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A recent report published by Infinium Global Research on the barite market provides an in-depth analysis of segments and sub-segments in the global as well as regional barite market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional barite market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global barite market. According to the report, the global barite market is projected to grow at a CAGR of 4.2% over the forecast period of 2020-2026.
Barite is extensively used as a weighting agent, filler agent, and extenders. It is employed in the oil & gas industry, rubber industry, and plastics industry among others. It is also used in pharmaceutical applications such as the production of barium meals for body tissue radiography. Barite is processed in various grades with each grade used for various purposes based upon specific gravity. Barite finds usage in the oil and gas industry, plastic industry, and rubber industry. Also, the increasing application of barite in the healthcare industry is prompting its demand further. Owing to its ability to absorb X-rays and gamma rays, barite is largely used in various medical devices.
The primary user of barite is the oil and gas industry worldwide. The barite market will get a significant boost due to the rising production of oil and gas around the world in the long term. Additionally, the long-term drilling trend is more feet of drilling per barrel of oil produced. Although, the COVID-19 pandemic slowed down the market and crippled the oil and gas industry due to excess supply and diminished demand. Nevertheless, investments for exploration and production of tight oil fostering the demand for barite. In the U.S. alone, the consumption of barite spurred due to a significant increase in rig counts in most leading oil and gas producing states. Post economic recovery, the plastic manufacturing industry will push the demand for barite, as barite is used as filler in plastic manufacturing as well as paints and coatings. However, in present conditions, the barite market observed a drop-in growth rate due to a lockdown that disrupted the supply chain. Also, the market witnessed a shortage in the availability of barite due to the stoppage of barite extraction procedures. The decline of the growth rate is due to the shutting down of various industries across the globe. The whole world is locked down and no operational activities are permitted, which has created huge chaos in the overall market, consequently impacting the growth rate. The market is expected to revive by the third or fourth quarter of 2022 due to the growing application of barite in the medical, automobile, and energy sectors.
In terms of revenue, the Asia Pacific region holds the largest share of the market followed by North America. The Asia Pacific region will offer sustainable growth to the market in the long term due to the rapid increase in the plastic and oil and gas industry in this region. According to the United States Geological Survey, China was the largest producer of barite in 2019. The country exports most of its barite to other nations. Furthermore, a lot of projects are being conducted and diversification of barite supply is foreseen. In developed countries such as the U.S., the U.K., Canada, and Germany, the growing access of healthcare to a larger population and increasing investment in the healthcare industry further stimulate the demand for barite.
The report on the global barite market covers segments such as deposit type, grade, color, and end user industry. On the basis of deposit type, the sub-markets include residual, bedding, vein, and cavity filling. On the basis of grade, the sub-markets include up to grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3, and the grade above 4.3. On the basis of color, the sub-markets include white & off-white, grey, brown, and others. On the basis of end user industry, the sub-markets include oil & drilling, paints & coatings, pharmaceuticals, rubber & plastics, textiles, adhesives, and others.
The report provides profiles of the companies in the market such as The Andhra Pradesh Mineral Development Corporation Ltd, Ashapura Minechem Limited, Sojitz Corporation, Halliburton Company, Baker Hughes Incorporated, TETRA Chemicals (Tetra Technologies, Inc.), Schlumberger Limited, Excalibar Minerals LLC, International Earth Products LLC, and Milwhite Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the barite market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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