Europe Precipitated Barium Sulfate Market: Introduction
Transparency Market Research delivers key insights on the precipitated barium sulfate market in Europe. In terms of revenue, the precipitated barium sulfate market in Europe is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the precipitated barium sulfate market in Europe.
The precipitated barium sulfate market in Europe is driven by the rise in the demand for precipitated barium sulfate in the paints & coatings application.
Europe Precipitated Barium Sulfate Market: Dynamics
The significant growth of paints & coatings and rubber industries is estimated to fuel the consumption of precipitated barium sulfate, especially in Germany. This, in turn, is anticipated to drive the precipitated barium sulfate market in Europe. Precipitated barium sulfate is employed as a filler agent in paints, coatings, rubber, and plastics, as it possesses beneficial properties such as chemical inertness, nontoxicity, and high specific gravity.
Precipitated barium sulfate is used as a filler to create colorful plastics, as it is effective in improving the intensity, stiffness, and abrasive strength. This makes the plastic attractive in appearance and stronger in strength.
Precipitated barium sulfate is widely used in the paints industry as an extender for primers, as it provides clean whiteness. It is useful for walls and undercoats to beautify smooth walls. Precipitated barium sulfate is an ideal alternative for expensive materials used in paintings such as crypton, basofor, monox, and titanium dioxide, which are used for filling. These characteristics of precipitated barium sulfate and its usage in the paints industry are expected to boost the demand for precipitated barium sulfate in the near future.
Precipitated barium sulfate is also used as a weighting agent in the oil & gas industry. The demand for oil in Europe has reduced from 25% in 2019 to 8% in 2021 due to the COVID-19 pandemic. The demand for energy is expected to recover at a significant pace in Europe after a significant decline. This is likely to boost oil & gas exploration and drilling activities. Thus, increase in production of oil and gas is anticipated to propel the precipitated barium sulfate market in Europe.
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Europe Precipitated Barium Sulfate Market: Prominent Country
Germany is a major consumer of precipitated barium sulfate in Europe. The increase in the usage of precipitated barium sulfate in the automotive industry is driving the market in the country. The market in Germany is projected to expand at a significant pace during the forecast period, as paints & colorants and oil & gas drilling sectors in the country are expanding at a rapid pace.
In the U.K., precipitated barium sulfate is primarily consumed in applications such as paints & coatings (as a filler), rubber & plastics (as a filler), pharmaceuticals, and oil & gas drilling. Paints & coatings and plastics & rubber sectors in the country are expanding. This offers significant opportunities to the market in the region.
Sweden, Germany, Norway, Denmark, and the U.K. are shifting toward renewable energy to reduce their carbon footprint, thereby decreasing the consumption of fossil fuel-based energy. This trend is likely to gradually alter the consumption pattern of precipitated barium sulfate in Europe during the forecast period.
Europe Precipitated Barium Sulfate Market: Key Players
The precipitated barium sulfate market in Europe is consolidated with the presence of a few players. Key players operating in precipitated barium sulfate market in Europe are Nippon Chemical Industrial Co., Ltd., Venator Materials PLC, Viaton Europe, Solvay, Merck KGaA, Prackash Chemicals, Alfa Aesar, and Shenzhou Jiaxin Chemical Co., Ltd.