Barium Sulfate Market is Expected to Grow with a CAGR of 6.9% from 2021 to 2028
As stated by an extensive report by Vantage Market Research, providing insights on product type, application, and end-use industry. The Global Barium Sulfate Market was valued at USD 0.5 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.9% between 2021 to 2028.
Barium sulfate is a chemical that is inorganic in nature, appears in the form of white powder, has no odor, and cannot be dissolved in water. Its structure is made up of crystals and its chemical nature is non acidic. Additionally, it is not harmful or toxic and hence, it has found multitude of applications in a wide range of industries.
It is used in medical industry as a contrast agent for imaging and diagnostic procedures, as a pigmenting agent, in the paper and pulp industry as a brightening agent, in plastic industry as a filler and in drilling fluids among others.
Rising demand from a myriad of end-use industries, owing to the nonhazardous nature of the chemical, is the key factor that is augmenting the growth of the barium sulfate market worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns. Due to which, the manufacturing units were closed off and the supply chains of several industries were disrupted. This caused a decline in the demand and revenue of paints and coating, pulp and paper, plastic, oil and gas drilling industries, which in turn, hampered the growth of the barium sulfate market.
Globally, North America is dominating the Barium Sulfate market and this dominance can be attributed to the presence of large number of oil and gas exploration projects and enhanced building, construction, pulp and paper industries in the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the presence of large number of developing economies, rising technological advancements, and soaring healthcare sector in the region.
Some of the major players operating in the global barium sulfate market are Barium & Chemicals Inc., Cimbar Performance Minerals, Nippon Chemical Industrial Co. Ltd., Solvay S.A., Foshan Onmillion Nano Materials Co. Ltd., Huntsman Corporation, Nafine Chemical Industry Group, Shaanxi Fuhua Chemical Co. Ltd., The Cary Company and Hebei Xinji Chemical Group Co. Ltd. among others.