Of late, the global barite market has been
experiencing an intense competition between the leading companies,
namely, APMDC, China Shen Zhou Mining and Resources Inc., Halliburton
Co., Excalibar Minerals LLC, and Ashapura Minechem Ltd., finds a
report by Transparency Market Research (TMR). The market has been
demonstrating a highly fragmented structure, with these companies
holding only 31.1% share of the overall market in 2015.
Currently, the leading vendors of barite across
the world are making strategic alliances to increase their market
share. Analysts at TMR expect these firms to increase investments in
novel barite-mining projects in order to expand their reserves over
the next few years.
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The report estimates the opportunity in the global
market for barite, which was worth US$1.29 bn in 2015, to progress at
a CAGR of 4.10% during the period from 2016 to 2024 and reach a value
of US$1.85 bn by the end of the forecast period. In terms of volume,
the market is likely to cross 11,645.7 kilo tons by 2024. Accounting
for a share of more than 70%, drilling mud emerged as the key
application segment of this market in 2015. Researchers expect the
scenario to remain so over the period of forecast.
North America to Retain its Position in Global
Barite Market
The report also offers a geographical analysis of
the global market for barite. As per the study, the Middle East and
Africa, Latin America, Asia Pacific, Europe, and North America are
considered as the key regional markets for barite. With more than 30%
share, North America led this market in 2015, thanks to the increased
demand for barite drilling mud in the oil and gas industry. With
continual rise in oil and gas drilling activities, the regional
market is likely to retain its position over the forthcoming years.
The U.S. is expected to surface as the leading consumer of barite in
North America over the forecast period.
Asia Pacific is also emerging as a potential
market for barite, thanks to the remarkable growth in the rubber and
plastic industry in this region. Going forward, this regional market
is likely to present most promising growth opportunities to barite
vendors across the world in the near future. On the other hand, the
markets for barite in Latin America and the Middle East and Africa
are projected to demonstrate stable growth throughout the forecast
period, states the research report.
Increase in Oil and Gas Production to Boost
Demand for Barite
As barites have high specific gravity, they are
used as weighting agents in drilling fluids, which make them an
essential component of the process of oil and gas production. “With
the increasing demand for energy across the world, the oil and gas
production is witnessing a monumental rise, which consequently, is
influencing the demand for barite, globally,” says the author of
this study.
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The increasing usage of barite as a filler agent
in plastics, paints, and rubber is also projected to reflect
positively on the global market for barite over the forecast period.
However, the stringent regulations of various governments and their
interference over the production of barite may hamper the growth of
this market, notes the study.
The study presented here is based on a report by
Transparency Market Research (TMR) titled “Barite Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2016–2024.”
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