LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Barium Sulfate Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of barium sulfate and acts as an all-inclusive guide for making smart purchasing decisions.
“The global demand for barium sulfate is expected to increase primarily due to increasing E&P activities by oil and gas companies which in turn is attributed to the recovery of oil prices across the world,” says SpendEdge procurement analyst Anil Seth. “The barium sulfate market is expected to grow in countries such as APAC owing to their improving economic conditions and rising disposable income for the majority of their population,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Barium Sulfate Market:
- Increase in exploration and mining activities
- Growing use of barium sulfate in medical applications
- Rising demand for precipitated barium sulfate
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Increase in exploration and mining activities:
Globally, barium sulfate with 4.2-specific gravity was used extensively in the oil and gas industry. However, with the announcement of the new grade, exploration and expansion of barium sulfate resources have increased to obtain the product conforming to the alternative specification. This has also resulted in an increase in mining activities at old mines for obtaining barium sulfate of the alternative grade. Moreover, the rise in exploration and mining activities will help in increasing the availability of barium sulfate, which will likely lead to a reduction in prices.
Growing use of barium sulfate in medical applications:
Barium sulfate’s ability to block X-rays and gamma-ray emissions have made it an essential component in medical-grade polymers to block radiations. It is extensively used as aggregate in high-density concrete for radiation shielding around X-ray units in hospitals. Also, the vendors prefer using barium sulfate in medical-grade polymers as it is inexpensive and non-toxic, making it highly suitable for medical purposes.
Rising demand for precipitated barium sulfate:
Globally, there is a growing demand for precipitated barium sulfate owing to its use in various components such as adhesives, industrial paints, coatings, sealants, enamels, and plastics. The properties of barium sulfate including its capability to absorb low oil, high burning point, and non-toxic nature make it an ideal component to be used in paint coatings and plastics. Moreover, it is cost-effective and helps in reducing the production costs for buyers.
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