Barite Market- Global Industry Analysis and Forecast 2015-2023
The global barite market, with a CAGR of 5.8% expected between 2015
and 2023, is expected to reach an overall value of US$1.84 billion in
2023. The market’s value in 2014 was US$1.11 billion, according to
a report released by Transparency Market Research titled “Barite
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015 - 2023”. The key parts of the report delve into the
global barite market in order to explain its growth as well as
restraining factors.
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According to the report, barite is a critical element that is
primarily required in drilling activities. Barite is useful as a
weighting agent, as it restricts surplus flow of drilling fluids. It
also helps curb high pressures that get formed during the drilling
process. The specific gravity of barite is what enables these
characteristics.Application industries of the global barite market
include chemicals, oil and gas, paint, rubber, automotive, medical,
and electronics.The report further explains that the global rate of
drilling activities has spiked recently in the oil and gas industry.
This high growth rate needs to be supplemented by a high supply of
barite, which is what will drive the global barite market in the next
few years.
Most manufacturers directly offer drilling quality barite. The global
barite market could, however, face a few restraints. A key market
restraint explored in the report is the ready availability of barite
substitutes, including hematite, illmenite, celestite, and itabirite.
The report adds that despite the growing usage of these substitutes,
the global barite market can still prosper due to its potential
applicative scope in multiple industries.The report provides details
on the global barite market in terms of its segmentation. In terms of
application, the oil and gas segment held the largest share in the
global barite market in 2014; the segment held an overwhelming 80% of
the global barite market. The report also pegs the oil and gas
segment to be the fastest growing one within the given forecast
period.
The oil and gas segment was followed by chemicals, a segment which is
expected to expand at slow to moderate rates till 2023. Other
segments that hold a market presence include rubber, electronics, and
medical. All these segments are expected to grow at a slow rate in
the near future.The report’s geographical segmentation reveals
North America to lead the global barite market in 2014, with a hold
over more than 40% of it. Asia Pacific followed closely, with Europe
coming in third. The MEA region is expected to show moderate demand
for barite over the next few years. Demand for barite from MEA is
mostly restricted to the oil and gas industry.
Key players operating in the global barite market include Excalibar
Minerals LLC., China Shenzhou Mining and Resources Inc., Ashapura
Group of Industries, and Andhra Pradesh Mineral Development
Corporation Ltd.
Browse
the full Barite Market for Oil and Gas, Chemicals, and Other
Applications - Global Industry Analysis, Size, Share, Growth, Trends
and Forecast 2015 - 2023 report at
http://www.transparencymarketresearch.com/barite-market.html
Key segments of the Global Barite Market
Barite
Market & Application Analysis
Oil and gas
Chemicals
Others (Including fillers and radiation shielding)
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