Growth: Is COVID-19 impact on the growth of Barite Market

Market Insights Before and After COVID-19 Pandemic:

A meticulous report on the global barite market has been added by Research Dive to its repository. The report elucidates the impact of the COVID-19 pandemic on the industry growth. Before the outburst of the pandemic, the market was expected to rise at 6.1% CAGR from 2019 to 2026. However, the unexpected rise of COVID-19 pandemic has hampered the market growth to a certain extent. Market analysts have estimated that the market will grow with a CAGR of 5.6% after the end of the COVID-19 pandemic. At this time, the market is observing a drop in the growth rate due to closure of barite extraction processes during the lockdown period.

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Market Circumstances amidst COVID-19 Pandemic:

The global barite market was projected to register a revenue of $3,010.9 million in 2020. However, in the present conditions, i.e. in 2020, the market size is predicted to stretch up to $1,656.0 million. The lockdown has disrupted the supply chain of the market owing to the implementation of lockdown in several COVID-19 infected countries. At present, there is a shortage in availability of barite due to the stoppage of barite extraction processes. This is the major reason for the drop in the revenue of the global barite market.

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Post COVID-19 Scenario of the Market:

As per market professionals, the global barite market is expected to recover from the incurred losses by the third or fourth quarter of 2022. Moreover, in the coming years, an increase in the demand for barite is expected due to growing applications of the material in the energy, medical, and automobile sector due to its properties such as low solubility, bright color, high density, and low cost. Due to all these factors, our analysts have predicted that the global market is expected to observe outstanding growth post-COVID-19 pandemic.

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This release was published on openPR.