Whats driving the Barite Market Growth? Spectrum Chemical Manufacturing Corporation, Deutsche Baryt Industrie, Halliburton, New Riverside Ochre Company, Albar Industrial Minerals Ltd., Excalibar Minerals LLC, Anglo Pacific Minerals, SCR-Sibelco N.V., Asha

[172 Pages Report] Barite Market size was valued at USD 2.2 billion in 2016 and is projected to reach USD 4.1 billion by 2024, at a CAGR of 6% between 2017 and 2024.

Unprecedented rise in urbanization and burgeoning industrialization have instilled confidence among barite market contenders, given that these two factors are bound to majorly augment the industry size. With construction and automobile sectors creating a ripple effect in paints & coatings industry, stakeholders have upped their investment to bolster barite industry share.

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Soaring per capita income in emerging economies such as India and China have been instrumental in setting the right tone in barite market outlook. Moreover, use of barite as a filler in the rubber industry is geared to fuel barite industry trends as the product finds application as a pigment in the paints and coatings industry and its growth is in line with the development of construction and automobile sectors.

It is viable to infer that paints & coatings industry is slated to be the mainstay of barite market outlook during the forecast period 2017-2024. Estimates claim that market size is slated to exceed US$ 4.1 bn by 2024.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Spectrum Chemical Manufacturing Corporation
2. Deutsche Baryt Industrie
3. Halliburton
4. New Riverside Ochre Company
5. Albar Industrial Minerals Ltd.
6. Excalibar Minerals LLC
7. Anglo Pacific Minerals
8. SCR-Sibelco N.V.
9. Ashapura Group of Industries
10. Barium & Chemicals
11. CIMBAR Performance Minerals
12. Milwhite
13. Mil-Spec Industries Corp.
14. International Earth Products LLC

Burgeoning population and shifting consumer spending pattern have become the cornerstone in APAC barite industry. Even though automobile sector has taken a hit in India, traction for new energy vehicles (NEVs) in China has bolstered barite market forecast. That said, experts claim escalating US-China trade war may weigh down the industry dynamics. Meanwhile, the China Association of Automobile Manufacturers recently claimed that the country witnessed a total of 872,000 NEVs cars sold during the first three quarters of 2019.

Expanding penetration of pharmaceutical industry and soaring geriatric population in APAC have furthered the expansion of barite market share during the assessment period.

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Growth Drivers are
1. Increasing product demand due to the U.S. shale oil drilling
2. Escalating product demand in paints & coatings industry in Asia Pacific

Prominently, proliferation in shale oil production in the U.S. has reflected in the anticipated growth rate of North America. The U.S. Energy Information Administration (EIA) predicts that 2018 witnessed 6.5 million barrels of crude oil production per day directly from shale oil resources in the U.S. Nonetheless, North America is expected to expand at a CAGR of around 4.5% through 2024.

Europe is not far behind as even chaotic Brexit scenario has not deterred the confidence of stakeholders. Palpable rise in investment in countries such as the U.K., Germany, France and Italy has instilled confidence among stakeholders.

Accordingly, stakeholders are vying to reap benefits from prominent regions as they look to proliferate barite market size spanning numerous geographies.

Sustained demand for plastics and rubber division in automotive industry is expected to have positive influence in barite market share. Notably, product demand from rubber and plastic applications is surging commendably and the segment is projected to grow moderately by 2024.

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It is worth mentioning the product is used as weighting agent in oil extraction, while the high-density feature makes it apt in the preparation of cement and heavy concrete. It is also invaluable in the production of brake pads and clutches. As such, rubber & plastic application is gaining impetus among end-users and is set to undergird barite market share.

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