WILMINGTON, DE / ACCESSWIRE / September 30, 2022 / Transparency Market Research Inc. - In 2021, the value of global barite market was estimated to cross US$ 2.1 Bn. It is anticipated that the global market will rise at around 5% CAGR during the forecast period, from 2021 to 2031.Due to the Covid-19 outbreak, high value minerals like barites are prone to difficulties in export. Due to the fact that barite is mostly utilized for oil drilling in the US and the Middle East, leading players in barite market are working harder to ensure stable supply chains. Another element affecting the future market demand for barite is the dependence of barite mining on human labor.
Sludge made from the combination of bentonite and barite powder is utilized in drilling applications, which is the largest revenue generator in barite market. Barite is required for the manufacturing of glass barium salt and medicines, and this need is being tapped by manufacturers. Due to the mineral's high specific weight, applications for barite include ship ballast tanks, submarines, and cable cars.
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Key Findings of Market Report
- Manufacturers in the barite industry are developing reliable revenue sources in barite ionizing radiation shielding solutions. In order to provide radiation-shielding materials with low construction costs, high volume mass, speedy installation, and low thickness, market players are expanding their production capacities. Barite-based shielding panels are becoming more and more popular in construction projects, renovations, radiation protection and electromagnetic shielding.
- Manufacturers are utilizing new prospects in the development of radiation-shielding goods as well as other alternative pharmaceutical industry income streams. Radiation from X-rays, CT scans, and other diagnostic procedures can be obstructed by the combination of iodine and boron in barite. Since barite is utilized in medicine to identify gastrointestinal problems, producers are increasing their output capacity.
- Businesses in the barite industry are able to capitalize on growth prospects in the rubber, adhesive, and paint industries. The demand for barite is being driven by the use of white paint, which is one of the recent developments in barite market. The mining as well as processing of white barites is being actively worked on by manufacturers to increase production.
- In 2020, the global barite market was dominated by the Sp. Gr. 4.2 category. Additionally, Sp. Gr. 4.2 is regarded as a high-potential grade in the global barite market. This can be largely attributed to the rise in demand for gas, oil, and derivatives of these commodities.
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Global BariteMarket: Growth Drivers
- Barite is an excellent mineral for use in a variety of industries, including mining, due to its chemical inertness and high density. Barite is being utilized more often in the exploration and mining of oil and gas reserves, which is expected to drive market growth.
- It is predicted that the significant expansion of the coatings, rubber, and paints industries will increase demand for barite, particularly in Asia Pacific. The market for barite is hence expected to be driven by this aspect.
Global Barite Market: Key Players
Some of the key market players are
- Anglo Pacific Minerals Ltd.
- PVS Global Trade Pvt Ltd
- The Andhra Pradesh Mineral Development Corporation Ltd,
- he Kish Company, Inc.
- Schlumberger Limited
- Ashapura Group
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Global Barite Market: Segmentation
Grade
- Up to Sp. Gr. 3.9
- Sp. Gr. 4.0
- Sp. Gr. 4.1
- Sp. Gr. 4.2
- Sp. Gr. 4.3 & Above
Application
- Drilling Mud
- Pharmaceuticals
- Rubber & Plastics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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