Rapid Advancements in the Real Estate Sector due to Extensive Urbanization will invite Prominent Growth Opportunities for the Barium Market: TMR

ALBANY, N.Y., June 15, 2021 /PRNewswire/ -- The barium market is estimated to observe tremendous growth across the assessment period of 2020-2030 on the back of the rising urbanization levels and the increasing construction activities among the global populace. Rising disposable income has led to a boost in the residential and commercial segment around the world. Furthermore, the increasing use of barium for marble floor replacements, metal slabs, and other home decorative products will invite intensive growth for the barium market across the assessment period.

Barium is a group 2 element in the periodic table. It is represented by the symbol 'Ba' with the atomic number 56. It is a dense alkaline earth metal occurring naturally in ore deposits. The metal is silvery-white and can be found in the environment, existing naturally. Barium is used in a plethora of applications such as chemical intermediates, glass, brick, ceramics, oil and gas drilling, paints, colorants, fireworks, and others. All these factors play a major role in the growth of the barium market.

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Transparency Market Research (TMR) has studied numerous factors related to the growth of the barium market. TMR experts expect the barium market to record a CAGR of ~5 percent during the tenure of 2020-2030. The global barium market stood at US$ 2.6 bn in 2019 and is prognosticated to reach a valuation of US$ 4.5 bn by 2030, the end year of the forecast period.

The construction industry expected to witness a boom in the coming years due to the rising influence of urbanization and industrialization around the world. Barium is an important component in construction activities, which will have a major impact on the growth trajectory across the assessment period. Furthermore, the emergence of smart cities is also expected to bring extensive growth prospects for the barium market.

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Key Findings of the Report

Research and Development Activities to Sow the Seeds of Growth

Research and development forms an important part of the barium market growth trajectory. The players in the barium market invest heavily in research and development activities. The players devise new formulations and strategies that help in increasing the revenues, eventually boosting the growth prospects. All these factors play an important role in the growth of the barium market.

Glass Manufacturing Industry to Bring Immense Growth Opportunities across the Barium Market

The thriving glass manufacturing industry will help in boosting the growth prospects of the barium market. Barium is used in manufacturing specialty glass as it shields from radiation in CRT televisions. Barium helps in increasing the luster of the glass and the refractive index. Glass industry accounts for almost half of the total consumption of barium carbonate. All these factors bode well for the growth of the barium market.

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Barium Market: COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of many sectors and businesses including the barium market. The enforcement of lockdown restrictions around numerous countries had a profound impact on the growth of the barium market. The shutting down of manufacturing facilities and production units has led to great losses across the barium market. The supply chain and logistics aspects have also been ruined because of the border restrictions. Nevertheless, the mass vaccination drives and the relaxation in lockdown norms will revive growth opportunities across the barium market.

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