Press release
Latest Study explores the Barite Market Witness Highest Growth in near future Leading Key Players: New Riverside Ochre, Halliburton, Excalibar Minerals, Ashapura Group of Industries, Barium & Chemicals, Inc and Deutsche Baryt Industries
Barite, Barite Market, Barite Market Study, Barite Market Size, Barite Market Segmentation, Barite Market Growth
Barite Market size is expected to surpass USD 4.1 billion by 2024; according to a new research report.
Rapidly growing oil & gas industry primarily in the U.S. owing to excess availability of shale reserves along with changing industry dynamics to increase dependency on alternative energy sources has pushed barite market size in the past few years. This is prospective to continue owing to strong need to meet energy demand in several industries including transportation, power, etc. which will subsequently generate ample growth avenues for barite market size by 2024.
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Sturdy growth in paints & coatings industry owing to rapid industrialization and urbanization in Asia Pacific will propel barite market size by 2024. White & off-white barite is majorly used to prepare pigments in the paints industry. Rapidly growing construction industry primarily in China and India due to mounting population and improving socio-economic factors will be driving paints & coatings demand across end user business such as automobile.
Inadequate geographical barite occurrence along with high transportation cost may hinder barite market size by 2024. Furthermore, easy accessibility to existing alternatives including hematite, ilmenite, etc. which are also used as weighing agent in the energy sector is likely to hamper barite market size by 2024.
Upto grade 3.9 barite market size is probable to attain CAGR over 3% by 2024. It is lower grade and is formed by 50/50 ratio of product and other alternative weighing material such as ilmenite and hematite. Grade 4.2 is projected to grow at a CAGR near to 4% by 2024, as it is widely used in the oil & drilling industry owing to its excellent rheological properties, which makes it desirable as a weighing agent. They are premium quality grades and are found beneath the earth surface. However, grade 4.2 is gradually being replaced by grade 4.1 in the oil & drilling industry as it possesses similar attributes and is cost effective compared to grade 4.2. This replacement is also due to increasing transportation issues related with grade 4.2.
Grey barite market size is estimated to attain CAGR of over 4% owing to its extensive application in oil & drilling industry by 2024. It helps in cooling the drill bit and subsequently suspend the rock bits by increasing the hydrostatic pressure which compensates for high-pressure zones experienced during drilling. White & off-white barite grades will experience average industry growth as it is used in paints & coating, cosmetics and rubber applications.
Top Manufacturers in global market are given bellow:
Spectrum Chemical Mfg. Corp., New Riverside Ochre, Halliburton, Excalibar Minerals, Ashapura Group of Industries, Barium & Chemicals, Inc and Deutsche Baryt Industries.
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Rising population in the Asia Pacific along with progressive consumer lifestyles is driving automobile industry which in turn will propel rubber industry over the projected timespan. This tendency is expected to make noteworthy contribution to rubber & plastics segment of barite market size by 2024. Furthermore, rapid pace of oil & drilling industry due to the U.S. shale boom will also contribute towards the product market size by 2024. North America is likely to witness CAGR of over 4.5% over the projected time spell.
Barite market by grade
• Upto grade3.9
• Grade 4.0
• Grade 4.1
• Grade 4.2
• Grade 4.3
• Grade above 4.3
Barite market by color
• White & off-white
• Grey
• Brown
• Others
Barite market by application
• Oil & drilling
• Paints & coatings
• Pharmaceuticals
• Rubber & plastics
• Textiles
• Adhesives
• Others
The above information is provided on a regional and country basis for the following:
• North America (U.S., Canada, Mexico)
o Europe (Germany, Italy, UK, France, Austria, Spain, Portugal, Ukraine, Switzerland)
o Asia Pacific (Japan, China, India, South Korea, Australia)
o Latin America (Brazil, Mexico)
o MEA (South Africa, Saudi Arabia)
Table of Content
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Commercial Drone Industry Insights
Chapter 4. Competitive Landscape
Chapter 5. Global Barite Market
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