Pune, India -- (SBWire) -- 05/29/2018 --Barite Market – Competitive Analysis
Barite market is fragmented market with tier 1 and tier 2 companies dominating the overall market. The major players are adopting key strategy like partnerships and agreements in order to reduce gap between supplier and manufacturer of barite. Apart from that, various key strategies adopted by key players are expansion and acquisition. Advancement in technology and increasing presence of significant players has positively impact the growth of barite market. Moreover, companies are expanding their production facility to meet global demand and obtain competitive advantage in the market.
Industry/ Innovation/ Related News:
April 2017 –Nigeria barite sector are entering new era of development by targeting strategic minerals and metals of development including barite, limestone, iron and bitumen along with offering tax break to mining companies. This project got initiative after World Bank approved credit line of USD 150 Million to increase the mining sector in Nigerian economy. This would open new lucrative opportunity to market players.
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June 2017 –Honey Badger Exploration Inc. signed an agreement to acquire assets located in Quebec. The deal includes acquisition of three properties including the Upton Property, the Saint-Fabien Property, and the Kamouraska Property. Total of 642 hectors are acquired for zinc and barite mining. This would strengthen companies position by opening new opportunity to investors as well as raise capital for advanced new projects.
February 2016 –Schlumberger got approval of barite mining at Duntanlich near Aberfeldy in Perthshire. The Duntanlich site is economically known as barite deposit in UK. The company plans to mine around 120,000 tons of mineral each year to make self sufficient for over next 50 years. This would strengthen companies position as barite is key ingredient of drilling mud industry.
The largest market of barite is Asia-Pacific owing to the growth of electrical, construction and automobile industry. Rapid industrialization in countries like China, India and Mexico contribute further to the growth of this market. Moreover, growing use of LED in computer screen and television particularly in China, India and Taiwan is expected to drive this market in coming years. With robust growth of paints, rubber and plastic industries in Asia-Pacific which uses grade 4.3 & above are expected to be largest consumer in barite market. It is seen that North America is the second largest consumer of barite due to the changing trend in the automobile industry over there. Middle East and Africa uses large quantity of barite grade 4.1 & 4.2 due to oil & gas production in these regions. Growth of barite market is slow in Europe due to economic crises in Western Europe.
Global Barite Market Players:
Desku Group Inc
Halliburton Company
Excalibar Minerals LLC
P & S Barite Mining Co. Ltd
Ashapura Minechem Ltd
Anglo Pacific Minerals
CIMBAR Performance Minerals
Kaomin Industries
Andhra Pradesh Mineral Development Corporation Limited
Mil-Spec Industries Corporation
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Barite Market: Growth by Top Companies, Trends by Types and Application, Forecast Analysis to 2022