New York, USA, Oct. 20, 2021 (GLOBE NEWSWIRE) -- A research report published by Research dive on the global barite market explains the impact of COVID-19 pandemic on the current scenario and the future of the market. All-inclusive analysis on drivers, restraints, growth opportunities, challenges, COVID-19 impact, major segments of the market, and competitive landscape are provided in the report.
Highlights of the Report
The outbreak of the COVID-19 has had an unfavorable impact on the barite market. According to the report, the global barite market gathered $2,688.0 million in 2018, and is projected to garner $4,158.7 million by 2026, and exhibit a CAGR of 5.6% during the forecast period from 2019 to 2026. The anticipated market size in 2020 was $3,010.9 million before the outbreak of COVID-19. But, due to the COVID-19 chaos, the market size decreased to $1,656.0 million due to the complete lockdown in various countries across the globe.
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Factors Influencing the Market Growth during Coronavirus Pandemic
The analysts at Research Dive states that the outbreak of COVID-19 around the world has impacted the growth of the global barite market in negative way. The unfavorable impact on the market is mainly due to the stoppage in extraction of barite due to the lockdown across the globe to curb the spread of the coronavirus. Besides, most barite comes from China owing to ample availability and the cheap mining cost of barite in the country. During the pandemic period, many countries halted trade with China due to numerous external factors, which is hindering the market growth.
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Future Scope of the Market
The global barite market is anticipated to recover and restore its growth by 3rd/4th quarter of 2022. The growing demand for barite in the automotive industry across the globe as the barite has high density, brighten color, low solubility, and low cost. These properties of barite makes it an ideal material to use for several applications in automotive industry, which is the major factor expected to boost the global market growth during the forecast period.
Moreover, the increasing government initiatives for the extraction of barite is predicted to generate massive growth opportunities for the market in the coming future. For instance, the government of India is planning to develop the industrial minerals and taking measures to provide the incentives to the companies involved in barite business.
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Major Market Players
The key players operating in the global barite industry include
- Apmdc
- Milwhite Inc.
- Ashapura Group
- Mil-Spec Industries Corporation
- Desku Group Inc.
- Seaforth Mineral & Ore Co. Inc.
- Halliburton Co.
- Kaomin Industries
- International Earth Products LLC
- Excalibar Minerals LLC.
These players are implementing several strategies such as strategic partnerships, business expansion, R&D investments, technological advancements, and others to gain a competitive edge in the global industry.
For example, in April 2019, CIMBAR Performance Minerals Inc., a leader in the delivery of performance mineral-based additive solutions in multiple industries across the globe, opened a new barite plant in Marietta, Ohio. ‘API Drilling Grade Barite’ is the main product of the new plant with a production capacity of around 125-150,000 tpa.
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