Press release
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
Barite Market
Barite acts as a lubricant and its softness also aids in prevention from damaging drilling tools during drilling processes. The oil & gas sector across the U.S. is expanding at a robust rate owing to ample availability of shale reserves and also due to changing industry dynamics to increase dependency on alternative energy sources.
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Top Companies:
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
This has positively favored barite industry trends due to large scale utilization of the mineral as a weighting agent in the extraction process. The mounting need to meet energy demand in several industries including power, transportation, etc. will subsequently generate ample growth avenues for the product suppliers. Globally, barite market size is forecast to surpass USD 4.1 billion by 2024.
Barite is widely used in medical devices owing to its ability to absorb gamma rays and X-rays. Some other medical applications include fillers and fixing of plasters. Rising geriatric population across the globe along with increasing spending on healthcare may foster barite demand across the sector.
White & off-white barite is used to produce pigments in the paints industry. Rapid industrialization and urbanization owing to improving socio-economic factors across emerging economies will drive paints and coatings business, fueling the demand for barite.
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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
Grey barite finds extensive application in oil drilling. It enables cooling of the drill bit and consequently suspending the rock bits by increasing the hydrostatic pressure, compensating for the high-pressure zones encountered during drilling. White & off-white barite grades are likely to experience moderate growth due to use in cosmetics, rubber and paints & coating applications. Grey barite market size is poised to showcase growth rate of more than 4% through 2024.
Grade 4.2 barite is a premium quality grade and is are found beneath the earth surface. Grade 4.2 barite is forecast to register a CAGR of around 4% over the projected timeframe owing to its large-scale use in the oil & drilling applications due to excellent rheological characteristics.
Barite is an excellent material for application in rubber & plastics. It is also used in a slew of products including rubber mud-flaps, clutch pads, radiation shielding, mold release compounds, television sound-deadening material in automobiles, brake linings, traffic cones and golf balls. Rising population across the Asia Pacific along with progressive consumer lifestyles is propelling automobile sector growth across the region, which may create major scope for product penetration.
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North America will emerge as profitable revenue terrain for barite market on account of rapid pace of shale gas extraction in the U.S. North America barite market size will grow at 4.5% over 2017-2024. Key players contributing towards the barite market outlook worldwide are New Riverside Ochre, Spectrum Chemical Mfg. Corp., Halliburton, Excalibar Minerals, Barium & Chemicals, Inc., Deutsche Baryt Industries and Ashapura Group of Industries, among others.
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