Drilling mud applications are expected to account for substantial revenues amongst all applications, in the global barite market. Untapped opportunities in the medical industry are also generating incremental opportunities for manufacturers. Barite would experience steady demand growth in paints and plastics industries, as it is widely utilized to control the viscosity and add brightness to end products.
Global barite market will cross the US$ 2 Bn mark by the end of 2030. Expansion of the automotive industry is creating revenue streams for manufacturers due to growing demand for brake pads and clutches for cars, as indicated by a new Future Market Insights (FMI) report.
Key companies in the barite market are set to experience disruptions in supply chains owing to recent developments related to coronavirus crisis. Manufacturers are accelerating efforts to join the fight against COVID-19 pandemic by taking a step forward to donate barite cement for the construction of hospital radiotherapy bunker where coronavirus treatments are carried out.
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Key Takeaways of Barite Market Study
- Innovative approaches in determination of normal and abnormal anatomy of the gastrointestinal tract with the help of high-purity barite holds promising business potentials.
- Barite is being extensively used as a weighted filler in paper, textile and rubber production.
- Manufacturers are focusing on construction sector where barite is mixed with cement to make special containers used to store radioactive materials.
- North America being the frontrunner in terms of revenue amongst all regions has created opportunities for manufacturers to comply with the regulations of the American Petroleum Institute to innovate in weighting agents for oil & gas industry.
Demand for weighting agents in the ever-increasing oil & gas industry are creating a stable business ground for manufacturers. Untapped opportunities in construction industry owing to demand for high density cement is fueling market growth.
Lucrative Opportunities in Paints & Coatings
Companies in the barite market are increasing their production capabilities to manufacture paint-grade barite powder. This has deployed ease in handling and beneficial in transportation activities. High whiteness, low impurity and excellent dispersibility are key imperatives that are highly preferred in paint-grade barite powder.
Latex paints, coatings and pigments amongst others are fueling demand for barite powder. Increasing number of powder coatings applications in households and other interior applications are generating value-grab opportunities for manufacturers.
Demand for Weighting Materials in Petroleum Industry to Bolster Market Growth
Fine grinding applications are catalyzing the demand for barium sulfate, owing to its high density and chemical inertness. An overwhelming majority of barite is being pervasively used in the petroleum industry as a weighting agent in the formulation of drilling mud.
As such, the revenue if drilling mud applications is predicted to climb high growth from US$ 1 Bn in 2022 to US$ 1.4 Bn by the end of 2030. Commercial deposits of barite are primarily found in the U.S., China, India and Morocco.
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Manufacturers Prepare for Volatile Demand Amidst COVID-19 Pandemic
Employee and worker safety amidst the coronavirus crisis has become the first priority of companies in the barite market. Hence, manufacturers have adopted telecommunication to support remotely via phones, Skype and VPN amongst other communication platforms. Global economic turbulences are anticipated to affect the barite market. Manufacturers are increasing efforts to devise contingency plans to address the uncertainty associated with lockdown relaxations in the upcoming months.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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