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.
New York, NY, Aug. 15, 2018 (GLOBE NEWSWIRE) — 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, Grey, 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.
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 the demand for barite in emerging economies. Nevertheless, growing healthcare and pharmaceutical industries may offer ample opportunities for barite market in the forecast period.
Browse through 179 Tables & 59 Figures spread over 110 Pages and in-depth TOC on “Global Barite Market Size & Share 2017: Industry Trends Demand, Growth Analysis and Forecast 2024”.
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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 comprise 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, grey, 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.
North America is experiencing tremendous growth in automotive, pharmaceuticals, and adhesive markets. The drilling sector is growing rapidly across North America owing to major manufacturers concentrating on utilizing alternative sources. There has been significant growth in consumer packaging market in the U.S. and Canada which is expected to aid the adhesive market which in turn is likely to flourish the barite market growth in North America. Moreover, the textile industry is growing at a decent pace owing to huge investment in the textile industry in the U.S. This factor is anticipated to contribute to the growth of the barite market in the forecast period. The U.S. is the second largest construction market globally with expenditures over USD 900 billion. There has been tremendous growth in the construction industry in New York. This factor has assisted the growth of the paint and coating industry which in turn is expected to drive the demand for barite in this region.
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Europe is regaining its strength owing to the economic crisis caused in the UK, France, and Germany. Growing automotive industry in Germany is likely to enhance the growth of barite market. Increase in a number of the populace of over 50 years of age group is anticipated to positively impact on healthcare sector which may further boost the barite market. The construction sector contributes around 9% to the GDP of the European Union, therefore construction industry is vital, this factor is expected to fuel the growth of the construction market in Europe which in turn is likely to boost the barite market in the coming years.
The Asia Pacific led the barite market in 2016 and is expected to maintain this trend over the upcoming years. Emerging economies are growing at its fastest pace owing to rapidly developing industrial sector across India and China. The accomplishment of the government in improving the pharmaceutical industry in India is projected to assist the barite market growth.
Browse the full “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, Grey, 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″ report at https://www.zionmarketresearch.com/report/barite-market
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 has led to noteworthy growth in demand for barite across the globe. Africa’s economy is flourishing owing to the comparatively steady political scenario and the massive investments by major industries across the globe in Africa. In 2017, the African pharmaceutical market accounted for more than USD 35 billion and primarily driven by countries such as South Africa, Nigeria, and Ghana. Hence, elevated growth in the pharmacy sector is projected to positively impact the barite market in the forecast period.
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Shanghai Titanos 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 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.
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The report segments the global barite market as:
Global Barite Market: Grade Analysis
- Below 4.3 grades
- 4.0 grade
- 4.1 grades
- 4.2 grades
- 4.3 grades
- Above 4.3 grades
Global Barite Market: Color Analysis
- White and Off White
Global Barite Market: Application Analysis
- Cavity Filling
Global Barite Market: End User Analysis
- Paints & Coatings
- Rubber & Plastics
- Oil & Drilling
Global Barite Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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