As per a recent industry report put forward by Global Market Insights Inc., Barite Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 4.1 billion by 2024 with a projected CAGR of 6% over 2019-2024.
Huge population in Asia Pacific coupled with amplified consumer spending pattern is a major factor responsible for automobile industry growth which will eventually drive the rubber industry during the forecast timespan. This trend shall positively influence the plastics & rubber division of barite market over the forecast duration. Furthermore, continuous expansions in oil & drilling industry on account of the U.S. shale oil boom is likely to make remarkable contribution for barite market during forecast time spell. North America shall experience CAGR of around 4.5% during the forecast timeframe.
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Steadily growing gas & oil industry, especially in the U.S., due to abundant shale reserves and varying industry dynamics for promoting usage of alternative energy sources has fueled barite market share in recent times. This trend shall continue over the next few years due to strong demand for meeting energy requirements in various industries including power, transportation, etc. which shall consequently create ample growth opportunities for the market by 2024. Furthermore, positive growth drivers in pharmaceutical industry, specifically in Asia Pacific shall stimulate barite market during forecast timeframe, owing to gradually improving healthcare infrastructure and increasing geriatric population, as the product is widely used as fillers for plasters and in diagnostic tools.
Booming paints & coatings market in Asia Pacific, due to rapid urbanization and industrialization shall accelerate barite market during the forecast timeframe. White & off-white barite is commonly used for pigments preparation in paints industry. Constantly expanding construction industry in countries including, India and China, due to constantly improving economic aspects is a prime factor responsible in increased coatings & paints demand. This has substantially amplified product demand in above industry as well as automobile sector.
Inadequate and scattered geographical occurrence of barite and excessive transportation costs may challenge barite industry growth during the forecast period. Moreover, easy accessibility of existing options including ilmenite, hematite, etc. that are also widely used for weighing purpose in energy sector may obstruct barite industry growth over next few years.
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Upto grade 3.9 barite market shall witness CAGR near to 3% in the forecast duration. It is a lower grade barite and is produced in equal ratio of barite and alternative weighing materials such as hematite and ilmenite. Grade 4.2 market is expected to register a CAGR of approximately 4% during forecast period, as it has widespread usage in oil & drilling industry on account of its superior rheological properties, that makes it highly desirable for weighing agent. These are exceptional quality grades, which are found below earth surface. Grade 4.2 shall witness a sluggish growth rate over the next few years as oil & drilling industry players are increasingly preferring grade 4.1 due to similar traits and cost effectiveness compared to the former. This rising popularity of grade 4.1 is also owing to rising transportation problems pertaining to grade 4.2.
Grey barite market is likely to attain a CAGR close to 4% due to its prevailing demand in oil & gas industry. It cools the drill & eventually suspends the rock particles by raising hydrostatic pressure that nullifies high-pressure areas experienced while drilling. White and off-white barite is likely to experience augmented demand as it finds various applications in cosmetics, paints & coating and rubber industry.
Key market share contributors operational in barite market are Halliburton, Spectrum Chemical Mfg. Corp., Excalibar Minerals, New Riverside Ochre, Barium & Chemicals Inc., Deutsche Baryt Industrie and Ashapura Group of Industries.
Browse key industry insights spread across 172 pages with 219 market data tables & 14 figures & charts from the report, “Barite Market” in detail along with the table of contents:
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