Transparency Market Research Report Added "Barite Market" to its database.
Albany, NY -- (SBWIRE) -- 03/25/2015 -- Barite is a commonly-used industrial mineral that is popularly used in its mineral form for the extraction for metals. Barite is inherently an insoluble, nontoxic, inert, and exceptionally stable mineral. The purest form of barite is rare to find, but such a seldom occurrence of barite is seen in the form of colorless and clear crystals. The industrial application of barite is seen in drilling oil and gas wells. Its weight controls the gas pressure beneath the ground to avert blowouts. The mineral is also used as filler in the rubber and paper industries.
Some other uses of barite are seen in the paints and plastics industries as an opacifying agent, a white pigment, and an extender. It is also used for creating a contrast in medical x-rays of the GI tract. Barite is extensively used in the production of ceramics, glass, ceramics, building materials, metal alloys, and as an option for lead in radiation shielding. This versatile mineral offers more than 200 different uses to several industries.
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Three Types of Barite
Barite deposits are segregated into three main types namely bedded, residual, and vein and cavity fillings. Bedded barite is found in the form of sedimentary rocks as a cementing agent or a primary mineral. Residual barite, on the other hand, is found in the form of loose fragments in residual clay, which are formed due to the weathering of rocks such as dolomite. Vein and cavity fillings consist of barite that gets deposited due to deep seated brines and hydrothermal fluids. Extracting barite from vein and cavity fillings is a complicated and rather costly process. Thus, it is usually extracted as a byproduct of mining lead and zinc.
Oil and Gas Industry Uses 80% of Barite
The global oil and gas industry uses over 80% of the barite produced around the world for mud drilling. Analysts predict that this trend will continue in the coming few months as governments are increasingly supporting oil exploration projects with heavy investments in research and development activities. Other important segments for barite application are chemicals, plastics, paint, automotive, and rubber among others. Of these, the automotives application segment will grow at an accelerated pace due to recovering and emerging economies, expanding manufacturing sector, and rising share of disposable incomes.
Asia Pacific Leads the Global Barite Market
The global barite market is dominated by the Asia Pacific region in terms of both demand and supply. China leads the barite market in this region, with India following closely behind. The emerging opportunities in these regions, huge pool of working class, and abundance of cheap labor are some of the factors contributing to expansion of the barite market in these countries. Additionally, population explosion serves as the basis of a promising consumer base for barite. Owing to these reasons, Asia Pacific will continue to be the fastest growing region in the global barite market.
Some of the key players in the global barite market are International Earth Products LLC, Excalibar Minerals LLC, Seaforth Mineral & Ore Co. Inc, Mil-Spec Industries Corp, and Milwhite, Inc. The global barite market is defined by cutthroat competition due to abundant availability of resources. This is leading to epic price wars amongst top leaders creating a market that is buyer-oriented. To grab bigger market shares and capitalize on the growing market, major players in the global barite industry are looking at offering product differentiation by customizing for several end-user industries. In the coming few years, product innovation and unique customization of services will become the obvious prerequisite to win the competition in the global barite market.
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