Rising Crude Oil Costs and Increased Penetration of Precipitated Barium Sulphate in the Pharmaceutical and Paint & Coating Industries Are Driving the Market, Recording a CAGR of 3.8% between 2023 to 2033 The Precipitated Barium Sulphate Market is expected to increase from US$ 738.4 million in 2023 to US$ 1045 million in 2033.
Its Use as a Drilling Fluid in the Oil Industry is Expected to Boost Market Prospects
Precipitated Barium Sulphate is an odourless inorganic chemical that is insoluble in water. Because of its remarkable qualities, such as poor solubility and high clearance from the body, barium sulphate is utilised as a radiocontrast agent and as a barium meal in diagnostic procedures.
Barium sulphate is a white transparent pigment used as a lake pigment in cosmetics and personal care products. Additionally, the packaging industry’s increased need is propelling the barium sulphate market.
Changing customer preferences in the event of an economic crisis, changes to industrial policies to address growing environmental concerns, and massive variations in raw material pricing caused by current geopolitical tensions are the factors driving the market growth. Demand for barium sulphate, which is used as a plastic filler, is increasing due to the growing demand from the plastic sector.
The expanding construction and building industry is alsofueling demand for barium sulphate, which is employed in a variety of construction applications.
Natural barium sulphate is estimated to continue to be the prominent segment with the high growth during the projection period due to increased oil and gas production. Because of the expansion in unconventional oil and gas extraction and fast modernization in emerging nations, oil well drilling might remain the large end use industry over the projected period.
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Several factors are driving the worldwide Precipitated Barium Sulphate market. Some of these are the pharmaceutical sector, population expansion, an increase in investment, research and development activities, increased awareness about the benefits of the product and limited arable land, and use of products such as soil fertilizer chemicals Sulphur and nitrogen.
Precipitated Barium Sulphate is becoming popular for flooded soils used in rice cultivation because nitrate-based fertilisers induce denitrification and leaching. Furthermore, many benefits of plant product growth, such as protein synthesis, have an impact on the Precipitated Barium sulphate market.
Key Points from the Precipitated Barium Sulphate Market
- The market is expected to surpass US$ 1045 million by 2033.
- The key drivers for this market are growing drilling activities, increasing use in the pharmaceutical industry, and increasing use as a filler in the paint and coating market.
- The market size is anticipated to be US$ 738.4 million in 2023.
- Precipitated barium sulphate market is expected to secure a CAGR of 3.8% during the forecast period 2023 to 2033.
Key Developments in the Precipitated Barium Sulphate Market
- July 2019 – Arkema has finalised its acquisition of Arrmaz, a producer of speciality surfactants for crop nutrition, infrastructure, and the mining industry. This acquisition is another step forward in Arkema’s march towards specialty chemicals, and it is intended to strengthen the company’s product profile.
- June 2018 – DOMO Caproleuna debuted at the DLG Feldtage with a 42-square-meter peninsular exhibit. It was held in Bernburg’s International DLG-Pflanzenbauzentrum (Saxony-Anhalt). Under the brand name DOMOGRAN, the company manufactures and distributes ammonium sulphate.
- March 2021 – TOR Minerals International Inc. was purchased by Cimbar Performance Minerals Inc. Cimbar Performance Minerals Inc purchased TOR Minerals International Inc’s aluminium trihydrate (ATH) and barium sulphate businesses (Barite). Cimbar was able to extend its product and presence as a result of the acquisition.
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Key Segment
By Particle Size:
- Up to 1 μm
- Up to 3 μm
- Up to 5 μm and above
By Application:
- Paints & Coatings
- Pulp & Paper
- Plastics & Polymers
- Rubber
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa
Table of Content
1. Executive Summary | Precipitated Barium Sulphate Market
1.1. Global Market Outlook
1.2. Supply and Demand Side Trends
1.3. FMI Analysis and Recommendations
1.4. Barium Market Overview
1.5. Barium Sulphate Overview
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition and Overview
3. Key Market Trends
4. Key Success Factors
TOC continued…!
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