Barite is a naturally occurring barium-based mineral that has high specific gravity and chemical inertness and is found in a wide range of colors like yellow, blue, brown, gray, white, etc. Due to its excellent properties like high purity, low oil absorption, narrow particle size distribution, and whiteness, barite is highly used in drilling, medical, automotive, pain and coating industries, and many others. It is also used in other applications that include TV and computer monitors, rubber mud flaps, clutch pads, plastics, radiation shielding, paint and gold balls, etc.
Forecast Analysis
Increasing use of barite in the pain and coating industry in primers, sealers, and topcoat due to its excellent properties is the main factor expected to drive the growth of the global barite market during the forecast period. Moreover, since barite consists of large number of isodiametric particles and has great resistance to acids and alkalis, it is used in the pain and coating industry for fast drying, viscosity and gloss control, and stabilization. This is yet another factor estimated to boost the barite market growth by 2028. In addition, the increasing application of barite in manufacturing of toys, pipes, automobile components, and anti-sail mud flaps is anticipated to create ample growth opportunities for the barite market by 2028. However, the presence of substitutes like estate, iron ore, etc. is the major factor to impede the barite market growth.
Regionally, the barite market in the North America region is predicted to hold a dominant market share and grow at 3.8% CAGR in estimated timeframe due to the existence of leading barite importing countries in the region. Additionally, the extensive application of barite in multiple industries like plastics, rubber, paints, and automobile is also projected to uplift the market growth in the North America region.
According to the report published by Research Dive, the global barite market is expected to gather a revenue of $1,712.1 million and grow at 4.3% CAGR in the 2021–2028 timeframe. Some significant market players include Desku Group Inc., Kaomin Industries, Halliburton Company, Excalibar Minerals LLC, International Earth Products LLC, Apmdc, New Riverside Ochre Company, Inc, Barium & Chemicals Inc, Seaforth Mineral & Ore Co. Inc, Ashapura Group, and many others.
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Covid-19 Impact on the Market
The onset of the Covid-19 pandemic has had a disastrous impact on the global barite market and led to its declined production and sales in most regions. The oilfield market that is accounted for over 70% of the barite consumption was adversely affected due to strict travel restrictions and reduced demand for transportation fuels. This is yet another factor to decline the demand for barite globally. However, various initiatives are implemented by leading companies to bring the market revenue back on track by strategic partnerships and acquisitions.
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Key Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the barite market to flourish. For instance:
In April 2021, CIMBAR Performance Minerals Inc., a leading distributor and producer of barite, announced its acquisition of the drilling grade barite plant of Baker Hughes’ a renowned oilfield services organization, to boost the barite production. CIMBAR decided to add a new barite operation plant in Texas to supply Baker Hughes’ oil and gas customers in all land drilling region of the US.
In March 2022, Thunderstruck Resources Ltd., a Canadian mining exploration company, announced the conclusion of its partnership with Japan Oil, Gas, and Metals National Corporation. The partnership aimed to explore Thunderstruck’s Korokayiu base metal asset. Additionally, JOGMEC had surrendered 70% of its Korokayiu prospect that is now acquired by Thunderstruck with a fully owned exploration license.
In September 2021, Asante Gold Corporation, a gold exploration and development company, announced its acquisition of Mensin Bibiani Pty. Ltd., a leading metal exploration and mining company, to increase the production of barite and other metals and offer them for industrial applications in the western region of Ghana.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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