Market Trends of Barium Carbonate Industry
Construction Industry to Dominate the Market
- The construction industry is 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.
- According to the Institution of Civil Engineers, China, India, and the United States are expected to account for almost 60% of all global growth in the construction sector by 2025, thus increasing the market growth of barium carbonate in the industry.
- The United States was among the top construction markets globally. As per the United States Census Bureau, in 2021, construction in the United States was valued at USD 1.58 trillion, accounting for around 4.3% of the country's total GDP.
- According to the US Census Bureau, the total privately owned housing units authorized by building permits in December 2021 were 1,873,000, 9.1% more than the revised rate of 1,717,000 in November. In 2021, an estimated 1,724,700 housing units were authorized by building permits, 17.2% more than 1,471,100 in the previous year.
- Barium carbonate is also used in oil-well drilling, glass, and photographic industries. In 2021, the global oil production was 4.2 billion metric tonnes, and the daily oil demand was 96.5 million barrels per day.
- Therefore, the above factors are expected to impact the market in the coming years significantly.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region stands to be the largest and fastest-growing market for barium carbonate. Consumption of barium carbonate in bricks and tiles from construction and refurbishment activities drives the market growth.
- Asia-Pacific countries, such as 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.
- As per the U.S. International Trade Administration, China is the world's largest construction market and is forecasted to grow at an annual average rate of 8.6% till 2030. According to National Development and Reform Commission (NDRC), China is investing USD 1.43 trillion in major construction projects in the next five years, 2025. The Shanghai plan includes an investment of USD 38.7 billion in the next three years, whereas Guangzhou signed 16 new infrastructure projects with an investment of USD 8.09 billion.
- In India, the construction development sector and activities stood at USD 26.08 billion and USD 24.72 billion, respectively, in March 2021. In 2022, India contributed about USD 640 billion to the construction industry due to government initiatives in infrastructure development and affordable housing, such as housing to all, smart city plans, etc. The growing construction activities in the country are driving the demand for silicones, which, in turn, may drive the chloromethane market over the forecast period.
- In Indonesia, under the National Medium-term Development Plan (RPJMN 2020-2024), the government plans to invest USD 412 billion in the development of transport, industrial, energy, and housing infrastructure projects in the country, which may help boost the barium carbonate market.
- The Japanese construction industry is expected to bloom, owing to the events hosted in the country. In 2021, Tokyo hosted the Olympics, and World Expo is to be held in Osaka in 2025, due to which there will be immense growth in the infrastructure development in the country.
- According to the Ministry of Finance of Japan, the construction industry in Japan generated sales of approximately USD 1.22 trillion in the fiscal year 2021, registering an increase of 2.1% compared to the same period last year.
- In Indonesia, as per Statistics Indonesia (BPS), in the year 2021, the GDP of the construction sector in the country was USD 0.177 trillion. Furthermore, as per the data by World Cement, the Indonesian construction market recorded a growth of 7.2% in 2022.
- The construction-related activities among the companies help in boosting the construction sector. For instance, In December 2022, Siam Cement BigBloc Construction Technologies, a joint venture between BigBloc Construction Limited and SCG INTERNATIONAL INDIA PVT LTD, successfully acquired land in Gujarat, India, for setting up a factory to produce AAC Blocks and Panels with an annual production capacity of 300,000 cubic meters which is expected to commence by the year 2023.
- Barium carbonate consumption witnesses rapid growth due to increasing consumption in major end-user segments such as semiconductors, glass, papermaking, dyestuff, rubber, plastic, oil refining, metal heat processing, etc.
- Barium carbonate is used as raw material for barium titanate, which is further used in the production of the multi-layer ceramic capacitor (MLCC) and composite oxides, or as a raw material for positive temperature coefficient (PTC) thermistors, optical glass, and sputter glass for semiconductors.
- The electrical and electronics industry is one of the world's leading industries. Consumer electronics account for one-third of the Japanese economic output. The country is a world leader in Japan's production of computers, gaming stations, cell phones, and other key computer components.
- According to JEITA (Japan Electronics and Information Technology Industries Association), in November 2022, the total production of the electronics industry reached USD 7,098.34 million. In December 2022, Japan exported electronics worth USD 8,395.45 million.
- Therefore, the above factors are expected to impact the market in the coming years significantly.
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