Barite is composed of barium sulphate and derives its name from the Greek word ‘Barys’ for heavy. It actually represents barite’s high specific gravity of 4.5. This is something extraordinary for mineral. The group includes baryte, celestine, anglesite, and anhydrite. The global barite market has high possibilities of crossing the expected market growth with substantial CAGR during the forecast period (2016-2022). Market Research Future (MRFR) in their report made a suggestion regarding the market’s high probability of attaining strong growth.
Several sectors like paints & coatings, automobile, construction, oil & gas, and other industries are expected to take the global barite market ahead. The oil & gas industry is having substantial scope for the regional market as shale gas and other sustainable sources find prolific utility for barite. Various LED productions also promote high intake for the global barite market.
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Several companies are introducing new strategic moves to ensure they stay abreast in the global barite market, all the while taking the market to the next level, holistically. These companies are Halliburton Company, Desku Group Inc, P & S Barite Mining Co. Ltd, Ashapura Minechem Ltd, Excalibar Minerals LLC, CIMBAR Performance Minerals, Anglo Pacific Minerals, Andhra Pradesh Mineral Development Corporation Limited, Kaomin Industries, Mil-Spec Industries Corporation, and others. MRFR, in their recently-published report, ensured a strong profiling of them in a bid to understand market trend and chart the growth pattern.
In August 2019, Voyageur Minerals Ltd. announced that its joint venture with ImagingX Pharmaceuticals Ltd. resulted submitted their first production for registration with Health Canada. The company is aiming for registration of three products with the Health Canada. Voyageur Minerals Ltd. is known for its prolific work with barite and iodine API minerals.
MRFR’s segmentation of the global Barite Market is depending much on the application and grade. This type of segmentation has a better possibility in understanding the global market as it deals closely with factors and dynamics that are promoting the market.
Based on the application, the barite market can be segmented into paints, automobiles, oil & gas, textile, pharmaceutical, electrical appliances, and others. Among these, the automobile sector is expected to score big due to the growing sales of both commercial and personal cars. The construction sector is also expected to record remarkable growth due to the increase in residential and commercial projects.
Based on the grade, the global barite market includes grade 3.9, grade 4.0, grade 4.1, grade 4.2 and grade above 4.3. Segments with high specific gravity are superior in quality. However, grade from 3.9 to 4.2 are gaining strong market traction from the oil & gas industry due to the rapid growth in the production of shale gas and trending unconventional energy sources.
North America, Europe, Asia Pacific, and Rest-of-the-World (RoW) are four specific regions that have been included in the global barite market by MRFR for a better market analysis. This segmentation has an in-depth value-wise and volume-wise analyses to back up its market claims.
The APAC region is showing the highest consumption of barite, which is happening mostly due to robust end-use industry growth, promising government policies, and cost-affordable labor. China’s intake is by far the maximum to substantiate its large availability of shale reserve and meet the demand generated by automotive and construction industries. In addition, rapid urbanization is expected to make sure that barite grows exponentially in the region.
North America has the second-best growth due the availability of shale gas in the US and continuous development activities in various sectors to improve infrastructures. The growth in paints and coatings industry is also significant and can welcome a positive result for the barite industry. The US is drawing the maximum market revenue.
Europe’s growth largely depends on Germany and the UK as they have robust automotive hubs. The industry is also demanding strong intake of barite for paint & coating jobs. In Latin America, Brazil is expected to promote the barite market as the residential projects are witnessing a substantial surge in the region.
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