The new report by Expert Market Research titled, ‘Global, Report and Forecast 2023-2028’, gives an in-depth analysis of the global barium titanate market, assessing the market based on its segments like application and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6%
The demand for barium titanate is expected to record steady year-on-year growth over the entire forecast period. It is expected that steady economic growth in developing regions of the world, especially in the Asia Pacific region, coupled with the steady growth of the electronics industry in these regions, will, in turn, boost the demand for barium titanate over the forecast period. The growth of the end-use application sectors is therefore expected to emerge during the forecast period as the key growth driving factor for the global barium titanate market. In addition, one significant feature of barium titanate is that it is an environmentally safe piezoelectric material that is lead-free. The growth of the global market for barium titanate is therefore projected to be driven by the growth in demand for environment-friendly materials. Over the forecast period, growth in demand for electric vehicles from regions around the world is projected to serve as another growth driver for the global barium titanate market.
Industry Definition and Major Segments
The inorganic chemical compound, barium titanate, is formed by the heating of titanium oxide and barium carbonate. The product is white and powdery. It is a ferroelectric material with piezoelectric characteristics and pyroelectric properties.
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On the basis of application, the industry is divided into:
- Opto-Electronic Devices
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A rise in demand for barium titanate in various applications, including condensers, lead-free piezoelectric products, electroluminescent coatings, and composite polymer films, is driving the global barium titanate market. The ability of barium titanate to impart ferroelectric properties and its outstanding photorefractive characteristics are expected to drive the demand in the market in the coming years. In addition, barium titanate’s high dielectric constant and lead-free nature make it an ideal material to be used in the manufacturing of different electronic devices. It also serves as an environmentally friendly alternative to lead titanate zirconate. These factors are expected to propel the growth of the market.
The growing electric vehicle production to aid the market growth. The increase in electric vehicle production is due to an increase in the number of carbon dioxide emission regulations in the face of rising global warming worldwide. In 2016, for example, Norway declared a proposed ban on fossil-fuel cars and a ban on the sale of all petrol and diesel vehicles by 2025. To stop the selling of new petrol or diesel cars, the country has also introduced a new tax scheme called ‘polluter pays.’
Key Market Players
The major players in the market are KCM Corporation, Ferro Corporation, Fuji Titanium Industry Co., Ltd., Nippon Chemical Industrial CO., LTD., and Shandong Sinocera Functional Material Co., Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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