Persistent Demand for Precipitated Barium Sulphate in Paintings & Coatings Applications Drives Market on Remunerative Growth Trajectory, Says Future Market Insights
The growth of the market is majorly attributed to the soaring demand for non-toxic materials in pharmaceutical products, paints, and plastic formulations. As precipitated barium sulphate is non-toxic and insoluble in its liquid state, it is considered ideal for usage in medicinal applications as well.
Furthermore, growing interest from pharmaceutical producers coupled with increasing usage as an X-ray contrast agent or radio-opaque agent is equally complementing the growth of the market. Moreover, precipitate barium sulphate is finding application as a drilling fluid in the oil industry, where it is used to increase the density of oil-like fluids. This is expected to further proliferate the demand in the forthcoming years.
On the other hand, rising adoption in diverse industries for different applications will equally boost the demand. For instance, precipitated barium sulphate is used as a transparency chemical in paints and as a filling spar in plastic industries.
"Prominent players are focusing on establishing a strong foothold by leveraging the growing number of activities in the construction industry," opines FMI analyst.
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Precipitated Barium Sulphate Market - Key TakeawaysThe global precipitated barium sulphate market will grow at a moderate CAGR of 3.8% and attain a valuation of US$ 962 Mn by 2030. Based on the size, particles sized 5 ?m and above are expected to remain the most sought-out, thus accounting for the largest market share. By applications, the paints & coatings industry is anticipated to channel the majority of revenue share on the back of the rising number of construction and renovation activities across the world.
Precipitated Barium Sulphate Market - Key TrendsThe pharmaceutical industry is expected to emerge as a lucrative end-user segment owing to the rising focus on research and development of novel diagnostic technologies. The growing demand for effective coatings in the automotive sector is anticipated to bestow lucrative revenue opportunities.
Precipitated Barium Sulphate Market - Regional AnalysisNorth America will retain its dominant position through the forecast period on the back of healthy adoption across diverse sectors including chemical manufacturing, ceramics, glass, and metal industries. Europe is forecasted to prevail as the second most lucrative region owing to surging demand for protective coatings and blooming adoption in offshore wind turbine applications. East Asia and South Asia are projected to metamorphose into prominent regional markets backed by rapid industrialization which, in turn, is leading to an increased number of painting and coatings activities.
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Precipitated Barium Sulphate Market - Competitive Landscape
Some of the major players operating in the precipitated barium sulphate market include Merck KGaA, Alfa Aesar, Solvay SA, Huntsman Corporation, Guizhou Redstar Development Co., Ltd., Sakai Chemical Industry Co. Ltd., and others. Market players are focusing on developing environment-friendly variants to cater to the changing industry culture and are entering strategic collaborations to strengthen their foothold.
Precipitated Barium Sulphate Market - Taxonomy
Particle Size:Up to 1 ?m Up to 3 ?m Up to 5 ?m and above
Application:Paints & Coatings Pulp & Paper Plastics & Polymers Rubbers Others
Region:North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
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Future Market Insights, in its new offering, provides an unbiased analysis of the global precipitated barium sulphate market, presenting historical demand data and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the precipitated barium sulphate market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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