Barite can be found on a large scale in the veins of hot spring where deposits can also be found in zinc-lead veins in limestone, in hot spring deposits and the hematite ore as well as meteorites. A new report on the global barite market, published by Market Research Future (MRFR), predicts that this market can see growth between 2023 and 2030.
The primary market driving factor for the global Barite Industry growth is its high density makes it usable for many appliances. Grade 4.1 barite and grade 4.2 barites can be used as weighing agent in drilling muds. Therefore, it prevents blowouts that are visible in oil & gas exploration. The grade 4.3 barite and above 4.3 can be used in paints & coatings. In paints industry, sugar industry, and paper industry, barite can be used in sodium hydroxide production, acting for refining sugar. In automobile sector, barite is being used in brakes, clutch pads, etc. Rising pressure on energy sector to meet global demand to grow transportation as well as petrochemical industry has led to increasing oil & gas production which in turn can positively impact the barite market. Other factors contributing to the global barite market growth include high specific gravity, moderate rigidity, and strong stability. Higher grade barite is obtained from deeper earth crust. Hence, its price is high. This creates obstacles in the market growth. However, lower-grade barite from 3.9 to 4.2 is gaining traction in oil and gas industry due to the optimum production of shale gas, shift in trend towards unconventional energy source. This can have a positive impact on barite market
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Market Segmentation
The global barite market segmentation encompasses application and grade. MRFR’s take on the market marks various facets of the market in-depth.
The application-based segmentation of this market covers automobiles, electrical appliances, oil & gas, paints, pharmaceuticals, textile, and others.
Regarding grade, the market has been segmented into Sp grade 3.9, grade 4.0, grade 4.1, grade 4.2 and grade above 4.3. Compared to lower specific gravity, the grade with high specific gravity represents superior quality.
Regional Segmentation
A geographical outlining of the global Barite Market covers the Asia Pacific, North America, Europe, and Rest of the World (RoW).
Asia Pacific region is the largest consumer market for barite. Although China, India, and South Korea are rich in barium, the demand for oil, gas, and paints is increasing in these countries, strengthening the barite market. China holds the largest market share due to large availability of shale reserve that can be used to meet the growing demand of barite in automotive industry and construction industry. Other factors strengthening the barite market in this region are favorable government policies, low labor cost, rapid industrialization, and robust end-use industry growth. Japan is another important country-specific market in this region. An observation of the remaining countries in the Asia Pacific region featured in this report calculates the huge addition to market revenue from some other countries.
In North America, the market is strong due to the growth of the automobile sector which uses large amount of grade 4.1 barite and grade 4.2 barite. Shale gas production in USA, development in infrastructure activities, and subsequent growth in paints & coatings industry. Major market players in this region are also based in USA. After USA, Canada is the biggest country-specific market in this region.
In Europe, the market growth is slow but stable due to economic crises in Western Europe. Germany and UK are the biggest country-specific markets as they are the large automotive hub. The huge demand for paints and coatings is increasing in Europe due to automotive refinishes and restoration that strengthens the barite market. France, Italy, and Netherlands are other important country-specific markets in Europe. An inspection of the remaining countries in Europe featured in this report speculate the huge contribution to Barite Market Revenue from some other countries in this region.
The RoW segment covers South America, Africa, and the Middle East. During the forecast period, Brazil in South America is anticipated to witness high demand for barite due to increase in expenditure on interior of residential projects that may drive the paints & coatings industry. The Middle East has money to invest in infrastructure, but they lack technical expertise. Africa lacks technology, production expertise, and money to invest as most countries are backward
Key Players
Big players in the global barite market are Andhra Pradesh Mineral Development Corporation Limited (India), Anglo Pacific Minerals (UK), Ashapura Minechem Ltd. (India), Cimbar Performance Minerals (USA), Excalibar Minerals LLC (USA), Halliburton Company (USA), Kaomin Industries (India), Mil-Spec Industries Corporation (USA), and P&S Barite Mining Co. Ltd. (Thailand).
Latest Industry News
- Halliburton Energy Services has obtained the approval from the US Bureau of Land Management to expand the Rossi barite mine in Elko County. 9 SEP 2019
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