New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global barite market is anticipated to rise at a stable CAGR of 4.3%, thereby garnering a revenue of $1,712.1 million by 2028. This comprehensive Research Dive report presents a brief outlook of the current framework of the barite market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growth in application of barite as a weighting agent in drilling mud for petroleum wells is predicted to be the primary growth driver of the barite market in the forecast period. Additionally, growth in demand for barite from paint and coating industry is expected to further drive the market forward.
Opportunities: Rising popularity and demand for barite in plastics industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing applicability of barite in rubber industry is anticipated to augment the growth rate of the market.
Restraints: However, presence of substitutes may restrict the growth of the barite market in forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the barite market in a negative way. Reduction in production of barite due to closure of majority of manufacturing industries led to a decline in the growth rate of the market. Also, decrease in demand for transportation fuels led to decline in demand for barite, thus impacting the market further.
Segments of the Market
The report has fragmented the barite market into segments based on color, deposit type, grade, end use industry, and region.
Color: Grey Sub-segment to be the Most Dominant
By color, the grey sub-segment of the barite market is expected to have the highest market share and is projected to garner $919.5 million by 2028. Grey barite has numerous industrial applications and is widely used as an aggregate and as a weighting agent to drill mud. This growing application of grey barite is predicted to be the primary growth driver of the sub-segment in the forecast period.
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Deposit Type: Bedding Sub-segment to Have the Highest Market Share
By deposit type, the bedding sub-segment is expected to have the dominating share and register a revenue of $903.4 million by 2028. Bedded barite is formed as an emanation from seafloor sediments which is why it is abundant in supply across the globe. This high abundance of bedding barite is anticipated to help in the growth of this sub-segment.
Grade: Grade 4.2 Sub-segment to Garner Maximum Revenue
By grade, the grade 4.2 sub-segment of the global market is expected to have the highest market share and is projected to garner $521.0 million by 2028. Grade 4.2 barite is extensively used in shale gas & oil exploration. Hence, a growth in the oil and gas exploration industry is predicted to be the primary growth driver of the sub-segment in the forecast period.
End Use Industry: Oil & Drilling Sub-segment to be the Most Profitable
By end use industry, the oil & drilling sub-segment is expected to have the dominating share and register a revenue of $1,103.7 million by 2028. Growth in use of barite as a weighting agent in digging mud for petroleum wells is anticipated to help in the growth of this sub-segment.
Region: Market in the North America Region to be the Most Lucrative
By regional analysis, the barite market in the North America region is predicted to grow rapidly in the 2021-2028 timeframe and is expected to grow with a CAGR of 3.8% by 2028. Presence of US which is the 6th largest producer of barite and also a major importer is expected to become main growth driver of the market in this region.
Broader Insights Pertaining for the Specific Segments or Regions of the Barite Market
Prominent Market Players
Some leading players in the barite market are
- Apmdc
- International Earth Products LLC
- Barium & Chemicals Inc
- Desku Group Inc.
- Excalibar Minerals LLC
- Seaforth Mineral & Ore Co. Inc
- Ashapura Group
- Kaomin Industries
- New Riverside Ochre Company, Inc.
- Halliburton Company
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in April 2021, CIMBAR Performance Minerals, a leading minerals-based solutions provider, announced the acquisition of North American Barite and Alumina Trihydrate manufacturing division of TOR Minerals. TOR Minerals is a leading chemical manufacturing company and this acquisition is predicted to help CIMBAR Performance Minerals to capitalize on the market opportunities in a much better way.
Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis. Purchase Inquiry
More about Barite Market:
- Why is Barite Considered an Important Industrial Mineral?
- Barite Market: A Concise Guide with COVID-19 Situation Analysis
- Barite: A Naturally Occurring Mineral Vitally Used in Different Industries
- Increasing Use of Barite in Automotive Industries and Its Excellent Whitening & Brightening Properties to Drive the Global Barite Market by 2028
