Barium
Market: Introduction
In
terms of value, the global barium market stood at US$ 2.6 Bn in
2019 and is anticipated to expand at a CAGR of ~5% during the forecast period.
The barium market is driven by the increase in usage
of barium in the glass & ceramics industry. Major suppliers of barium and
its compounds are located in Asia Pacific. China is a production hub of barium
carbonate in the region.
Major
Drivers of Barium Market
Barium
carbonate is used in the removal of efflorescence, which is a crystalline or
powdery deposit of salts often visible on the surface of concrete, brick,
tiles, or natural stone surfaces. The demand for high quality,
discoloration-free bricks has been rising. Masonry units need to be covered and
left in pallets in order to minimize the risk of efflorescence throughout the
construction project. With the addition of barium carbonate, soluble sulfate
salts are bonded and undergo chemical a reaction to form insoluble barium
sulfate. This prevents efflorescence. The pattern of construction has undergone
significant changes with modernization. The demand for attractive, colored, and
smooth structures has been rising. Tiles are made of the same clay or shale as
bricks, and are formed into relatively thin sheets, tubes, or hollow blocks.
They are usually glazed and made in many colors with the addition of barium
carbonate.
Bricks
remain one of the vital building materials in construction activities in
emerging economies. The construction industry in China and India has been
expanding significantly. This is fueling the demand for bricks and flooring
tiles in these countries. In turn, this is propelling the barium carbonate
market.
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Increase
in Oil & Gas Exploration and Drilling Activities to Offer Lucrative
Opportunities to Barium Market
Around 90% of barium
sulfate (barite) is primarily used in the petroleum/oil drilling industry. It
is used as a weighting material in the formulation of drilling mud. Barium
sulfate is used to increase the hydrostatic pressure of drilling mud, allowing
it to compensate for high-pressure zones experienced during drilling. The
softness of the barite mineral prevents it from damaging drilling tools during
drilling and enables it to function as a lubricant. The global production of
oil and natural gas increased substantially from 2005 to 2017. This has
resulted in excessive drilling and exploration activities, thereby propelling
the demand for barium compounds across the globe. The demand for clean energy
fuels such as natural gas has been increasing across the globe. Under the 2015
Paris Climate agreement, all countries, except the U.S., have joined hands to
reduce the overall average global temperature by 1.5°C and
lower carbon emission released by petrol & diesel vehicles. France and the
Netherlands are providing subsidies on natural gas vehicles (NGV) and electric
vehicles (EV). In line with this objective, France is expected to discontinue
the sale of petrol and diesel vehicles by 2040 and shift toward natural gas and
electric vehicles. Majority of countries are shifting toward the production of
natural gas vehicles to reduce air pollutants and carbon emission. This
strategy is estimated to result in a decrease in demand for crude oil in the
long term, but exponential increase in natural gas drilling activities.
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The
global demand for energy has been increasing at a rapid pace. The demand for
oil and gas exploration and drilling activities has also been rising at a
significant pace. Growth in production of oil and gas has propelled the global
barium market. Asia Pacific is anticipated to dominate the global barium market
during the forecast period, led by the rise in production of natural gas in the
region, primarily in China.
Decline
in Demand for Barium Carbonate to Hamper Global Market
CRT
or cathode ray tubes are the largest components of older monitors and
televisions. They are responsible for generating and displaying video images.
CRTs are primarily made of glass, which is made of barium carbonate. The
introduction of LED televisions has led to a decrease in the production of
CRTs. Since the late 2000s, CRTs have been largely superseded by newer flat
panel display technologies such as LCD, plasma display, and OLED displays.
Various renowned television manufacturers have stopped making their own
CRT-based sets. The consumption of CRT devices is expected to decrease in the
near future with the transition toward flat-panel monitors and television
technologies. Approximately 85% of
the remaining CRT devices are projected to reach end-of-life by 2025. The
demand for barium carbonate is anticipated to decline with the decrease in
demand for CRT.
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Asia
Pacific Dominates Barium Market
China
is the key producer of barium compounds in Asia Pacific. Several manufacturers
are engaged in the production of barium compounds that can be used in glass and
ceramics. In most countries of Asia Pacific such as China, India, and countries
of ASEAN, governments have taken initiatives for new building and construction
projects. The rise in investments in the construction industry is anticipated
to fuel the demand for barium compounds in the region in the near future.
Barium compounds are primarily used in glass & ceramics and bricks &
tiles for the removal of unwanted salts. Unlike developed regions such as
Europe and North America, Asia Pacific witnesses significant demand for barium
compounds for usage in the production of CRT glass. This can be ascribed to the
presence of significant middle-class population in the region.
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Fragmented
Nature of Barium Market
The
barium industry is fragmented, with tier-1 companies constituting to 30% to 40% share
of the global barium market in 2019. Companies operating in the barium market
are investing to expand their product portfolios as well as distribution
networks. They have adopted strategies such as mergers & acquisitions,
development of new products, joint ventures, and expansions to meet the
increasing demand for coatings. Tier-2 companies operating in the barium market
companies include regional players with strong foothold in the local market and
unorganized players that are primarily established in China and India. The
unorganized sector consists of small-scale manufacturers of barium. Large
numbers of small-scale manufacturers operate in every region. They primarily
import barium from China and distribute it across the country.
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