Global Barite Market Insights-
The barite industry holds a market value of USD 2.8 billion during the Barite Market forecast period during the year 2018. It has also been marked that the barite market holds a CAGR of 5.82% during the forecast period.
On the contrary, strict governmental measures pertaining to the use of brominated flame retardants in electronic equipment and textile, and its toxic properties are factors that may limit the global Barite Market growth over the forecast period.
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Prominent Players Analysis:
Cary Company of the United States, Milwhite, Inc. of the United States, Halliburton of the United States, DESKU GROUP Inc., of the United States, The Andhra Pradesh Mineral Development Corporation Ltd of India, Ashapura Minechem Group of India, KaominIndustries LLP of India, Mil-Spec Industries Corporation of the United States, International Earth Products LLC of the United States, Dev International of India, Schlumberger Limited, Excalibar Minerals LLC, Sojitz Corporation, Baker Hughes Incorporated and, Anglo Pacific Minerals and many more.
The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil & gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
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Industry News:
In February 2020, Voyageur Pharmaceuticals Ltd. Announced that they had received successful test results from SGS Minerals & SGS Life Sciences division (“SGS”) on the Frances Creek barite project. SGS testing is a part of the preliminary process that would assess the economic state of the Frances Creek project. The company confirmed the barium sulfate mined from the Frances Creek barium sulfate had met all the specifications released by the US Pharmacopeia (USP) guidelines.
Barite Market - Segments:
By type:
Globally, the barite industry can be classified into various types. They are classified based on form, color, and application. Based on form, barite or barium sulfate is divided into two forms: powder or crystals. It has been marked that the powder form has covered a large barite market share till now. Barite is majorly used for filling the substance in both plastics and rubber. Both these materials, plastics, and rubber are used for production. This increases the demand and helps in barite market size thus steering up the market growth. Based on the color large-scale, it has been marked that barite is colorless. Barite is available in various colors like grey, yellow, white, blue, and brown. The grey barite is found in areas near the seashores. Grey barite is used for extracting oil in huge amounts. Globally, barite is used in end-user industries like oil and drilling, paints and for coatings, rubber and plastic, textile, and clothing. It helps manufacture the adhesive and some other barite substances. It is used for medical and pharmaceutical end-users industries for the development of my-ray machines and producing other medical types of equipment.
By technology:
Growth in technology-led to the intention of new end products from barite. Innovative things were manufactured.
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Regional Analysis -
The segmentation of the global Barite Market comprises regions like Asia-Pacific, North America, Europe, and Rest of the World.
Globally, Asia-Pacific bears the dominant position in the Barite Market both in relation to the volume and value. The market is expected to continue with its rise in the forthcoming years at the same rate. Due to reasons such as rapid industrialization, low cost attached to labor and raw materials, and the high manufacturing rate of Chlor-Alkali products, China is the major revenue generating nation in the Asia-Pacific region.
North America and Europe stand in the second and third position, respectively, owing to the low production level of Chlor-Alkali products as compared to other developing economies.
RECENT DEVELOPMENTS -
October 2021: The Nigerian government has launched a made-in-Nigeria barite initiative under the Ministry of Mines and Steel Development (MMSD). The event, according to the organizers, was aimed at promoting local content in order to stimulate the economy and generate additional income. According to them, the plan would not only raise Nigeria's profile among worldwide mining groups, but would also save the country $300 billion in annual import costs, while also creating work prospects for the country's teeming population. Barite is one of seven critical minerals that would help Nigeria's solid minerals sector realize its full potential. It is a critical element used in the oil and gas sector as a weighing agent to raise the density of drilling fluids, primarily for oil and gas exploration to reduce blowouts.
July 2021: Apollo Gold & Silver Corp. announced the completion of the acquisition of Pan American Minerals Inc., a wholly owned subsidiary of Pan American Silver Corp., of a 100 percent stake in the Waterloo Silver-Barite Project. Apollo has now acquired the rights to one of the largest undeveloped historic silver resources in the continental United States, establishing itself as a premier US-focused silver exploration and development business.
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It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the barite market include The Andhra Pradesh Mineral Development Corporation Ltd., Ashapura Group, Anglo Pacific Minerals Ltd., Schlumberger Limited, Sojitz Corporation, PANDS GROUP, The Kish Company, Inc, ALCOR MINERALS, PVS Global Trade Pvt Ltd, Pulapathuri and J & H Minerals Pvt.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Barite Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/barite-market/download-sampleMarket DynamicsThe market is mainly driven by rising oil and gas drilling activities worldwide.
In addition, the rise in the application of barite as a weighting agent in oil well drilling fluids to counteract specific pressure that results from well drilling operations significantly contributes toward the growth of the market.
Furthermore, expansion in offshore and gas drilling activities and rising investment by major oil companies in deep and ultra-deep offshore exploration are likely to further augment the market growth over the forecast period.
Moreover, rapid industrialization and urbanization in the developing region have surged the consumption of paints and coatings in end-use industries.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
