Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global barite market boasts of intense competition amongst the leading players who are on a run for greater market share. These leading players include APMDC, Excalibar Minerals LLC, Ashapura Minechem Ltd., Halliburton Co., and China Shen Zhou Mining and Resources Inc. These market players accounted for 31.1% of the total market share in 2015, and the rest of the market share was held by other small-, medium, and emerging market players. This reflects the fragmented nature of the market, and also throws light on the influence of local and regional players on the progress of the market. In order to expand their geographical reach, the leading players are anticipated to form strategic alliances within the market. Furthermore, acquisition of regional and local players is also a strategy projected to be adopted by the dominant players. This is expected to offer them a greater penetration into the market. The investment made by market players towards mining of barites is also expected to increase the market share of the key players.
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Transparency Market Research (TMR) presents a report that foretells a trajectory of growth for key market players over the period from 2016 to 2024. The market is expected to expand at a steady CAGR of 4.10% over this forecast period. The market value was placed at US$1.29 bn in 2015 and is expected to reach a valuation of US$1.85 bn by the end of 2024. Based on end-users, the market is anticipated to be dominated by the drilling mud segment. The segment accounted for 70% of the total market share amongst all other segments in this category in 2015. On a geographical scale, North America established its supremacy in the market in 2015, and the region is expected to continue racing ahead of other regions over the forecast period.
Increased Energy Needs Bolster Demand
The oil and gas industry is aiming to employ agile, optimized, and economic processes in place due to dual factors. Primarily, the rising energy needs across the world have necessitated a need to have better operational systems in place within the oil and gas industry. Secondly, the dearth of resources has compelled oil and gas extractors to deploy efficient techniques. The high specific gravity of barites makes them effective weighting agents in drilling fluids. This in turn amplifies their usage during the process of oil and gas production. Furthermore, the manufacturing of plastics, rubber, and paints also involves the usage of barites. This also propels demand within the market and establishes a regular inflow of revenue. Other uses of barites spur across pulp and paper, rubber and plastics, and pharmaceuticals amongst others. As these industries grow, the market will also trace a positive growth path over the coming years.
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North American Dominance to Continue
The global market for barite is regionally segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Amongst these notable regions, the highest market share was grossed in by North America in 2015. The region registered a market share of 30% in the same year, thus, opening avenues for growth for several market players. The region has been forecasted to retain its supremacy in the market over the coming years. Besides North America, Asia Pacific is also expected to witness a significant rise in demand in the times to come. This estimation is based on the growth of the rubber and plastic industry in the region.