The global Barite Market is getting significant traction from the healthcare industry and the construction sector. Barite or baryte is known for its low solubility, brightness or whiteness, high density, chemical inertness, softness, and low cost, which makes it perfect for several industries. Its application as an additive for paints, rubbers, plastics, friction materials, and other products are expected to make sure that the market gains substantial traction from several end user industries. Market Research Future (MRFR) predicts the market would rise by 5.82% during the forecast period of 2018 to 2023. However, challenges posed by strict regulations and availability of substitutes may deter the market from having a smooth growth.
The global barite market, as discussed by the research analysts of MRFR, has been segmented by application and region to open up spaces for interpretations. This segmentation would reveal several insights that are backed by scientific inputs, factors, figures, graphs, and charts. This will help in crafting methods to increase the profit margin.
By application, the global report on the barite market has been segmented into chemical manufacturing, drilling mud, pharmaceuticals, paints & polymers, and others. The drilling mud segment is getting significant traction from the oil and mining industry. Its ability to absorb X-rays and gamma rays and excellent purity are making the percolation process into the pharmaceutical industry much easier. The paint & polymer segment is also witnessing a significant rise in demand due to the growing activities related to construction.
Asia Pacific dominates the market as most of the barite-producing countries are from this region. In addition, the region is experiencing substantial growth in several barite-related industries. North America is second in terms of generating revenues. The major part of its income comes from drilling mud.
Milwhite, Inc. (US), The Cary Company (US), DESKU GROUP INC. (US), Halliburton (US), Ashapura Group (India), APMDC (India), International Earth Products LLC (US), Mil-Spec Industries Corporation (US), Kaomin Industries LLP (India), and Dev International (India) are some of the major companies making substantial changes in the global barite market. Their focus is mostly on strategic dealings that can improve their market position and broaden the scope for operation. This triggers the implementation of techniques like merger, acquisition, innovation, branding, launching, tie-ups, and others. These companies have also increased their research-related funding to get certain advantages from the market. MRFR reported latest dealings of the market to understand how changes will impact the market and what trends are triggering growth.
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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.