Barite Market expected to reach $ 4316.7 Million by 2026, growing CAGR of 6.1%Download Sample Reports Overview
As per the study, conducted by the Research Dive barite market will register a market size of $ 4316.7 Million by in the year 2026.
Barite (baryte: heavy spar) is the most frequent barium mineral which occurs in sedimentary rocks, marine deposits as well as in hydrothermal ore veins. This mineral has versatile properties, thus it is being utilized for energy, medical and automobile sector. This mineral can be utilized as a weighting agent in the gas & oil industry. Moreover, the global market is anticipated to be driven due to the growing demand from the paint and coating end-use. The paint industry is rising due to the growing urbanization, rising household expenditure, and inclining demand from the construction sector.
Barites minerals are utilized in the therapeutic sector due to factors such as the absorption capability of X-rays & gamma rays. Moreover, for examinations of the gastrointestinal tract ultrapure barite can be used. Barium compounds are also utilized as fillers in industrial products including, rubber, glass and paint and others. On the other hand, barite is significantly utilized as a weighting agent in the oil and gas industry.
On the other hand, the Indian government is planning to develop industrial minerals and provide incentives to companies that are involved in the barites market. The aforementioned factors are expected to create lucrative opportunities for barites market investors in the near future.
Brown color barite market was $806.4 million by the end of the year 2018, and it is anticipated to generate revenue of $1,324.6 million by the end of 2026. Global market for brown barite is expected to grow at swift growth rate owing to the growing demand from, plastic, paper, and rubber production. In addition, the rising demand from automotive industry, especially tire production can also upsurge the barite market.
The residual deposit barite market accounted for $860.2 million by 2018, and it is expected to generate revenue of $1,412.9 million by the end of 2026. The global market for Grade 4.0 was $403.2 million in 2018, and is anticipated to reach $628.2 million by the end of 2026.
The oil and gas industry has accounted for $564.5 million in 2018, and is projected to reach $906.5 million by the end of 2026. This is majorly due to the growth in the oil and gas sectors, in the countries such as U.S., Iran and Saudi Arabia among others. Moreover, the use of barite as a weighting agent and the discovery of oil in the middle east region projected to grow the global market.
North America barite market size was $806.4 million by the end of 2018 and is estimated to rise at 6.0% CAGR during the analyzed period. Asia-Pacific barite market registered a growth rate of 6.5% CAGR during the forecast period and is projected to reach $978.7million by 2026, growing from $591.4 million in 2018. China, India, and Taiwan are the key contributors to the growth of the Asia-pacific market.
The barite industry key players include Desku Group Inc., Apmdc, Mil-Spec Industries Corporation, Halliburton Co., Seaforth Mineral & Ore Co. Inc., International Earth Products LLC, Ashapura Group., Excalibar Minerals LLC, Kaomin Industries, Milwhite Inc. These key players initiated various steps to strengthen their existence in the market using various strategies such as product inventions, merger & acquisitions and technological advancements.