New York, USA, Feb. 18, 2020 (GLOBE NEWSWIRE) -- The global barite market is estimated to reach up to $4,316.7 Million, by 2026, from $ 2,688.0 Million in 2018, at a CAGR of 6.1% during the forecast period, according to a report published by Research Dive. The report provides a definition of the market, segment analysis, inclusions and exclusions, its primary characteristics and differentiators, and sheds light on the various aspects of the competition the market has been going through. The report also includes an overview of the market size, different segments of the market, scope, trends and opportunities.
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The report offers an overview of the barite global market with a concise outline of its key segments. The research report divides the market by color, deposit type, grade, end-user, and geography.
Based on color, the report divides the market into Brown, Grey, White & Off White, and others. Based on deposit type, the report divides the market into Bedding, Cavity Filling, Residual, and Vein. Based on grade, the report bifurcates the market into Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, and Grade above 4.3. By end-use industry, the market is divided into adhesives, oil & drilling, pharmaceuticals, paints & coatings, rubber & plastics, textiles, and others.
Key Drivers
The global barite market is expected to grow vastly as it is most commonly used in this sector as a weighting agent for the purpose of drilling mud. The world's dependence on gas & oil and is rising as infrastructure and global economies continue to dependent on petroleum-based products. For instance, as per estimation of World Oil, the world’s drilling activity can be increase by 2.5 percent as 46,209 wells predicted to be drilled by the end of year 2019.
Barites is one of the most versatile minerals used in medical industry due to key factors such as admirable absorption capability of gamma rays as well as X-rays. In addition, ultrapure barite can be utilized in computed tomography examinations of the gastrointestinal tract. Also these barium compounds are used as fillers in industrial products including, paint, rubber, and glass, ceramics high density concrete and others.
Restraints
Celestite (strontium sulfate, SrSO4) ilmenite, synthetic hematite and iron ore these are the alternatives of barite can be considered as threat to the Barite market. Moreover, the operational cost of these substitutes is less as compare to barite. So, it is expected to decline the growth of global barite market.
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Growth estimations by Segments
Brown Barite market generated a revenue of $806.4 million in 2018, and is further barite market forecasts upto $1,324.6 by the year of 2026. The brown barite is majorly consumed for petroleum well drillings along with vein filling.
Residual deposit type baryte market registered a revenue of $860.2 million in 2018, and is further anticipated to reach upto $1,412.9 by the year of 2026.
Grade 4.3 barite market registered a revenue of $645.1 million in 2018, and is further anticipated to reach upto $1,043.8 by the year of 2026. Grade 4.3 is widely used in applications such as sound proofing material, computer monitors along with automobile application such as manufacturing of brake linings.
Oil and gas industry barite market was accounted for of $564.5 million in 2018, and is further projected to reach upto $906.5 by the year of 2026.
Investment Opportunities in Asia Pacific
Government of India is giving appropriate attention for the improvements of minerals which are used in industries such as barite, iron ores and others. Moreover, they are providing incentives as well as supporting the key players in barite market, in order to create new opportunities for the investors.
Key factors such as increasing consumption in oil & gas, extensive number of mines of barites in Asian countries along with rising manufacturing of electronics such as LED panels, televisions, laptops can spur the growth of the market. Also, huge market of pharmaceutical, paint & rubber industries can drive the market of barite.
Asia Pacific Barite market registered revenue of $591.4 million in 2018 and is further anticipated to reach upto $978.7 million by the end 2026
Key players of the Barite market
- APMDC Ltd
- Desku Group Inc.
- Ashapura Group.
- Halliburton Co.
- International Earth Products llc
- Excalibar Minerals llc
- Kaomin Industries
- Mil-Spec Industries Corporation
- Seaforth Mineral & Ore Co. Inc.
- Milwhite Inc.
APMDC Ltd