Zion Market Research has published a new report titled “Barite Market by Grade (<Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, and Grades> 4.3), by Color (White and Off White, Gray, Brown, and Other Colors), and by Application (Bedding, Residual, Vein and Cavity Filling) for Paints & Coatings, Rubber & Plastics, Oil & Drilling, Textiles, Pharmaceuticals, Adhesives, and Other End Users): Global Industry Perspective, Comprehensive Analysis and Forecast , 2017 – 2024 ”. According to the report, global barite market was valued at USD 1.41 billion in 2017 and is expected to reach USD 1.85 billion by 2024 with an anticipated CAGR of 4.01% between 2018 and 2024.
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Barite is a natural barium-based mineral. Barite is referred to as ‘desert roses’ owing to its red-stained flower-like appearance. Barite is a crucial part of the oil & gas industry as it is utilized in the drilling process. Ever increasing automotive sector across the globe is considered to be the driving factor for the barite market. Moreover, growing demand for barite in end-user industries is anticipated to boost demand for barite in emerging economies. Nevertheless, growing healthcare and pharmaceutical industries may offer ample opportunities for barite market in the forecast period.
Based on the grade, the barite market is segmented as below 4.3 grades, 4.0 grade, 4.1 grades, 4.2 grades, 4.3 grades, and above 4.3 grades. Above 4.3 grades comprising of high strength, thus the demand for above 4.3 grades in paint & coating and rubber industry has increased in recent times. Barite is obtained in white & off-white, gray, brown, and many other colors. White & off-white color dominated the barite market in 2017 and is projected to uphold its pace over the coming years. White & off-white color is extensively used in paint & coating industry. Paint and coating industry is growing at the fastest pace due to rapid urbanization worldwide. Bedding, residual, vein and cavity filling are some of the major applications in the barite market. Due to the diverse characteristics of barite, there are numerous end users such as paints & coatings, rubber & plastics, oil & drilling, textiles, pharmaceuticals, adhesives, and other end users. Barite is used as radiation shielding in the cement industry and a sharp rise in cement industry is likely to positively impact the growth of the barite market.
The Asia Pacific dominated the barite market in 2017. China and India are the largest regions in the Asia Pacific which are expected to specter the fastest growing in the forecast period. Europe is likely to experience moderate growth in the upcoming year due to the economic crisis in the UK, France, and Germany. North America is anticipated to have a significant share in the barite market in the forecast period. High demand for barite in the U.S, Mexico, and Canada due to huge growth in industrialization is expected to impact the barite market in North America. Latin America is projected to grow at a decent pace due to developing infrastructure and urbanization in Brazil. The Middle East and Africa are expected to show dormant growth in the upcoming years. Growing drilling activities worldwide have led to noteworthy growth in the demand for barite across the globe.
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Shanghai Titans Industry Co., Ltd., V&P Corporation, SMIMTAF, CMS Industries, Milwhite Inc, Desku Group Inc., Shijiazhuang Oushun Minerals Products Co. Ltd., Excalibar Minerals LLC., International Earth Products LLC, Seaforth Mineral & Ore Co. Inc., Kaomin Industries, and Mil-Spec Industries Corporation, among others are the major manufacturers operating in the barite market. Huge demand for barite in end-user industries such as paint & coating, oil & drilling, rubber & plastics market had led the producers to focus on research and development to sustain in the global market.
The report segments the global barite market as
Global Barite Market: Grade Analysis
Below 4.3 grids
Above 4.3 grids
Global Barite Market: Color Analysis
White and Off White
Global Barite Market: Application Analysis
Global Barite Market: End User Analysis
Paints & Coatings
Rubber & Plastics
Oil & Drilling
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Global Barite Market: Regional Analysis
The middle east