Barium Carbonate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The barium carbonate market is projected to register a CAGR of over 7.5% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the construction activities were on temporary halt during the government-imposed lockdown. Thus, this led to a decrease in the consumption of barium carbonate, which is used to produce tiles, matt glazes, bricks, and other components in the construction sector, thereby witnessing a declining market growth rate. However, barium carbonate is also used as raw material for optical and sputter glass for semiconductors and barium titanate for a multi-layer ceramic capacitor (MLCC), which are further used in cloud/data center devices, electronic products such as laptops and desktops, and electronic medical devices. Owing to the increased demand for these products during the current situation, the demand in the studied market has increased significantly.

• Over the short term, the growing application of barium carbonate in the ceramic and construction industries is expected to drive the market's growth. However, the toxic nature of barium carbonate and stringent regulations implemented by several governments in the developed countries on the usage of barium carbonate are likely to hinder the growth of the studied market.
• The research and development on the application of barium carbonate to separate and purify Cesium-131 for radiation therapy are likely to provide opportunities for the barium carbonate market over the forecast period.
• The Asia-Pacific region dominates the barium carbonate market, owing to growing application in the construction and ceramic sectors in the country.

Scope of the Report

Barium carbonate is a white solid inorganic compound with the chemical formula BaCO3. It can be manufactured through the soda ash process in which an aqueous solution of barium sulfide is treated with sodium carbonate in order to get barium carbonate as a major product. It also occurs as a mineral known as witherite which can be colorless, grey, pale yellow, green, and pale-brown in color. The barium carbonate market is segmented by product, application, end-user industry, and geography. By product, the market is segmented into granular, powder, ultrafine, and other products. By application, the market is segmented into bricks and tiles, specialty glass, glazes, electro ceramic, enamel, and other applications. By end-user industry, the market is segmented into construction, oil and gas, ceramic, electrical and electronics, and other end-user industries. The report also covers the market size of and forecasts for the barium carbonate market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

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Key Market Trends

Construction Industry to Dominate the Market

• The construction industry stands to be the dominating segment, owing to the escalation in infrastructure projects in Asia-Pacific and North American regions.
• Barium carbonate is used in bricks and tiles to prevent scumming. As bricks and tiles are extensively used in the construction industry, the consumption of barium carbonate is also expected to increase with growing construction activities.
• The construction industry was valued at about USD 12 trillion in 2019, and it is estimated to reach about USD 14.3 trillion by 2024, with a CAGR of about 3.5%, thus increasing the market growth of barium carbonate in the construction industry.
• Asia-Pacific countries, like China, India, and Vietnam, have been registering strong growth in construction activities, which is expected to drive the consumption of barium carbonate in the region over the forecast period.
• The United States has one of the world’s largest construction industries, and it recorded annual revenue of USD 1,306 billion in 2019. ​According to the Federal National Mortgage Association (Fannie Mae), residential houses construction was expected to jump 10% across 2020, with 1 million new homes expected to hit the market by the end of 2021. Although residential construction was expected to reduce due to the COVID-19 pandemic in 2020, which is likely to hit the market studied, the growth is expected to pick up in the first half of 2021 and continue during the forecast period.​
• Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.

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