product called MultiXthick barium sulfate suspension. It has 105% w/v barium sulfate suspension that can be administered either orally or rectally into the gastrointestinal tract. The company has created a complete range line of barium radiographic contrast media items to be sold and distributed in the global market.
The regional segmentation of the market comprises Latin America, APAC/Asia Pacific, North America, MEA/Middle East Africa and Europe.
The Asia Pacific market has achieved the top position in the global market, given that barium derivatives are used in a variety of applications across major end-use industries in the region. With China being the leading producer of barite, large-scale production of barium derivatives and the rising applications in construction and textile, the APAC market is bound to perform remarkably in the years to come. Rising construction activities in China and India have created a huge demand for glass and ceramic tile, which has led to higher use of barium carbonate in these countries. Most of the global glass and ceramic companies are moving their manufacturing bases to APAC countries due to the availability of cheaper raw material as well as labor cost.
The European market for barium derivatives benefits from the extensive use in the production of pigments for a variety of automotive coatings. Moreover, the presence of a massive pool of renowned automotive manufacturers could foster the demand for barium derivatives in the automotive coatings segment during the review timeline.
North America is a strong market for barium derivatives and can continue to witness robust demand throughout the review period. The region’s dominance is backed by the escalating number of oil gas exploration activities. The US is identified as the top market for petrochemicals in view of the surging oil gas production within the country, which could mean higher demand for barium derivatives in the years to follow. On a dim note, strict environmental laws and policies implemented in the region could induce a drop in demand. Additionally, these legislations are compelling vendors to reposition their production bases to emerging countries. With that said, several firms are investing substantially in RD activities to come up with eco-friendly and sustainable products to bring down greenhouse gas emissions, which can work in favor of the North American market.
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