- Availability of few grades for diverse applications stirs growth of the barite market
- Array of applications in several end users to drive global market valuation past US$ 2.1 Bn by 2031
ALBANY, N.Y., Nov. 8, 2021 /PRNewswire/ -- The demand for barite for varied applications such as drilling and filling agent from several end-use industries such as rubber, plastics, and pharmaceuticals drives the barite market. Barite is widely used in the paints & coatings industry as an extension to primers as it imparts clean whiteness to surfaces. This is in addition to the use of barite in pigments in paints and as filler agents in coatings.
The demand for barite from the oil & gas sector is rising due to declining impact of COVID-19. The use of barite for drilling fluids is related to its high specific gravity. It is suitable to elevate hydrostatic pressure to counter high-pressure zones during drilling.
The role of suppliers to maintain a robust supply chain of barite to serve oil & gas, rubber, and paints & coatings sectors is fueling the growth of the barite market.
The rising prominence of a specific grade barite in rubber and adhesive industries for use as a density enhancer in noise and vibration reduction systems with properties of inertness and color neutrality is creating new opportunities in the barite market.
The collective assessment of these factors estimate the barite market to expand at a CAGR of 5% from 2021 – 2031.
Novel Use for Radiation Shielding Products to Expand Opportunities
The growing demand for barite in shielding applications is creating new revenue streams in the barite market. The prospective development of Bariblock – an environmentally sustainable product to shield potentially harmful radiation such as X-ray will fuel the growth of the barite market. The demand for radiation shielding products is growing for the need of alternatives to conventional shielding products such as lead slabs.
In order to serve this, manufacturers of radiation shielding products are increasing their production capacities. Manufacturers are engaging in the development of products with low thickness, high volume mass, and ease of installation at reduced construction cost.
Novel shielding panels made of barite are increasingly finding application in new buildings and renovation of existing buildings and electromagnetic processes.
Availability in Few Grades Diversifies Applications
The availability of barite in a few grades accounts for its expanded applications. Barite is found in various colors such as yellow, blue, white, and gray. Barite possesses high density and chemical inertness that makes it suitable for various applications. However, the quality and purity of barite varies highly, thus limiting the volume of barite that can be extracted from individual reserves. For instance, the limited availability of US Pharmacopeia (USP) barite limits the pharmaceutical applications of the mineral. Therefore, to stay competitive, companies involved in pharmaceutical applications of barite are engaging in alternate revenue streams such as developing radiation-shielding products.
The Sp.Gr. 4.2 grade displays leading demand and is considered a high potential grade of the mineral. The Sp. Gr. 4.2 grade is extensively used in the drilling of oil and gas and their derivatives, owing to its physical properties. The revival of the oil & gas sector post COVID-19 is creating the demand for the Sp. Gr. 4.2 barite grade. This stimulates the barite market growth.
Demand for barite for varied applications from a number of end-use industries fuels growth of the barite market
Novel applications for radiation shielding products to create new opportunities in the pharmaceutical segment of the barite market
Barite Market – Key Players
Some of the key players operating in the barite market are The Andra Pradesh Mineral Developmnet Corporation Ltd., Anglo Pacific Minerals Ltd., Sojitz Corporation, The Kish Company Inc., PVS Global Trade Pvt Ltd, Ashapura Group, Schlumberger Limited, PANDS GROUP, ALCOR MINERALS, and Pulapathuri.
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