Europe Barite Market Outlook, 2021 - 2031

New Management Practices Help Ensure Business Continuity During COVID-19 Crisis

The COVID-19 outbreak has shaken up value chains and prompted governments to announce initiatives that help to meet consumer demands. Companies in the Europe barite market are enabling short-term management to ensure business continuity during the pandemic whilst adopting contingency planning to align with long-term trends. However, it has been found that trend analysis is a less reliable strategy due to the increasing frequency of global shocks. Nevertheless, companies in the Europe barite market are conducting SWOT analysis to stay resilient despite any potential business disruptions.

There is a need for new management practices that are more agile in terms of decision processes, monitoring, and planning. Market stakeholders are building local networks with suppliers, partners, and customers for early sensing of the triggers that require industry action.

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Circular Vibrating Screener Associated with Low Failure Rate in Barite Processing

The Europe barite market was valued at US$ 244 Mn in 2020 and is expected to reach US$ 370 Mn by 2031. However, there is a need to improve processes in barite screening since the particle size of crushed barite fragments varies, and the barite beneficiation equipment generally has its own required feed particle size. Hence, stakeholders are adopting the circular vibrating screener, which leads to low failure rate, high screening efficiency, and large processing capacity.

The circular vibrating screener is linked with easy operation. It is a suitable machine for screening barite ore. Since a certain amount of dust will be produced in the screening process, it is recommended to set up water spraying devices to reduce dust pollution.

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Mining Companies Establish Stable Revenue Streams in Weighting Agent Applications

Companies in the Europe barite market are establishing stable revenue streams in weighting agents for the oil & gas industry. Weighting agent in drilling fluids helps to suppress high pressure and drilling bursts. Moreover, barite offers an additional benefit that magnetic tracking does not hinder magnetic measurements.

The Europe barite market is slated to clock a modest CAGR of 4.1% during the forecast period. Barite helps to adjust the density of mud as the basic drilling grade weighing material. The softness of barite powder allows it to act as a surface and prevent damage to the drilling bit during drilling.

Medical & Pharmaceutical Applications Expand Income Streams for Market Stakeholders

Pharmaceutical and medical applications are contributing to the growth of the Europe barite market. High purity form of barite is used in the gastrointestinal (GI) tract, owing to its X-ray protection properties. Thus, the outline of the GI tract becomes visible allowing clear gastrointestinal examination.

Excellent adhesion, suspensibility, and acid & alkali resistance of barite are preferred in pharmaceutical applications. Medicines made with barite powder make the gastric mucosa surface evenly spread and coat, and make the tissue structure of each examination site clear. Companies in the Europe barite market are improving their barite recovery processes to gain a competitive edge over other market players.

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Analysts’ Viewpoint

Multi-stakeholder and cross-sector collaboration platforms are being publicized for emerging resilient to the challenges of the ongoing COVID-19 outbreak. Barite holds promising potentials in jewelry making. However, gem cutters find faceting barite quite challenging. Since barite’s fragility is not advisable for jewelry, jewelers should target barite jewelry stones for collectors of unusual gemstones or aficionados of the art of gem cutting. Companies in the Europe barite market should enter new markets and realize new revenue opportunities from downstream industrial sectors that require high quality barite. They are increasing efforts to extend mine life by recovering more barite from the same deposit.

Europe Barite Market: Overview

• Barite is a mineral composed of barium sulfate (BaSO4), and its name is derived from the Greek word ‘barys', which means ‘heavy’. This name is in the result of barite's high specific gravity of 4.5, which is exceptional for a nonmetallic mineral. Barite is also known as baryte.
• Properties such as high density and chemical inertness make barite an ideal mineral for numerous applications. Barite is generally white/grey in appearance; however, it can vary from yellow, brown, red, and even black due to impurities. It can even be colorless.
• Barite can be found in various mineral formations, both metallic and nonmetallic. Barite must usually be the dominant element in a deposit to be economically viable for extraction. It most commonly found in vein, residual and bedded deposits. Bedded deposits are sedimentary, while vein and residual deposits are hydrothermal.
• Barite is majorly demanded (70%) as a weighting agent in drilling fluids by the oil & gas industry. In the oil & gas industry, barite's high specific gravity is helpful in containing pressures and preventing blowouts. Barites are also utilized for other application. It is used as fillers or additives in industrial products, including rubber, paint, ceramics and glass, high density concrete and plaster, dielectrics, and medical applications.
• Barite is majorly employed in the oil & gas industry as a weighing agent in drilling fluids. However, increase in oil & gas drilling activity in Europe fuel the market for barite. Furthermore, demand for energy has been increasing at a significant pace after a decline due to the COVID-19 pandemic. This is boosting oil & gas exploration and drilling activities. Thus, positively impacting the barite market in Europe.

Key Growth Drivers of Europe Barite Market

• Barite is employed as filler agent in paints, coatings, rubber, and plastics, as it possesses beneficial properties such as chemical inertness, nontoxicity, and high specific gravity. Europe is a prominent market for coating, especially decorative and industrial coatings. Similarly, decorative coatings is a highly lucrative coatings sector in the U.K. The per capita consumption of coatings in the U.K. is about the same as Germany (10.61 liters).
• Barite is extensively utilized in the paints industry as an extender for primers, as it provides a clean whiteness. It is extremely useful for walls and undercoats to beautiful 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.
• Barite is employed as a filler to create colorful plastics, as it is highly effective in improving intensity, stiffness, and abrasive strength. This makes the plastic attractive in appearance and stronger in strength.
• In the rubber industry, barite minerals are utilized as a filling; hence, the cost of rubber products can be lowered to a certain level. This increases the life of a rubber products, as the product becomes waterproof and its durability increases as well. The strength of the product also increases, making it resistant to alkali and acid. Significant expansion of paints & coatings and rubber industries is estimated to fuel the consumption of barite. This, in turn, is anticipated to drive the barite market in Europe.

Lucrative Opportunities for Players in Europe Barite Market

• Support from governments in Europe and rising capita income are creating a positive environment for various end-use industries of barite. Various end-use industries of barite such as paints, rubber, chemicals, paper and ceramics, construction materials, and pharmaceutical have been expanding significantly in Europe. This has created lucrative opportunities for the barite market, as barite is used widely in various applications.
• In the rubber industry, barite is used as a filler. Demand for pure grade barite, i.e. specific gravity 4.3 & above, is primarily driven by the expansion of paint and rubber industries. Manufacturers of barite are focusing higher on production and processing of high-grade barite to cater to the rising demand for barite in industries.
• Barite is added to concrete aggregate during the construction of an atomic reactor, owing to its ability to absorb gamma radiations. Manufacturers can also focus on paints and rubber industries, as the share held by these end-use industries in the barite market is likely to increase during the forecast period.
• Barite or barium sulfate is utilized as a raw material in the production of barium carbonate. Barium carbonate is employed in a wide range of applications. For instance, it is employed in the manufacture of LED glass, glazes, tiles, and bricks. Barite is also used in the manufacture of barium meals. Barium meal allows the visualization of soft tissue by coating the lining of the digestive tract. It provides accurate imaging of the abdomen. Barium meal examination helps in the diagnosis of hernia, constriction, and obstruction in the esophagus as well as the inflammatory disease of the intestines. Thus, expansion of end-use industries and widespread application of barite in these industries are likely to create significant opportunities for the manufacturers of barite.
• Companies operating in the barite market in Europe need to focus on product improvements in order to create new interest in existing products. This can help attract customers and improve the perception of the quality of products.

Leading Players in Europe Barite Market

• Key players such as Ashapura Group, Anglo Pacific Minerals, Schlumberger Limited, The Kish Company, Inc., ALCOR MINERALS, J & H Minerals Pvt. Ltd., Minerals Girona SA, Sibelco NV, VB Technochemicals SA, Steinbock Minerals Ltd, Barit Maden Turk A.S., and Sachtleben Minerals GmbH & Co. KG are focusing on expansion of their global footprint through strategic capital allocation and increase in production capacity.
• Players operating in the barite market in Europe are adopting various organic and inorganic growth strategies such as mergers & acquisitions, new product launches, strategic collaborations, expansion, and joint ventures to expand their product portfolio and business operations.

Europe Barite Market Snapshot

Europe Barite Market – Segmentation

TMR’s research study segments the barite market in Europe in terms of grade, application, and country. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the barite market in Europe.