Barite Market (Grade: Up to Sp. Gr. 3.9, Sp. Gr. 4.0, Sp. Gr. 4.1, Sp. Gr. 4.2, and Sp. Gr. 4.3 & Above; and Application: Drilling Mud, Pharmaceuticals, Rubber & Plastics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Export, Manual Labor Challenges Affect Market Growth during COVID-19
COVID-19-related disruptions are likely to have a significant impact on the barite market. This is anticipated to cause ripple effects in manufacturing and construction industries. A sustained weakness in construction activities is expected to affect the demand for minerals such as barite, calcite, and silica sand, among others, during the first and second quarter of 2021, given the close linkage between them.
High value minerals including barites are vulnerable to challenges in exports amid the ongoing coronavirus crisis. Thus, manufacturers in the barite market are increasing efforts to maintain robust supply chains, since barite is primarily used for oil drilling in the Middle East and the U.S. Moreover, mining of barite is largely dependent on manual labor, which is another factor affecting the growth of the barite market.
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Highly Variable Quality, Purity of Barite Influence Production Capabilities
The barite market is projected to surpass the valuation of US$ 2.1 Bn by 2031. However, it is found that the quality and purity of barite are highly variable, and this influences the volume of barite that can be extracted from individual deposits. Nevertheless, the high demand for barite in the petroleum and construction industry tend to offset its disadvantages during extraction from individual deposits.
Barite powder is being combined with bentonite to form sludge, which is used in drilling applications. Manufacturers are capitalizing on the demand for barite in glass barium salt production and pharmaceuticals. Cable cars, submarines, and ballast tanks in ships are triggering the demand for barite, owing to the mineral’s high specific weight.
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Radiation Shielding Products Acquire Prominence in New Buildings, Renovation Applications
Manufacturers in the barite market are establishing stable revenue streams in barite ionizing radiation shielding applications. SVA - an environmental valorization company, is in talks to offer Bariblock®, an innovative and eco-sustainable product capable of shielding radiation potentially harmful to individuals working in spaces with X-ray machines. Such radiation shielding products are emerging as an alternative to conventional solutions such as lead slabs.
Companies in the barite market are increasing their production capabilities to develop radiation-shielding products that involve high volume mass, low thickness, fast installation, and reduced construction costs. Innovative shielding panels made from barite are gaining prominence in new buildings, renovations, and electromagnetic shielding and radiation protection works.
Diverse Revenue Opportunities in Pharmaceuticals Challenged with Scarcity of USP Barite
The barite market is projected to advance at a modest CAGR of ~5% during the forecast period. This is evident since end users are witnessing a shortage in USP (US Pharmacopeia) barite. Despite several barite resources around the world, most barite deposits do not make grade for the pharmaceutical industry. Such hurdles are intensifying competition in the pharmaceutical sector of the global barite market. Hence, manufacturers are tapping into incremental opportunities in alternate revenue streams of the pharmaceutical sector including in developing radiation-shielding products.
Barite combined with iodine helps to block radiation used in X-rays, CT, and other diagnostic tests. Manufacturers are boosting their output capacities, since barite is used in medicine to diagnose gastrointestinal problems.
Specific Grade Barite Gains Popularity in White Paint, Rubber, Adhesive Applications
Apart from pharmaceuticals and radiation shielding products, companies in the barite market are unlocking growth opportunities in paint, adhesive, and rubber products. Iris Impulse India Pvt. Ltd. - a mineral supplier in Gandhidham, India, is maintaining robust supply chains of barite in oil & gas drilling industries, and paint, adhesive, and rubber applications. As such, manufacturers in the barite market are increasing the availability of high density & specific gravity of drilling grade grey barite for onshore and offshore applications.
White paint applications are fueling the demand for barite. In order to boost production, manufacturers are getting actively involved in mining and processing of white barites.
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The demand disruption of minor minerals such as barite is likely to have a profound impact on the employment and well-being of local communities during the coronavirus pandemic. Specific grade barite is gaining prominence in rubber and adhesive industries, owing to the demand for an inert and color-neutral density enhancer in noise and vibration reduction systems. However, intense competition in producing FDA/Health Canada-approved pharmaceutical grade barite is emerging as a challenge for small and emerging market players. Hence, companies in the barite market should diversify their production for other pharmaceutical applications including medicines to counter gastrointestinal problems and radiation shielding products to expand market growth.
Barite Market: Overview
- Barite is a mineral containing barium sulfate. It is found in various colors such as yellow, brown, white, blue, and gray. It can even be colorless. The U.S., China, India, and Morocco are the primary countries where commercial deposits of barite are found. High density and chemical inertness make barite an ideal mineral for usage in various applications.
- Barite is an important mineral due to its usage in exploration, and development of petroleum and natural gas resources. It is primarily mined from layers of sedimentary rock. In some cases, barite is a by-product of mining lead, zinc, silver, or other metal ores.
- Barite needs to be a predominant material in deposit in order to be economically viable for extraction. The types of deposits in which it is normally found include vein, residual, and bedded. Vein and residual deposits are of hydrothermal origin, while bedded deposits are sedimentary.
- According to Transparency Market Research’s latest research report on the barite market for the historical year (2017-2019), actual year 2020, and the forecast period 2021 to 2031, rise in usage of barite in drilling mud is a key factor that is expected to boost the global barite market during the forecast period
- In terms of revenue, the global barite market is expected to cross US$ 2.1 Bn by 2031, expanding at a CAGR of ~5% during the forecast period
Rise in Investment in Oil & Gas Production: Key Driver of Barite Market
- Barite possesses high specific gravity. Hence, it is used as a weighting agent in drilling fluids. It is used to elevate hydrostatic pressure to counteract high-pressure zones during drilling activities. This is projected to boost the demand for barite in the oil & gas industry.
- Oil prices have been fluctuating since the past two to three years. Governments of various countries are striving to revive investments in the oil & gas sector in order to cope with rise in oil prices.
- Barite is employed as a filler agent in paints, coatings, rubber, and plastics, as it possesses beneficial properties such as chemical inertness, nontoxicity, and high specific gravity
- Barite is widely used in the paints industry as an extender for primers, as it provides clean whiteness. It is useful for walls and undercoats to beautify smooth walls. Barite is an ideal alternative for expensive materials used in paintings such as crypton, basofor, monox, and titanium dioxide, which are used for filling. These characteristics of barite and its usage in the paints industry are expected to boost the demand for barite in the near future.
- Significant growth of paints & coatings and rubber industries is estimated to fuel the consumption of barite, especially in Asia Pacific. This, in turn, is anticipated to drive the barite market.
Sp. Gr. 4.2 Grade Dominates Barite Market
- Based on grade, the Sp. Gr. 4.2 segment dominated the global barite market in 2020. Sp. Gr. 4.2 is also considered a high-potential grade segment of the global barite market. This can be primarily ascribed to the increase in demand for oil and gas, and their derivatives.
- Sp. Gr. 3.9 and Sp. Gr. 4.0 grade barite possess limited applications. Hence, these segments are likely to remain unattractive in the near future, unless the API reduces drilling fluid barite standards to Sp. Gr. 4.0.
- The Sp. Gr. 4.1 grade segment is anticipated to experience significant growth during the forecast period, as the grade has substituted the Sp. Gr. 4.2 grade in oil & gas drilling applications. The API has reduced the standards for usage of barite grades used in drilling fluids, resulting in considerable increase in the consumption of Sp. Gr. 4.1 grade barite.
Rise in Application of Barite in Drilling Mud
- In terms of value, the drilling mud application segment is estimated to dominate the global barite market during the forecast period. The segment is estimated to maintain its dominance during the forecast period.
- Drilling mud is likely to be a highly attractive application segment of the global barite market during the forecast period. Increase in demand for oil and gas drilling is projected to drive the segment in the near future.
- The rubber & plastics segment provides lucrative growth opportunities to the global barite market
Barite Market: Competition Landscape
- Detailed profiles of providers of barite have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global barite market are
- The Andhra Pradesh Mineral Development Corporation Ltd.
- Ashapura Group
- Anglo Pacific Minerals Ltd.
- Schlumberger Limited
- Sojitz Corporation
- PANDS GROUP
- The Kish Company, Inc.
- ALCOR MINERALS
- PVS Global Trade Pvt Ltd
Barite Market: Key Developments
- Key providers of barite, such as The Andhra Pradesh Mineral Development Corporation Ltd., Sojitz Corporation, PANDS GROUP, and Schlumberger Limited, are focusing on research & development, mergers, joint ventures, collaborations, and product innovation of barites
- In the global barite market report, we have discussed individual strategies, followed by company profiles of providers of barites. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global barite market.
Barite Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global barite market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global barite market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global barite market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global barite market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global barite market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global barite market and estimates statistics related to growth of the market in terms of volume (kilo tons) and value (US$ Mn).
This study covers a detailed segmentation of the global barite market, along with key information and a competitive outlook. The report mentions company profiles of players that are currently dominating the global barite market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Barite Market
The report provides detailed information about the global barite market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global barite market, so as to help them design successful strategies and make target-driven decisions.
- Which application segment of the global barite market would emerge as major revenue generator during the forecast period?
- How are key market players successfully earning revenue out of advantages of barites?
- What would be the Y-o-Y growth trend of the global barite market between 2021 and 2031?
- What are the winning imperatives of leading players operating in the global barite market?
- Which grade segment is expected to create lucrative opportunities for the global barite market during the forecast period?
- Which are the leading companies operating in the global barite market?
Research Methodology – Barite Market
The research methodology adopted by analysts for compiling the global barite market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global barite market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global barite market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global barite market.
Barite Market – Segmentation
TMR’s research study assesses the global barite market in terms of grade, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global barite market.