Global Barite Market 2017 Industry Demand, Segment, Statistics Report 2023
Barite Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of barite market by type (residual, bedding, vein, cavity filling), grade (grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3), color (white, grey, brown), end-user industry (oil & drilling, paints & coatings, pharmaceuticals, rubber & plastics, textiles, adhesives) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the barite market it includes the five years Industry analysis and the 6 years annual forecast from to 2026. Some of the prominent participants in the global barite market are The Andhra Pradesh Mineral Development Corporation Ltd, Ashapura Minechem Limited, Sojitz Corporation, Halliburton Company, Baker Hughes Incorporated, TETRA Chemicals (Tetra Technologies, Inc.), Schlumberger Limited, Excalibar Minerals LLC, International Earth Products LLC, and Milwhite Inc. The global barite market is projected to grow at a CAGR of 4.2% over the forecast period of 2020-2026.
“We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026.”
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Barite Market: Drivers, Restrain and Opportunities
The primary user of barite is the oil and gas industry worldwide. The barite market will get a significant boost due to the rising production of oil and gas around the world in the long term. Additionally, the long-term drilling trend is more feet of drilling per barrel of oil produced. Although, the COVID-19 pandemic slowed down the market and crippled the oil and gas industry due to excess supply and diminished demand. Nevertheless, investments for exploration and production of tight oil fostering the demand for barite. In the U.S alone, the consumption of barite spurred due to a significant increase in rig counts in most leading oil and gas producing states. Post economic recovery, the plastic manufacturing industry will push the demand for barite, as barite is used as filler in plastic manufacturing as well as paints and coatings.
However, in present conditions, the barite market observed a drop-in growth rate due to a lockdown that disrupted the supply chain. Also, the market witnessed a shortage in the availability of barite due to the stoppage of barite extraction procedures. The decline of the growth rate is due to the shutting down of various industries across the globe. The whole world is locked down and no operational activities are permitted, which has created huge chaos in the overall market, consequently impacting the growth rate. The market is expected to revive by the third or fourth quarter of 2022 due to the growing application of barite in the medical, automobile, and energy sectors.
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Asia Pacific region holds the largest share of the Barite Market
In terms of revenue, the Asia Pacific region holds the largest share of the market followed by North America. The Asia Pacific region will offer sustainable growth to the market in the long term due to the rapid increase in the plastic and oil and gas industry in this region. According to the United States Geological Survey, China was the largest producer of barite in 2019. The country exports most of its barite to other nations. Furthermore, a lot of projects are being conducted and diversification of barite supply is foreseen. In developed countries such as the U.S, the U.K, Canada, and Germany, the growing access of healthcare to a larger population and increasing investment in the healthcare industry further stimulate the demand for barite.
Barite Market: Segmentation
The report on the global barite market covers segments such as deposit type, grade, color, and end-user industry. On the basis of deposit type, the sub-markets include residual, bedding, vein, and cavity filling. On the basis of grade, the sub-markets include up to grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3, and the grade above 4.3. On the basis of color, the sub-markets include white & off-white, grey, brown, and others. On the basis of end-user industry, the sub-markets include oil & drilling, paints & coatings, pharmaceuticals, rubber & plastics, textiles, adhesives, and others.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the barite.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.