Barium Sulphate Market size is expected to be valued at US$365.4 million by the end of the year 2026 and is set to grow at a CAGR of 2.6% during the forecast period from 2021-2026. Barium sulphate is an inorganic compound that is odorless and insoluble in water. Barium sulphate has exceptional properties such as low solubility and high level of clearance from the body, which makes it a good radiocontrast agent and is used as barium meal in diagnostic procedures. Additionally, barium sulphate is also a white transparent pigment, which is used as lake pigment in cosmetics and personal care products. Furthermore, the increase in demand from the packaging industry is also driving the barium sulphate market.
COVID-19 impact
Amid the Covid-19 pandemic, the barium sulphate market witnessed a considerable amount of growth owing to the demand from the healthcare industry. People affected with coronavirus also faced further health complications such as respiratory problem, heart problem, kidney problem and other complications. This led to the demand for barium sulphate from the healthcare industry, as it is widely used as radiocontrast agent in diagnostic procedures. Barium sulphate market is further set to improve by the year end of 2021.
Barium Sulphate Market Segment Analysis – By Type
Precipitated Barium Sulphate segment held the largest share in the barium sulphate market in the year 2020. Precipitated Barium Sulphate is used for white plastic raw materials such as resin pellets and translucent opaque reflection sheet. The increasing use and preference for plastic products among customers and other end use industries is driving the demand for precipitated barium sulphate. According to the recent report released by Plastics Europe in the year 2020, the total production of plastic in Europe amounted to 50.7 million tonnes during 2019, with 20% demand from building and construction industry, 6.2% demand from electrical and electronics industry. This is further driving the precipitated barium sulphate segment in the barium sulphate market.
Barium Sulphate Market Segment Analysis – By Manufacturing Process
Carbothermal reduction segment held the largest share in the barium sulphate market in the year 2020. Since barium sulphate is insoluble in water, the main method used in manufacturing process is carbothermal reduction. The barium sulphate processed through carbothermal reduction process is set to provide better yield than any other process. Barium sulphate finds wide application in drilling mud, mining for oil and rubbers. Barium sulphate has to be steamed in high temperatures to yield maximum results as it is an insoluble compound. This is driving the carbothermal reduction segment in the manufacturing process of barium sulphate market.
Barium Sulphate Market Segment Analysis – By Grade
Pharmaceutical grade segment held the largest share in the barium sulphate market in the year 2020. The increasing demand from the healthcare and medical industry owing to the growing demand for radiocontrast agent is driving the pharmaceutical grade in the barium sulphate market. The increase in number of diseases and the need for medical procedures such as X-ray, CT scans and others is increasing the demand for pharmaceutical grade barium sulphate as it is used as barium meal in the medical and healthcare industry.
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Barium Sulphate Market Segment Analysis – By Application
Radiocontrast agent segment held the largest share in the barium sulphate market in the year 2020. The increase in the incidence of diseases that requires diagnostic procedures like CT scans and X-rays to be done is driving the demand for radiocontrast agent segment in the barium sulphate market. According to World Health Organization (WHO), 16% of the total deaths were caused due to ischaemic heart disease across the world. There were reported cases of 8.9 million deaths due to heart related conditions in the year 2020. According to International Federation of Kidney Foundations, as of 2020, 850 million people across the world are affected with kidney disease. This will further increase the demand for barium meal in the healthcare and medical industry.
Barium Sulphate Market Segment Analysis – By End-Use Industry
Pharmaceutical segment held the largest share in the barium sulphate market in the year 2020. Barium sulphate is used in many drugs and radiocontrast agent in diagnostic procedures. The increase in diseases such as heart diseases, brain related diseases and other diseases across the world is increasing the demand for procedures like MRI scanning, X-ray, CT scanning and other diagnostic procedures. This is giving rise to the demand for radiocontrast agents, which is further driving the demand for barium sulphate market. For instance, according to World Health Organization (WHO), there has been reported cases of 50 million patients with dementia as of the year 2020 and with 10 million cases every year. Furthermore, during 2019, there were reported cases of around 50 million patients with epilepsy, a central nervous system disorder related to brain. This will increase the demand for radiocontrast agents which will further increase the demand for barium sulphate market.
Barium Sulphate Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 47% in the Barium Sulphate market in the year 2020. The increase in demand for barium sulphate from various end use industries is driving the demand for barium sulphate in the Asia Pacific region. According to Indian Brand Equity Foundation, the Indian government announced an investment of US$102.49 billion on oil and gas infrastructure in the next five years. Furthermore, according to India Brand Equity Foundation (IBEF), the pharmaceutical industry in India is estimated to be around US$41 billion by the end of 2021. Additionally, the investments in the pharmaceutical industry in India stood at USS17.5 billion in the year 2020 and the Indian government further announced an incentive scheme in February 2021 which will attract investments of US$2.07 billion into the sector. According to the latest report published by European Federation of Pharmaceutical Industries and Associations in the year 2020, the pharmaceutical industry of China and India grew by 6.9% and 11.1% respectively during the time period of 2014-2019. Furthermore, according to International Trade Administration, the production in pharmaceuticals industry in Japan increased by 35.2% to US$84.6 million during the year 2019 from US$62.57 million in the year 2018. This is driving the barium sulphate market in the Asia Pacific region.
Barium Sulphate Market Drivers
Increasing Demand from plastic industry
The increase in production and demand for plastics across the world is one of the major factors driving the demand for Precipitated Barium Sulphate. Barium sulphate is used as a filler in the production of plastic items such as bottles, boxes and containers. Therefore, the increase in the production of plastics is increasing the demand for barium sulphate market. According to Plastics Europe Market Research Group (PEMRG), the total world production of plastics stood at 368 million tonnes in the year 2019, an increase of 2.5% from the previous year 2018 production of 359 million tonnes. This will increase the demand for barium sulphate from the plastics market.
Growing building and construction industry
The growing building and construction industry is increasing the demand for barium sulphate as it is used in various applications in the building and construction sector such as paint, concrete and other products. Barium sulphate is used in production of paint and coatings, cements and other applications. Therefore, the growth in the building and construction sector is increasing the demand for various applications like paint and coatings, cement and others which is further driving the demand for barium sulphate in the building and construction sector. For instance, according to report of Global construction perspectives and Oxford Economics, the global building and construction industry is set to reach a revenue of US$8 trillion by the year ending 2030, which is further set to drive the growth of the barium sulphate market.
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Barium Sulphate Market Challenges
Adverse effects of Barium Sulphate
Barium sulphate has certain side effects on human body, which could also lead to death in certain cases. The intake of barium sulphate for medical purposes can also cause certain side effects such as severe stomach pain, chest pain, trouble breathing, blue coloured skin, weakness and diarrhoea/constipation. Barium sulphate can also cause paralysis in humans. Therefore, barium sulphate has to be only consumed in little amounts and as per supervision of a medical professional. This is one of the major challenges restricting the growth of the barium sulphate market.
Barium Sulphate Market Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Barium sulphate Market. Major players in the Barium Sulphate Market include:
Solvay Chemicals Inc.
Sakai Chemical Industry Co. Ltd.
GFS Chemicals Inc.
Fuhua Chem
NOAH Technologies Corporation
Hebei Xinji Chemical Group Co. Ltd.
Nippon Chemical Industrial
Jingyan Chem (H.K.) Ltd.
Cimbar Performance Minerals
Chemical Products Corporation
Acquisitions/Technology Launches
In March 2021, Cimbar Performance Minerals Inc. acquired TOR Minerals International Inc. Cimbar Performance Minerals Inc bought the business of TOR Minerals International Inc’s aluminum trihydrate (ATH) and barium sulfate (Barite). The acquisition helped Cimbar to expand its product and presence.
Key Takeaways
Asia-Pacific market held the largest share in the barium sulphate market owing to increase in demand from the medical and healthcare industry for barium meal from countries like China, India and Japan.
The increase demand from the plastic industry is driving the demand for barium sulphate as it is used as plastic fillers.
The growing construction and building industry is also driving the demand for barium sulphate as it is used in a wide range of applications in the construction sector.
Amid the Covid-19 pandemic, the barium sulphate market witnessed a considerable amount of growth owing to the increase in demand for radiocontrast agent in the healthcare industry.
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