Global Barite Market Predicted to Gather $1,712.1 Million by 2028, Growing at a CAGR of 4.3% from 2021-2028 [224-Pages] | Confirmed by Research Dive
Barite market is expected to grow by 2028 due to increasing use of barite in the automobile industry. The grey sub-segment is expected to be the most dominant. Market in Asia-Pacific to be the fastest growing.
NEW YORK, June 20, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, 'Barite Market by Color (Grey, White & Off White, Brown, and Others), Deposit Type (Bedding, Cavity Filling, Residual, and Vein), Grade (Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, and Grade above 4.3), End-use Industry (Oil & Drilling, Paints & Coatings, Pharmaceuticals, Adhesives, Rubber & Plastics, Textiles, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028.'
As per the report, the global barite market is predicted to grow at a noteworthy CAGR of 4.3% in the 2021-2028 timeframe, thereby gathering $1,712.1 million by 2028.
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Dynamics of the Barite Market:
Drivers: The increasing usage of barite as a sound insulator in the automobile industry is expected to be the primary driver for the barite market in the 2021-2028 timeframe. Also, the physical properties of barite, such as high specific gravity, make it ideal as a weighting agent in drilling muds for petroleum wells. This has increased its overall demand, which is expected to boost the market even further.
Opportunities: Over the years, barite has found numerous applications in the paint and coating industry; this is mainly due to its properties like whiteness and brightness, low oil absorption, etc. This increased demand for barite is expected to offer a massive number of growth opportunities to the barite market. Along with this, there is also a huge demand for barite from the plastic and rubber industry, which is predicted to help the market further.
Restraints: However, the presence and availability of barite substitutes are expected to hamper the growth of the barite market.
Impact of Covid-19 on the Barite Market:
The Covid-19 pandemic, since its outbreak, has been catastrophic for several industries and businesses across the globe. The subsequent lockdowns ordered by various governments have made the situation worse by hampering global supply chains. The barite market has faced a similar condition. Production of barite has gone down tremendously due to a virtual halt on mining activities. Along with this, the demand for barite has come down as drilling of oil & natural gas has also been stopped. Thus, the market faced challenges from both, supply and demand sides, and hence experienced a decline in the growth rate.
Specific Requirements on Post COVID-19 Impact on Barite Market? Connect with an Expert Analyst
Segments of the Barite Market:
The report has fragmented the barite market into different segments based on color, deposit type, grade, end-use industry, and region.
- By color, the grey sub-segment is predicted to have the highest market share by garnering a revenue of $919.5 million by 2028. Grey barite is in huge demand as it is frequently used as an aggregate, filler extender, weighting agent, etc. This heavy demand is expected to boost the growth of this sub-segment.
- By deposit type, the bedding sub-segment of the barite market is predicted to have the highest market share by garnering a revenue of $903.4 million by 2028. Naturally occurring barite is most frequently found in bedded form on the seafloor. This bedded barite is generally mined using open-pit mining techniques. Also, bedded barites are extensively used in oil & gas drilling operations. All these factors are estimated to contribute to the growth of this sub-segment.
- By grade, the 4.2 sub-segment is predicted to have the highest market share by garnering a revenue of $521.0 million by 2028. Grade 4.2 has numerous advantageous properties like low solubility, high specific gravity, relative softness, etc. and these properties make it perfect for oil & gas drilling operations. As a result, there is a massive growth in demand for grade 4.2 barite, which is expected to drive this sub-segment.
- By end-use industry, the oil & drilling sub-segment of the barite market is expected to register a revenue of $1,103.7 million by 2028, thereby becoming the most profitable sub-segment. The Oil & gas drilling industry extensively uses barite, as it perfectly performs the function of a weighting agent that balances the weight of mud and extracted oil/gas. This is predicted to be the primary growth factor of this sub-segment.
- By regional analysis, the barite market in the Asia-Pacific region is expected to grow at the fastest rate at a CAGR of 5.1%. China, India, and Morocco together accounted for 70% of the world's barite production in 2019. Along with this, there are extensive oil and gas drilling operations that are carried out in this part of the world. Both these factors are expected to help the market in this region to grow at such a healthy rate.
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Significant Barite Market Players:
The significant market players of the barite market are
- Apmdc
- Excalibar Minerals LLC
- Barium & Chemicals Inc
- Desku Group Inc.
- International Earth Products LLC
- Seaforth Mineral & Ore Co. Inc
- Halliburton Company
- Kaomin Industries
- New Riverside Ochre Company, Inc
- Ashapura Group
These key market players are developing different business strategies like product development, merger, and acquisitions, partnerships, and collaborations to gain a commanding position in the market.
For instance, in April 2021, CIMBAR Performance Minerals Inc. announced the acquisition of North American Barite and Alumina Trihydrate production division of TOR Minerals, a US-based high-performance specialty minerals developer. This acquisition by CIMBAR is aimed at expanding its customer base, thereby increasing its market share in the long run.
The Research Dive report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
Inquire here for the key Manufacturers Development Strategic Report
More about Barite Market:
- Why is Barite Considered an Important Industrial Mineral?
- Barite Market: A Concise Guide with COVID-19 Situation Analysis
- Barite: A Naturally Occurring Mineral Vitally Used in Different Industries
- Increasing Use of Barite in Automotive Industries and Its Excellent Whitening & Brightening Properties to Drive the Global Barite Market by 2028
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