Global Barite Market Expected to Witness Growth Due to Increasing Oil & Gas Activities
Market Insights:
Market Research Future has published its report on the global barite market which is expected to witness a healthy CAGR during the forecast period of 2016 to 2022. The market is driven primarily by growing oil & gas activities in light of the massive demand for fuel.
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A naturally occurring, non-toxic mineral deposit, barite exhibits various properties which make it ideal for use in oil & gas drilling, in the analysis of oxygen & sulfur isotopic, as a filler in paint & plastics, in automobile finishes for corrosion resistance, and several others ranging across several end-use industries. Increasing commercialization and urbanization, particularly in emerging markets, the automotive sector, among others is growing at a rapid pace and is expected to increase demand for barium amongst industries. Moreover, oil & gas activities are growing rapidly due to the high demand for fuel.
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.
Market Segmentation:
MRFR's segmentation of the global market has been done on the basis of application, grade, and region. By grade, the market is segmented into Sp grade 3.9, grade 4.0, grade 4.1, grade 4.2, and grade 4.3 & above.
Based on application, the market is categorized by paints, automobiles, oil & gas, textile, pharmaceuticals, electrical appliances, and others. Oil & gas applications are among the most significant use of barite.
Global segmentation of the market includes North America, Asia-Pacific, Europe, and the Rest of the World.
Regional Analysis:
The Asia-Pacific is one of the most significant consumers of barite and as a result represents the largest market across the globe. Naturally rich in barium, countries such as China, India, and South Korea are displaying an extraordinary demand for barite for oil & gas, paints, and automobile applications.
Meanwhile, North America is expected to witness considerable growth due to the presence of a significant automotive sector in the U.S which uses a significant amount of grade 4.1 and grade 4.2. Moreover, the region primarily uses barite in oil & gas applications which cements the region as a leading barite market.
Key Players:
Eminent players who have been profiled in MRFR's global barite market report include Kaomin Industries, P & S Barite Mining Co. Ltd, Ashapura Minechem Ltd, Halliburton Company, Desku Group Inc, Andhra Pradesh Mineral Development Corporation Limited, CIMBAR Performance Minerals, Excalibar Minerals LLC, Anglo Pacific Minerals, and Mil-Spec Industries Corporation.
Latest Industry News
• Constantine Metal Resources Ltd. has announced that its metallurgical test results have shown the production capability of high-quality barite concentrate at its Palmer Copper-Zinc-Gold-Silver Project in Southeast Alaska.
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