Riding the growing trend of high energy consumption, and the resultant demand for oil and gas, the global barite market is projected to display a moderate 4.10% CAGR through the end of 2034. The capabilities of barite to absorb gamma and x-rays have generated lucrative opportunities for the growth of the barite market. A new Future Market Insights (FMI) study reveals that product innovations and geographic expansion would remain the focal point for manufacturers in the barite market.
Drilling mud applications are expected to account for substantial revenues amongst all applications, in the global barite market. Untapped opportunities in the medical industry are also generating incremental opportunities for manufacturers. Barite would experience steady demand growth in the paints and plastics industries, as it is widely utilized to control the viscosity and add brightness to end products.
Key companies in the barite market are set to experience disruptions in supply chains owing to recent developments related to the coronavirus crisis. Manufacturers are accelerating efforts to join the fight against the COVID-19 pandemic by taking a step forward to donate barite cement for the construction of a hospital radiotherapy bunker where coronavirus treatments are carried out.
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Barite Market: Key Findings
- The oil and gas industry is to remain a key application area of barite through 2034, owing to population growth.
- Increased adoption of coating applications has triggered the uptake of barite in paints, varnishes, automotive, and textiles.
- North America will remain a leading regional market for barite.
- Asia Pacific is projected to display strong growth during the forecast period.
“Major players in global barite market are diversifying their product portfolio across multiple end-use industries through expansion and innovation to sustain their market position,” says the FMI report.
Barite Market: Key Driving Factors
- Heightening oil and natural gas exploration activities continue to push demand for barite.
- Surging popularity of barite as a filler in inks, paints, plastics, and coatings remains a strong booster to market growth.
- Properties of barite including high stability, enhanced finish, chemical inertness, and eco-friendly attributes is bolstering market growth.
- The use of barite in radiation shielding for the burgeoning cement industry will augur well for the barite market.
Barite Market: Key Restraints
- The high complexity and cost of the barite production process threatens the long-term growth of market.
- The consolidated and competitive market landscape generates critical challenges for emerging players in the barite industry.
Competition Landscape
The global barite market is consolidated, where leading players hold key positions, across the globe, except in China, where the market is fragmented. Targeting the production of barite to meet the needs of variegated applications will be among the key strategies of manufacturers. Companies are also investing in product innovation and launches, research and development activities, and capacity and geographical expansions to bolster growth in untapped markets. FMI’s analysis also indicates that companies are preferring expansion in Asia Pacific to leverage lucrative opportunities.
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Key Companies Profiled
- Milwhite
- Corpomin
- Excalibar Minerals
- International Earth Products LLC.
- BariteWorld
- The Kish Company, Inc.
- New Riverside Ochre Company, Inc.
- Global Reach FZE
- Andhra Pradesh Mineral Development
Barite Market by Category
By Form:
- Lumps
- Powder
By Grade:
- Up to SP 3.9
- SP 4.0
- SP 4.1
- SP 4.2
- SP 4.3 and Above
By Application:
- Drilling Mud
- Pharmaceuticals
- Rubbers & Plastics
- Paints & Coatings
- Textiles
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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