Pune, India -- (SBWIRE) -- 07/11/2018 -- Barite Market Analysis to 2022
The global Barite market has been evaluated to be rapidly growing and is expected to grow tremendously. . The benefits such as superior properties like good stability, strong inertia & rigidity and high specific gravity etc. had increased their market globally. With numerous usage of barite, the global barite market is expected to increase in the future. Moreover, increasing demand in construction industry owing to the rising surge for paints is another factor that drives the global barite market growth over the forecasted period 2022.
Global Key Players Analysis :
The key players profiled in Global Barite are 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 and others.
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Automobile industry is also increasing the demand for barite which is used in brakes, clutch plates and finishing coats to make them smooth and resistance to corrosion. All these things are expected to drive the market globally in coming years. Due to the non-toxic property of barite; it can be used in barium, which will further grow the barite market by 2022. Other application of barite are in medical equipment's, electronic devices like computer, television and smartphone; all these are leading the growth of global 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.
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.
Barite occurs on a large scale in the veins of hot spring where deposits are also found in zinc-lead veins in limestone, in hot spring deposits and in the hematite ore and meteorites. Barite has exhibits physical properties as high density so it is used in electrical appliances, rubber, paints medical appliances and automobile. Barite of grade 4.1 & grade 4.2 is manufactured more to be used as weighing agent in drilling muds thereby preventing blow outs which are seen in oil & gas exploration. The barite with grade 4.3 & above is also used in paints & coatings. Barite when used in sodium hydroxide production, it act for refining sugar and as white pigment in paints, sugar and paper industry. With increase in automobile sector, there is huge demand for barite used in brakes, clutch pads etc. The global barite market is growing rapidly owing to properties like strong stability, moderate rigidity and high specific gravity. Moreover, there are other substitutes like iron ore, celestite, ilmenite and hematite, none of these impact the barite market growth.
Geographically, largest consuming market of barite is Asia-Pacific. In spite of being rich in barium, there is an increasing demand for oil, gas and paints in countries like China, India and South Korea. U.S. in North America shows a remarkable growth of the barite market due to growing automobile sector which uses large amount of grade 4.1 and grade 4.2. Europe show a stable growth due to recent economic crises in Western Europe.
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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.