Global barite market is expected to witness significant growth over the forecast period owing to increasing demand from oil & gas exploration industry. Oil & gas industry extensively uses barite as a weighting agent which helps to prevent blowouts and suppress high pressure formation. Barite also known as baryte (BaSO4) is a mineral comprising of barium sulfate. It is used in sodium hydroxide production, which is used for refining sugar and as a white pigment in paints, paper and textiles industries. Additionally, it is used in barium carbonate production, which is used for manufacturing LED glass. Hence, widespread LED glass usage for televisions, computer screens and in dielectrics is anticipated to have a positive impact on the market over the forecast period. Increasing consumption in brakes, paint primer for metals and clutch pads is predicted to further augment the global market growth. Moreover, increasing demand in construction industry owing to rising surge for paints is another factor driving the global market growth over the forecast horizon. Barite does not interfere in magnetic measurements taken during logging, drilling or in separate drill hole logging owing to its non-magnetic property. In spite of containing heavy metal barium, the compound is still non-toxic as it is highly insoluble in nature. These aforementioned properties are expected to complement the global market growth over the next seven years.
On the basis of type, barite deposits can be broadly segmented into residual, bedding, vein and cavity filling. Residual deposit is largely preferred over vein and cavity filling, since mining from vein and cavity filling is an expensive and complicated procedure. Residual barite’s easy availability in loose fragments form produced by weathering of racks is anticipated to foster the market growth. Additionally, bedded barite availability as primary mineral in sedimentary rock form is expected positively impact the global market. Major applications include paints, plastics, engine compartments, automobiles & trucks, ceramics and medical appliances. Increasing demand in automotive industry owing to its extensive use in automobile finishing coats for smoothness and corrosion resistance is expected to be a key factor driving barite market growth over the forecast period. Furthermore, barite utilization as radiation shielding mineral in cement industry is expected to exponentially drive global market over the forecast period.
Asia Pacific market is expected to witness considerable growth over the forecast period on account of its increasing consumption in oil & gas, paints and plastics industries. China and India are the major producers and are expected to contribute towards majority of the regional demand. Increasing production of electronics such as televisions, computers and LED panels particularly in China, Taiwan and India is expected to further complement the Asia Pacific market growth over the next seven years. Increasing demand from paints, automotive, plastics and oil & gas industries is expected to be a major factor driving North America barite market growth over the forecast period. U.S. is a major market in North America with Mexico exhibiting high growth potential. Industrialization and consequent growth in manufacturing sector is expected to drive the market growth in Mexico. Europe is expected to register moderate growth over the forecast period due to economic crisis in Western Europe that has affected various end-use industries. High construction spending in Brazil to meet residential and industrial infrastructure requirements is expected to drive paints demand further complement Central & South America market growth.
Global barite market is fragmented with major companies striving for leadership position through various strategies such as geographic expansion, capacity expansion, R&D. and product innovation. Key players operating in the global market include Excalibar Minerals LLC., Milwhite Inc., International Earth Products LLC, Seaforth Mineral & Ore Co. Inc., Ashapura Group, Kaomin Industries and Mil-Spec Industries Corporation.
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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.