Barium Fluoride - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Barium Fluoride - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Barium Fluoride Market size is estimated at USD 363.18 million in 2024, and is expected to reach USD 486.93 million by 2029, growing at a CAGR of 6.04% during the forecast period (2024-2029).

The major factor driving the growth of the market is the increasing use of barium fluoride in optical applications. Moreover, barium fluoride is used as an additive in the manufacturing of aluminum refining process. Environmental concerns regarding BaF2 as it contains carcinogenic content and its harmful effect on human health is expected to impede the growth of the market studied. Moreover, unfavorable conditions arising due to the COVID-19 outbreak is anticiapted to restrict the product demand.

Key Highlights

• Optical Material is anticipated to dominate the barium fluoride market owing to its application in NIR, VIS and MWIR spectrum.
• Asia-Pacific region is expected to be the largest market for the barium fluoride during the period of forecast.

Barium Fluoride Market Trends

Optical Spectroscopy to Fuel the Growth of Barium Fluoride Market

• Broad use of Barium Fluoride in spectroscopic components is expected to grow the market studied. It is suitable for application in the passive IR band.
• Barium Fluoride is suitable in the fabrication of optical windows transmitting radiation in the spectrum from infrared to ultra-violet rays. It is also used to produce Barium Yttrium Fluoride (BaY2F8) crystals used in UV lasers and for a number of environmental instruments due to its resistance to water damage.
• It is used in the VUV window where high radiation resistance is needed from gamma and x-ray which is perfectly catered by BaF2.
• All the aforementioned factors are expected to drive the Barium Fluoride market during the forecast period.

Asia-Pacific to Dominate Barium Fluoride Market

• Asia-Pacific region is forecasted to dominate the barium fluoride market owing to the high demand for spectroscopic components and an increase in the aluminum refining in the region.
• The top two aluminum producing countries China and India come from the Asia-Pacific region with 36 million metric tons and 3.7 million metric tons respectively by the end of 2019.
• Presence of some major aluminum producing players in the region like Hongqiao Group (China), Chalco (China), Xinfa (China) along with the high production capacity of aluminum in the Asia-Pacific region is expected to propel the Barium Fluoride market in the region.
• Thus, the aforementioned factors are expected to drive the market in the region during the forecast period.

Barium Fluoride Industry Overview

The barium fluoride market is consolidated. Some of the companies operating in the business are Solvay, American Elements, Barium & Chemicals, Inc., Alfa Chemical Corp, and Triveni Interchem Private Limited.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support