- Mining Industry Gains Revenues from Industry Efforts to Harness Barite as a Raw Material for Paints & Coatings Industry; Use in Medical Industry Open New Avenues in Barite Market
- Plethora of use of Barite in End-Use Industries in Asia Pacific Underpins Revenue Generation; Barite Market to Reach US$ 2.0 Bn by 2027
ALBANY, New York, July 16, 2020 /PRNewswire/ -- Barite is found to be of wide use in oil and gas, paints and coatings, and medical industries on account of its numerous attractive characteristics, chiefly its chemical inertness and high density. It is also a popular accessory mineral to other minerals. Based on plethora of commercial use in the aforementioned industries, the barite market stood at valuation of US$ 1.3 Bn in 2018. Barite is extensively used as drilling fluid additive.
Growing use in paints and coating industry will utilize substantial volumes of barite, note analysts at Transparency Market Research. Garnering a CAGR of 4.5% between 2019 and 2027, the valuation is projected to climb to ~2 Bn by the period-end.
Suppliers of industrial minerals are eying opportunities in radiology as a radiocontrast agent, such as GI imaging by offering high-purity barite.
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Key Findings of Barite Market Report
- Of the various applications, use of barite as a drilling mud accounts for sizable revenues to companies operating in barite market
- Demand for paints and coatings industry to serve as next generator of high revenues
- Radiology and imaging will contribute a promising share of demand in barite market
- Of the various regions, North America accounts for a large share of revenue in barite market; extensive consumption in numerous end-use industries cement the market potential
- Middle East and Africa see substantial consumption of barite due to extensive oil and gas drilling activities
- Barite market exhibits a high degree of consolidation in most regions of the world
Explore 267 pages of top-notch research, incisive insights, and detailed country-level projections on Barite Market (Grade: Up to 3.9, Sp. Gr. 4.0, Sp. Gr. 4.1, Sp. Gr. 4.2, Sp. Gr. 4.3 & Above; Application: Drilling Mud, Pharmaceuticals, Rubber & Plastics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/pressrelease/barite-market.htm
Barite Market: Key Driving Factors and Promising Avenues
- Petroleum and natural gas exploration activities have extensively utilized barite, propelling the growth of the barite market.
- Due to its high purity and low reactivity, pharmaceutical industry contributed to a large demand for the mineral.
- Over the years, the petroleum industry has committed substantial funds in the mining of barite, since they use it in formulating drilling muds, thus boosting the barite market.
- Rapid pace of industrial manufacturing has spurred the uptake of barite.
- Growing significance of barite as an accessory mineral for paints, coatings, ceramics, and rubber is boosting the barite market.
- Rising utilization of barite in rubber industry has also spurred opportunities for players in the barite market.
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Barite Market: Competitive Dynamics
A number of companies involved in mine exploration and management are garnering revenues gains from the demand for barite among paints and coatings manufacturers. Top players are unveiling new grades of the material to meet the needs of medical industry and gain competitive edge. In most parts of the world, except in China, barite market's competitive landscape features a high degree of consolidation. Some of the well-entrenched players in the barite market are engaging in acquisitions and expansion of the product portfolio.
Some of the top companies are CIMBAR Performance Minerals, Excalibar Minerals LLC, Anglo Pacific Minerals, Halliburton, Deutsche Baryt Industrie, and Spectrum Chemical Manufacturing Corporation.
Analyze Barite Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Barite Market: Regional Assessment
Of the various regional markets, North America leads currently. The major chunk of revenues come from the U.S. The North America barite market is trailed by the Asia Pacific market. The growth of the opportunities in Asia Pacific can be attributed mainly to the plethora of use in various industrial applications. Also, over the past few years, extensive utilization of barite as drilling muds in the rising oil and gas exploration has help it build substantial valuation. The Middle East and Africa is a promising market.
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The Barite Market can be segmented as follows:
Barite Market: Grade
- Up to 3.9
- Sp. Gr. 4.0
- Sp. Gr. 4.1
- Sp. Gr. 4.2
- Sp. Gr. 4.3 & Above
Barite Market: Application
- Drilling Mud
- Rubber & Plastics
Barite Market: Regional Analysis
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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