Barium Borate Market Forecast and CAGR
Barium borate is an inorganic chemical that comes as a white powder or colorless crystal in hydrate or dehydrated form. These are present in two type i.e. high temperature and low-temperature form which has the application in various industries which results in the rise of the demand of the product and hence is estimated to grow at a CAGR of over 6% during the forecast period.
This comprehensive report is intended to provide readers with a complete understanding of dynamics in the market. The report also provides several decision support framework that can help stakeholders of the industry to take data-driven decision on growth, expansion, acquisition and capacity addition.
What is Driving Demand for Barium Borate Market?
Barium Borate is a multipurpose nonlinear crystal that can be used in harmonic production, optical parametric oscillators, electro-optical applications, ranging from near-infrared to deep ultraviolet. A large nonlinear coefficient, a high laser damage threshold, a low thermo-optic coefficient are just a few of its significant features.
It is well known nonlinear optical crystal and with the help of beta barium borate crystal, quantum linked photos can be created. It also act as bactericide and fungicide and have wide spread application in the paints, coating and adhesive industry as it act as binding agent which are the driving demand for the market.
In addition, Barium borate has a great capacity of to resist ultraviolet radiation and for polyvinyl chloride it also act as UV stabilizers. Due to the mild hygroscopic qualities of the BBO crystal, thin layer coating is highly suggested to prevent crystal form absorbing moisture from the air.
Also it act as the building material which is used in building process such as flooring, insulation, tiles, wood etc. Not only this but also act as the fire prevention adhesive in the paint and coating industry to prevent flammability. Owing to these factor, the sales of barium borate business is estimated to grow at a higher CAGR during the forecast period.
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Asia Pacific Region Barium Borate Market Outlook
The global textile market is anticipated to expand at a CAGR of 4.5 % between 2021-31 and the market is likely to be driven by rising the demand for garments from fashion sector, as well as the rise of e-commerce platforms in Asia Pacific region. The barium borate has wide range of application in the textile industry as it is used in bleaching agent, which is an integral product used in textile industry. Thus, the sales of barium borate will increase in proportion to the demand in textile industry in the region.
In addition, the region have presence of a lot many players, owing to higher availability of raw materials and pre-established supply chain network, which is easing the process of the players. The factors discussed are the ones responsible for the surging demand of barium borate in the regional market owing to which, Asia Pacific is considered as one of the strategic region.
North America Region Barium Borate Market Outlook
In North America region, there is a significant demand for the paint and coating industry and is projected to surpass USD 180 Bn by the end of 2031, which in turn has been contributing towards increasing the demand of barium borate. It has a wide range of application in paints and coatings industry and is used as adhesive i.e. act as the binding agent between the pain and the surface.
North America represents a dominant market share and is predicted to increase at a higher rate. Because of the lucrative growth in the mentioned industries, the demand for the product is increasing in the region. In addition availability of skilled labor, increase in foreign investors, adoption of product in end-use industry is playing major role in maintain balance in the market.
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COVID-19 Impact on the Market
The chemical industry has an adverse effect due to the impact of the COVID-19 owing to supply chain disruptions as well as the market uncertainly and imposed lockdown. Majority of the production facilities were shut due to imposed lockdown by the regulatory authorities. As a result, the demand for barium borate was declined, resulting in fall of revenue graph in the market.
The barium borate business is recovering now as the manufacturing units are back on track in the regions with minimized COVID-19 cases and is anticipated to be fully recovered by the end of Q2 2022.
Who are the Key Players Present in Market?
Manufacturers, suppliers, and distributors are among the key participants recognized across the globe which includes:
- Red Optronics
- Raicol Crystals
- United Crystals
- Inrad Optics
- Hg Optronics
- Fuzhou Jingyuan Photoelectric Technology
- Atom Optics
- A- Star Photonics
- Stanford Advanced Materials
- EKSMA OPTICS
With a large number of players, the market is highly fragmented in nature. Players are focusing on the research and development of the product and are practicing a variety of strategies to gain market position, which includes product launch mergers, collaborative research etc., allowing them to cater the increasing customer demand across different regions.
An Adaptive Approach to Modern-day Research Needs
The barium borate market report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Barium Borate Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Based on crystalline form, the market is segmented into:
- Alpha form
- Beta form
Based on applications, the market is segmented into:
- Paper and Pulp
Based on region, the market is segmented as
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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