According to analysts at Vantage Market Research, the Barium Sulfate Market is expected to reach USD 1.9 Billion by 2028, growing at a CAGR of 6.9 % between 2021 to 2028. Use in industries like paints covering, dye, paper, plastic, elastic, ink, ceramic, leather, due to low oil assimilation, high consuming point, insolubility in water, exact PH esteem, longer shelf life, non-poisonousness, and adequacy, is helping the market growth.
- The precipitated segment is projected to expand at the fastest CAGR exceeding 7.2% over the forecast period owing to the increasing adoption and functioning of the precipitated segment for coating the inside of the esophagus, stomach, or intestines which allows them to be seen more clearly on a CT scan or other radiologic (x-ray) examination. Barium sulfate is taken into use to help diagnose certain disorders of the esophagus, stomach, or intestines. These are some factors driving the market.
- The oil well drilling segment held a market share of around 35.2% in 2020. This share is due to the rise infrequent use of a clinically contrast agent for X-ray imaging and other diagnostic procedures. It is most often used in imaging of the oil well drilling. It is administered, by using technical appliances, through the help of an aqueous solution.
- North America is expected to expand at a CAGR of over 7.5% from 2021 to 2028. This surge is attributed to the rising demand for barium sulfate market in developed economies such as U.S. and Canada.
Barium Sulfate can be utilized adequately for modern paints, polishes, and plastic material additionally can be used effectively in glues, covering, and sealants. Growing application from the expanding use of barium sulfate items. Barium sulfate is relied upon to show a huge growth over the projected duration.
North America is expected to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico, coupled with the growth of the region's overall barium sulfate market. An expanding inclination for plastic items among customers is driving this market around the world. Barium makers are focusing on the coatings industry for exchange. Because of the coatings and elastic businesses, the barium sulfate market is probably going to grow.
Some of the key players in the barium sulfate market include Xinji Chemical, Nadine, Solvay, Sakai Chem, Nippon Chemical Industry, Lianzhuang technology, Jiaxin Chem, Barium & Chemicals, Cimbar, Redstar, Onmillion Nano Material, Huntsman, Fuhua Chem, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage..