Barite Market, segmentation, Analysis, Development and Growth by Trending Regions
Category: #business  By Ronak Bora  Date: 2020-01-16
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Barite Market, segmentation, Analysis, Development and Growth by Trending Regions

Steadily growing gas & oil industry, especially in the U.S., due to abundant shale reserves and varying industry dynamics for promoting usage of alternative energy sources has fueled barite market share in recent times. This trend shall continue over the next few years due to strong demand for meeting energy requirements in various industries including power, transportation, etc. which shall consequently create ample growth opportunities for barite market by 2024. Furthermore, positive growth drivers in pharmaceutical industry, specifically in Asia Pacific shall stimulate barite market during forecast timeframe, owing to gradually improving healthcare infrastructure and increasing geriatric population, as the product is widely used as fillers for plasters and in diagnostic tools.

The research report delivers a basic outline of the barite market – this is inclusive of the market definition, numerous classifications, as well as applications. the report provides an examination of the industry players – at a global as well as regional level, in detail. the study includes a gist of the forecast trends and demand until the year 2024. also, the report contains details about the significant companies, innovations, technologies, as well as innovations, and the factors impacting the product demand.

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The major regions in the barite market that are likely to establish a coveted position in the industry and the ones who have major scope for improvement are enlisted in the report. also, a detailed evaluation of the latest technological advancements in the industry, in tandem with the detailed profiles of the major companies in the market have been given, as well as a unique model analysis.

Certain surveys, a swot analysis, and the tactics adopted by major vendors in the market provide a detailed understanding pertaining to the market strengths and the way they can be deployed to generate future opportunities. also, the report delivers an overall market segmentation that is based on the product type, technology, and application. also, the business tactics of the barite market in tandem with the growing advancements as well as innovative growth prospects to 2024 have been given.

Booming paints & coatings market in Asia Pacific, due to rapid urbanization and industrialization shall accelerate barite market during the forecast timeframe. White & off-white barite is commonly used for pigments preparation in paints industry. Constantly expanding construction industry in countries including, India and China, due to constantly improving economic aspects is a prime factor responsible in increased coatings & paints demand. This has substantially amplified product demand in above industry as well as automobile sector.

It is noteworthy to mention that some of the African countries also serve as major mining grounds for barite, which are heavily imported by the countries across the North America belt. As per surveys, Asia Pacific and North America are expected to be major growth avenues for barite industry. This is obvious from the slew of mining and export activities that are being undertaken in both the regions.

APAC barite market is expected to register a CAGR of 7% up to 2024, with India and China at the helm. The substantial shale gas exploration activities in China, say experts, will serve to be one of the major drivers pushing the growth of the regional barite industry. Besides, the ever-growing construction, automotive, paints & coatings, and consumer goods will prove to make a marked impact on the growth path of APAC barite industry.

In-depth table of contents @ http://decresearch.com/toc/detail/barite-market

Huge population in Asia Pacific coupled with amplified consumer spending pattern is a major factor responsible for automobile industry growth which will eventually drive the rubber industry during the forecast timespan. This trend shall positively influence the plastics & rubber division of barite market over the forecast duration. Furthermore, continuous expansions in oil & drilling industry on account of the U.S. shale oil boom is likely to make remarkable contribution for barite market during forecast time spell. North America shall experience CAGR of around 4.5% during the forecast timeframe.

The global barite industry share was highly consolidated as key players including Deutsche Baryt Industrie, New Riverside Ochre Company, Inc., Spectrum Chemical Manufacturing Corporation, Excalibar Minerals LLC, and Anglo Pacific Minerals accounted for more than half of the overall business stake. Prominent barite industry players are making generous amounts of investments in upgrading their plant facilities and production capacities. CIMBAR Performance Minerals, for instance has invested up to USD 6 million in its two barite production plants. This upgradation and expansion strategy has brought a remarkable increase in the production capacities of CIMBAR, close to 400,000 tons every year.

Another trend in the barite industry is the efforts by the players focusing on R&D to bring possible substitute for barite in the oil drilling industry. They are aggressively investigating on other similar minerals such as iron ore and celestite as an alternative and cost-effective material, to gain competitive edge over other participants. One such successful attempt was of a German company, in producing synthetic iron ore called hematite. This synthetic iron ore is proving to be a good alternative for barite. However, these barite substitutes are yet to be commonly used in the oil & drilling industry and hence barite, with its strong production & application scope, remains to be a preferred commodity. With the influx of numerous application domains, the global barite industry is poised to witness commendable growth prospects over the years to come. 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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