It is reported in the latest study published by Market Research Future (MRFR) that the global barium fluoride market is expected to witness a period of impressive growth and expansion during the forthcoming years. Barium fluoride’s are also referred to as BaF2 and is a chemical compound that is found in the halide mineral named frankdicksonite.
The market is reportedly expected to witness growth due to the wide-array of applications it boasts as space boasts, IR optics, optics for astronomical instrumentation, and others. The growing demand for the market can be attributed to the product’s uncanny capability of delivering extended IR transmittance, low dispersion, low refractive index, and resistance to radiation to the final product.
Market Segmentation
The global barium fluoride market segmentation is divided as per end-user and application.
By end-user, the market includes spectroscopic components, optical material, pharmaceuticals, aluminum metallurgy, oil refining, food, and others. The aluminum metallurgy segment holds the dominant portion of the market and is expected to continue its dominance further down the line.
By application, the market comprises hydrogen fluoride, sodium fluoride, calcium fluoride, sulfur hexafluoride segments, and ammonium fluoride. The hydrogen fluoride segment leads this section with the highest percentage of market share to its name. Hydrogen fluoride leads with 33% of the market portion, however, both calcium fluoride and ammonium fluoride are closing in on the same. Hydrogen fluorides have its application in pharmaceutical intermediates, refrigerants, and fluoropolymers and is expected to grow further in the near future.
Regional Analysis
The global geographical segmentation of the Barium Fluoride market is divided into five major regions, namely North America, Latin America, Europe, Asia Pacific, and the Middle East Africa.
Asia Pacific leads the global regional segmentation of the barium fluoride market and makes a pioneering contribution to the overall welfare of the market. The region holds this dominance due to the increasing consumption of inorganic compounds in optical material, pharmaceuticals, oil refining, aluminum metallurgy, spectroscopic components, and others. The rising demand for barium fluoride for production of wielding agents is anticipated to propel the entire market in this region during the forecast period. Countries like Japan, China, and India are the key nations contributing to the region’s dominance in barium fluoride.
The North American region comes in as the second largest global Barium fluoride market. The region is experiencing significant growth and demand due to the increasing consumption of the product for a number of applications. This includes hydrogen fluoride, ammonium fluoride, and for calcium fluoride segments. It is reported that the rising per capital income and growing investments to be the likely factors contributing to the growth of the market during the review period. In countries like the US, Canada, and Mexico, the growing level of consumption of inorganic compound as chemical intermediates and a solvent has helped them achieve substantial growth.
The European region is identified as another key region in the global barium fluoride market. The region is expected to attain notable growth during the forecast period due to the improving capacity of the product and an ameliorated infrastructure facilities in aluminum refineries. Additionally, it is believed that growing innovation and advancements in technology to be the key drivers pushing the growth margin in countries like Germany, Italy, the UK, and France.
The Latin American region is expected to experience a decent development over the course of the forecast period due to the increasing consumption of barium fluoride in aluminum metallurgy, pharmaceuticals, food industries, and optical material. The Middle East African region is also expected to experience a period of growth during the forecast period due to the rising demand for barium fluoride in the production of wielding agent’s semiconductors, and others.
Competitive Landscape
The global barium fluoride market comprises of various leading players, including Triveni Interchem Private Limited (Group of Triveni Chemicals) (India), All-Chemie, Ltd. (U.S.), Wego Chemical Mineral Corp (U.S.), GFS Chemicals, Inc. (U.S.), Jay Intermediates and Chemicals(India), International Crystal Laboratories (U.S.), Alfa Chemical Corp (U.S.), Solvay (Belgium), Barium Chemicals, Inc.(U.S.), Super Conductor Materials Inc.(U.S.), and among others.
March 12th, 2019, Evonik, a German chemical company, announced the offering of an all new implant quality, radiolucent PEEK with barium sulfate. The formulation promises to eradicate artifacts during imaging.
November 7th, 2019, the chemicals company from Germany announced in a statement about the development of the world’s first implant-grade PEEK filament for 3D printing.
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