As per a recent report by Transparency Market Research pertaining to global barium carbonate market states that the market is projected to witness a substantial growth between 2018 and 2026. The report states that the market is growing with the decent rate due to growing demand for barium carbonate bricks in construction industry to make insulated and sturdy architectures. These demands are anticipated to propel the market with 4.2% CAGR in the forecast period. According to the expert analysis of global barium carbonate market is expected to skyrocket from US$ 389.13 mn in 2017 to US$ 605.76 mn by the end of 2026.
Demand for Modern Architecture Propels the Growth
The demand for modern designs of the buildings and exceptional shapes has grown in recent time. People are calling for radical designs in home constructions and want their building to stand tall for many years in the future. Based on these demand the building and construction industry is incorporating barium carbonate bricks and tiles into their designed buildings. These bricks provide required strength to the structure to withstand some of the fiercest forces of nature like earthquake, flood, and tornados. Based on these benefits and growing demand for radically designed buildings the global barium carbonate market is experiencing the projected growth from 2018 to 2026.
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Electro-Ceramic Materials’ High Demand Further Boosts the Growth
Barium carbonate is extensively used in making insulating shielding for various industrial equipments. These shielding protect the instruments from extreme temperature and high voltage. Based on these benefits, it is widely used in manufacturing units for glass, cement and other compounds. Additionally some advanced versions of these bricks are used to insulate the space shuttle that protects them while re-entering the earth’s atmosphere. These benefits by electro-ceramic industry boost the growth of global barium carbonate market from 2018 to 2026.
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Tight Competition Calls for Better Strategies for Sustainability
Currently the global barium carbonate market is heavily competitive and fragmented. This is because of the various prominent players that have significant role in controlling the dynamics of global barium carbonate market. These players are adopting the strategies of mergers and partnerships to expand their operations across the globe and capture a major share of global barium carbonate market.
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On the other hand, the some moiré players are acquiring small and medium scale businesses to enhance their production and distribution network. These strategies are aimed to provide an edge to the players over their rivals.
North America Leads the Geographical Front
Based on geography, the global barium carbonate market is segmented into North America, Asia Pacific, Europe, and South America. Of these regions, the global barium carbonate market is dominated by the North American region. The dominance of the region is the result of developing building and construction industry in countries like U.S. and Canada.