Press release
Global Barite Market Size To Grow At A CAGR Of 5.8% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Barite Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5.8%
The increasing applications of barite across various end use industries such as oil and gas, paints and coatings, and textiles, among others is driving the market growth. It is a crucial ingredient in the manufacturing of paints as it improves thickness, durability, strength, and is an excellent filler. Meanwhile, strength of barite makes it ideal in the production of adhesives. Hence, the heightened applications in building and construction projects is bolstering the global barite market growth.
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Barite is also utilised as a pigment in the textile industry which further fuels its demand owing to the increasing demand for high-quality textile products, rising standards of living, and rapid urbanisation across emerging economies. Moreover, barite is also used in a variety of cosmetics owing to the gentle, whitening, and skin-friendly properties offered by it.
Over the forecast period, the healthy growth of the paper industry anticipated in the coming years is likely to be a crucial driving factor of the barite market. Barite powder is extensively used as a filler in white paperboards and coatings, which enhance the quality of paper.
Barite Industry Definition and Major Segments
Barite is a mineral based on barium that occurs naturally and is chemically inert. The product is dense in nature and is utilised in various applications. Barite is found in many colours including blue, grey, and yellow, among others. Commercial deposits of this compound are found across various parts of the world.
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Based on grade, the market can be segmented into:
Up to Grade 3.9
Grade 4.0
Grade 4.1
Grade 4.2
Grade 4.3
Grade Above 4.3
Others
On the basis of deposit type, the market has been classified into:
Bedding
Residual
Vein
Cavity Filling
Others
Based on end use, the market is segmented into:
Paints and Coatings
Textiles
Rubber and Plastics
Adhesives
Pharmaceuticals
Others
On the basis of region, the market can be categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Barite Market Trends
The key trends in the global barite market include the increasing applications of barite in the pharmaceutical industry as a filler for plasters and as a major component for the treatment of stomach and intestine infections. Moreover, the growing research and development activities, aimed towards curbing the cases of chronic diseases are bolstering the demand for barite in pharmaceuticals.
Meanwhile, the thriving online-retail sector is propelling the sale of various downstream products of barite such as cosmetics, plastics, paints, coats, and textiles, among others, acting as a crucial trend accelerating the barite market growth.
In regional terms, the Asia Pacific holds a significant share in the market owing to the growing industrial expansion across economically growing countries such as India and China.
Key Market Players
The major players in the barite market report are Intercontinental Mining, The Kish Company, Inc., Steinbock Minerals Ltd, International Earth Products LLC, and Desku Group Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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