Increasing Use of Barite in Various End Use Industries during the COVID Pandemic Is Predicted to Drive the Barite Market in the Estimated PeriodDownload Sample Reports Overview
The barite market is predicted to have a decrease in the growth in 2020 due to the pandemic across the globe; the market is predicted to recover by Q3/Q4 of 2022. The decline of the growth rate is due to the shutting down of various industries across the globe. The whole world is locked down and no operational activities are permitted, which has created a huge chaos in the overall market, consequently impacting the growth rate. Moreover, the use of the barite in some of the industries, such as medical industry, is predicted to result in the growth of the market in the forecast period. Due to the various properties of barite such as absorbing gamma rays and X-rays, the medical industry uses barite to a large extent, which is predicted to drive the market growth. Moreover, the availability of substitutes such as iron ore, celestite ilmenite and many others is predicted to hamper the market in the forecast period. Government initiatives for using natural resources is predicted to create a huge opportunity in the forecast period. During this coronavirus crisis, we are helping our clients in understanding the impact of COVID-19 on the market. Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per a new report published by Research Dive, the global barite market is set to generate a revenue of $4,158.7 million by 2026, at a CAGR of 5.6% during the forecast period from 2019 to 2026. The segmentation of the market has been done on the basis of color, deposit type, grade, end use industry and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market.
Factors Affecting the Market Growth
As per our analysts, increasing demand for natural resources and various beneficial properties of barite are predicted to boost the market in the forecast period. Moreover, availability of various other natural resources at a cheaper rate is predicted to hamper the market growth in the forecast period.
Brown Color is predicted to be Most Lucrative in the Forecast Period.
Depending on color, the barite market is segmented into white & off-white, grey, brown and others. The market size for brown color segment generated a revenue of $ 806.4 million in 2018 and is predicted to grow at 5.9% CAGR by 2026. The brown color is predicted to grow due to the consumption in the petroleum well drills along with vein filling.
Residual Deposit Type is predicted to have the Maximum Share in the Forecast Period
Depending on deposit type, barite market is segmented into residual, bedding, vein and cavity filling. Residual deposit type segment generated a revenue of $860.2 million in 2018 and is predicted to grow with a CAGR of 5.9% in the forecast period. The easy availability and being cost effective as compared to other deposit type is predicted to boost the residual type segment in the forecast period.
Grade 4.3 is predicted to have the Maximum Share in 2026
Depending on grade, barite market is segmented into up to grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3, and grade above 4.3. Grade 4.2 segment generated a revenue of $510.7 million in 2018 and is predicted to grow with a CAGR of 5.8% in the forecast period. The increasing use of grade 4.3 across all the end use industry is predicted to boost the segment in the forecast period.
Oil & Drilling is predicted to have a Huge Market Share in the Forecast Period
Depending on end user, barite market is segmented into oil & drilling, paints and coating, pharmaceuticals, rubber & plants, textiles, adhesives and others. Oil & drilling segment generated a revenue of $564.5 million in 2018 and is predicted to grow with a CAGR of 5.6% in the forecast period. Increasing demand for the oil across the globe is predicted to boost the oil and drilling segment in the forecast period.
Regional Breakdown of the Market
On the basis of region, the global barite market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific market generated a revenue of $591.4 million in 2018 and is predicted to grow with a CAGR of 6.0% in the forecast period. Asia-Pacific is the largest producer of barite. Barite is supplied across all the globe by extracting it from regions like China and India, which is predicted to boost the market in the forecast period.
Top Companies Leading the Market
The barite industry key players include Apmdc, Desku Group Inc., Ashapura Group., Halliburton Co., International Earth Products llc, Excalibar Minerals llc, Kaomin Industries, Mil-Spec Industries Corporation, Seaforth Mineral & Ore Co. Inc., and Milwhite Inc., among others.