New York, USA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- A latest report on the global barite market published by Research Dive elucidates the impact of COVID-19 pandemic on the current and future scope of the market. This report is a beneficial study for stakeholders, investors, market participants, and new entrants in the search of comprehensive insights on the impact of COVID-19 on the market growth.
Key Highlights of the Report:
The COVID-19 pandemic has had a negative impact on the growth of the global market for barite in 2020. As per the report, the global barite market garnered $2,688.0 million in 2018 and is expected to exceed $4,158.7 million, rising at a CAGR of 5.6% from 2019 to 2026.
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Factors Impacting the Market Growth during the COVID-19 Crisis:
The global barite market has observed a decline in growth as the extraction of barite has been ceased owing to the implementation of lockdown and closure of businesses and industries during the pandemic. The market is expected to recuperate from the incurred losses by the third or fourth quarter of 2022.
A huge share of barite is imported from China by many countries owing to the affordable mining cost and abundant availability of barite in China. However, numerous countries have stopped import export activities with china owing to numerous external issues after the COVID-19 disaster. This factor is likely to curtail the growth of the global market in the forecast period.
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Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $3,010.9 million in 2020. In the present situation, the market size has declined and reached up to $1,656.0 million in 2020.
As barite is extensively used in numerous industrial sectors like paper, rubber, medical, glass making, and many more, its demand is expected to rise in the coming years. Several government bodies worldwide are offering a helping hand to boost barite extraction, which is likely to open doors to lucrative opportunities in the future years. A considerable rise in the adoption of barite in automotive industries owing to its various properties, such as low solubility, better density, bright color, and inexpensive, is propelling the development of barite industry.
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Future Lookout of the Market:
According to the report, the global barite market is expected to observe significant growth after the relaxation of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and novel developments in the market. Some of the leading players, such as
- Mil-Spec Industries Corporation
- Apmdc
- Ashapura Group.
- Desku Group Inc.
- Halliburton Co.
- Milwhite Inc.
- International Earth Products llc
- Excalibar Minerals llc
- Kaomin Industries
- Seaforth Mineral & Ore Co. Inc.
- others
are anticipated to come up with pioneering developments and pave way for rewarding opportunities for the market growth in the forthcoming years.
For instance, in April 2019, CIMBAR Performance Minerals Inc., a global leader in the delivery of performance mineral-based additive solutions across multiple markets, launched a new barite operation in Marietta, Ohio, with an aim to serve the north-east regional oilfield market.
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