Global Barite Market Insights-

The barite industry holds a market value of USD 2.8 billion during the Barite Market forecast period during the year 2018. It has also been marked that the barite market holds a CAGR of 5.82% during the forecast period.
Barite can be found on a large scale in the veins of hot spring where deposits can also be found in zinc-lead veins in limestone, in hot spring deposits and the hematite ore as well as meteorites. A new report on the global barite market, published by Market Research Future (MRFR), predicts that this market can see growth between 2021 and 2030.

On the contrary, strict governmental measures pertaining to the use of brominated flame retardants in electronic equipment and textile, and its toxic properties are factors that may limit the global Barite Market growth over the forecast period.

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Prominent Players Analysis:
Cary Company of the United States, Milwhite, Inc. of the United States, Halliburton of the United States, DESKU GROUP Inc., of the United States, The Andhra Pradesh Mineral Development Corporation Ltd of India, Ashapura Minechem Group of India, KaominIndustries LLP of India, Mil-Spec Industries Corporation of the United States, International Earth Products LLC of the United States, Dev International of India, Schlumberger Limited, Excalibar Minerals LLC, Sojitz Corporation, Baker Hughes Incorporated and, Anglo Pacific Minerals and many more.

The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil & gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
A naturally occurring, non-toxic mineral deposit, barite exhibits various properties which make it ideal for use in oil & gas drilling, in the analysis of oxygen & sulfur isotopic, as a filler in paint & plastics, in automobile finishes for corrosion resistance, and several others ranging across several end-use industries. Increasing commercialization and urbanization, particularly in emerging markets, the automotive sector, among others is growing at a rapid pace and is expected to increase demand for barium amongst industries. Moreover, oil & gas activities are growing rapidly due to the high demand for fuel.

The global Barite Market has seen potential growth in the last year and is expected to expand significantly in the coming years. The transition witnessed various technological advances and changes in the wireless communication sector, owing to the ever growing demand for smartphones with enhanced features; increased storage space, for instance. Miniaturization is a prominent trend noted in the global smartphone and tablet market, where the size of the electronic components used in the manufacturing of smartphones and tablets are reduced without jeopardizing its performance and quality. In order to achieve fine line printing in the miniaturized components the manufacturers need inks with advance formulations, which in turn is driving the market for Barite Market.

On the flip side, factors that can cause the market to deteriorate are strict government regulations in regard to the safety of the environment. This is due to the harmful carbon and mercury emissions which emits from these products. Another hurdle that must be conquered over in the sector is the lack of standardization in order to achieve growth and expansion. Moreover, it should be ensured that lower energy is consumed and the impact over the environment is reduced by enhancing the pre-existing technologies. This would enable the Barite Market to continue on its upward growth trajectory. 

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Industry News:

In February 2020, Voyageur Pharmaceuticals Ltd. Announced that they had received successful test results from SGS Minerals & SGS Life Sciences division (“SGS”) on the Frances Creek barite project. SGS testing is a part of the preliminary process that would assess the economic state of the Frances Creek project. The company confirmed the barium sulfate mined from the Frances Creek barium sulfate had met all the specifications released by the US Pharmacopeia (USP) guidelines. 

The global market for barite is expected some struggles in the coming days due to the COVID-19 pandemic outbreak. As a result of this outbreak, various industries have started suffering due to the lack of demand. Barite finds significant usage in the oil and mining sector, but due to the imposed lockdowns, the sector failed to meet the general standard of production. This triggered measures to save costs. It would affect the intake capacity of barite. Also, the slump in the construction sector can deter global market growth.

Barite Market  - Segments:

By type:

Globally, the barite industry can be classified into various types. They are classified based on form, color, and application. Based on form, barite or barium sulfate is divided into two forms: powder or crystals. It has been marked that the powder form has covered a large barite market share till now. Barite is majorly used for filling the substance in both plastics and rubber. Both these materials, plastics, and rubber are used for production. This increases the demand and helps in barite market size thus steering up the market growth. Based on the color large-scale, it has been marked that barite is colorless. Barite is available in various colors like grey, yellow, white, blue, and brown. The grey barite is found in areas near the seashores. Grey barite is used for extracting oil in huge amounts. Globally, barite is used in end-user industries like oil and drilling, paints and for coatings, rubber and plastic, textile, and clothing. It helps manufacture the adhesive and some other barite substances. It is used for medical and pharmaceutical end-users industries for the development of my-ray machines and producing other medical types of equipment.

By technology:

Growth in technology-led to the intention of new end products from barite. Innovative things were manufactured.

VALUE CHAIN ANALYSIS:

The regions of Asia-Pacific and the Middle East are rapidly growing in their architectural beauty and also their infrastructure. This has increased the barite market growth and also the demand for construction materials like paints, plastics, other lubricants, rubber agents, and other materials of barite. The use of such barite materials raises the demand. It is also used for the removal of unwanted substances as it is the purify=ying agent used in electro-ceramics. Barite is also helpful for cleansing phosphoric acid.

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Regional Analysis -

The segmentation of the global Barite Market comprises regions like Asia-Pacific, North America, Europe, and Rest of the World.

Globally, Asia-Pacific bears the dominant position in the Barite Market both in relation to the volume and value. The market is expected to continue with its rise in the forthcoming years at the same rate. Due to reasons such as rapid industrialization, low cost attached to labor and raw materials, and the high manufacturing rate of Chlor-Alkali products, China is the major revenue generating nation in the Asia-Pacific region.

North America and Europe stand in the second and third position, respectively, owing to the low production level of Chlor-Alkali products as compared to other developing economies. 

RECENT DEVELOPMENTS -

October 2021: The Nigerian government has launched a made-in-Nigeria barite initiative under the Ministry of Mines and Steel Development (MMSD). The event, according to the organizers, was aimed at promoting local content in order to stimulate the economy and generate additional income. According to them, the plan would not only raise Nigeria's profile among worldwide mining groups, but would also save the country $300 billion in annual import costs, while also creating work prospects for the country's teeming population. Barite is one of seven critical minerals that would help Nigeria's solid minerals sector realize its full potential. It is a critical element used in the oil and gas sector as a weighing agent to raise the density of drilling fluids, primarily for oil and gas exploration to reduce blowouts.

July 2021: Apollo Gold & Silver Corp. announced the completion of the acquisition of Pan American Minerals Inc., a wholly owned subsidiary of Pan American Silver Corp., of a 100 percent stake in the Waterloo Silver-Barite Project. Apollo has now acquired the rights to one of the largest undeveloped historic silver resources in the continental United States, establishing itself as a premier US-focused silver exploration and development business.

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