The global barite market registered a revenue of nearly $2,688.0 million in 2018, and is anticipated to grow at 5.6% CAGR, surpassing $4,158.7 million by 2026
The market is going to experience a decline in growth rate, due to the pandemic in 2020. During this scenario, the extraction of barite, found only in marine deposits, hydrothermal ore veins, and sedimentary rocks has been stopped due to the lockdown across the globe and is considered to be the major restraint for the market.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|6.1%||5.6%||Q3/Q4 2022||51||USD 3,010.9 Million||USD 1,656.0 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Barite is mostly used in various industries such as medical, paper, glass making, rubber and many more for various applications. Increasing demand for energy, coupled with versatile properties of barite is predicted to be the major driving factor for the market. Increasing use of barite in the medical industry due to its various properties such as absorbing the gamma radiation is predicted to boost the barite market in the forecast period.
Various substitutes like iron ore and strontium are predicted to be a serious threat to the growth of the global barite market. The cost of barite is very high compared to the other substitutes available, which is predicted to experience a decline in growth rate in the forecast period. In addition, the limited availability of the resources is predicted to hamper the market in the forecast period.
The global barite market is predicted to decline in 2020 due to the pandemic. As the whole world is under a lockdown, the extraction of the barite has been stopped due to which the use of the barite has decreased drastically, impacting the market growth in a negative way. The demand of barite is relatively high due to the increase in the usage in various end use industries but since the extraction of barite is stopped due to the lockdown, the demand cannot meet the supply for the end use industry, which is predicted to hamper the market growth.
Most barite comes from china due to cheap mining cost in the country and ample availability of barite. Many countries have halted trade with china due to various external factors, which is predicted to hinder the market in the forecast period. Moreover, the mineral is being used in medical, energy and automobile sector.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Barite market is projected to recover and register profitability by Q3/Q4 of 2022. The barite market is predicted to get recovered by the increasing demand of barite in the automotive industry as the barite is high in density, low solubility, brighten in color and low cost which makes it an ideal material to use for various application in automotive industry is predicted to boost the overall market. Due to the pandemic the shutdown is implemented which have created an adverse effect to the market during this period.
Government initiative for the extraction of barite will provide a significant growth opportunity in the forecast period. For instance the Indian government is planning to develop the industrial mineral and provide the incentives to the companies which are involve in extraction of barite and barite business. But regulatory restriction in many state government in the mining of barite is predicted to hinder the market growth in the forecast period.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Barite Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity