Albany, NY -- (SBWIRE) -- 07/08/2014 -- Barite also known as barite or barium sulfate is among the abundantly available minerals. The mineral is available in various colors and is available as transparent or opaque and is crystalline in nature. Barite deposits can be bifurcated into three major types namely vein & cavity fillings, residual and bedded.
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Vein & cavity fillings generally comprise of barite deposited from hydrothermal fluids, deep seated brines. Mining barite from vein & cavity fillings is a complex and an expensive procedure and it is predominantly extracted as a byproduct during the mining of other materials such as lead or zinc. Residual barite is generally available in form of loose fragments in residual clay. The fragments and clay are formed by weathering of rocks such as dolomite. Bedded barite is available in form of sedimentary rocks either as the primary mineral or as a cementing agent.
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Over 80% of the global barite production is employed for mud drilling in the oil & gas industry and the trend is anticipated to continue during the forecast period. Other major applications for barite include chemical, paint, plastics, automotives and rubber among several others. Automotives application segment is expected to be the fastest growing application segment during the forecast period.
Increasing demand for oil leading to increased drilling activities in the oil industry is among the foremost driver for barite market. Barite is used in brake, clutch pads and as a paint primer to metals and for several other automotive applications. On account of which, growth in automotive industry is anticipated to drive demand for barite in the near future. Moreover, surge in construction activities leading to increased demand for paint is among other major factors driving demand for barite. Increasing research and development activities to increase the application scope of barite is anticipated to offer huge growth opportunity in the market.
Asia Pacific dominates the global supply and demand for barite and the trend is anticipated to continue for a foreseeable future. China followed by India is among the leading producers of barite. China and India are among the foremost emerging economies in the world and their huge working population has led to availability of cheap labor in these countries. Moreover, being the largest countries in terms of population, China and India are also among the largest customer base for barite. Therefore, Asia Pacific is anticipated to be the fastest growing region during the forecast period.
North America is the second largest producer and consumer for barite. Demand for barite in the developed economies of North America and Europe is anticipated to grow at a sluggish rate primarily owing to market saturation in several end user industries. Moreover, increasing demand for automotive and paint applications is expected to drive the demand for barite in North America and Europe. Developing economies in South America and Africa are anticipated to offer huge growth opportunity in the market.
Barite market is characterized by high degree of competition as the resources are abundantly available, major producers compete on the basis of price. Moreover, players also compete on product differentiation by providing customized solutions as per the end user industry. Major players in the barite market include Excalibar Minerals LLC, Mil-Spec Industries Corp, Seaforth Mineral & Ore Co., Inc, International Earth Products LLC and Milwhite, Inc. among others.
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