Barite Market Professional Survey Report Supreme Players Product Revenue Forecast To 2024
Date: 2018-09-10   Author: Ronak Bora  Category: #market

Barite Market size is expected to surpass USD 4.1 billion by 2024; according to a new research report. Rapidly growing oil & gas industry primarily in the U.S. owing to excess availability of shale reserves along with changing industry dynamics to increase dependency on alternative energy sources has pushed barite market size in the past few years. This is prospective to continue owing to strong need to meet energy demand in several industries including transportation, power, etc.

which will subsequently generate ample growth avenues for barite market size by 2024. In addition, positive growth indicators in the pharmaceuticals industry primarily in Asia Pacific will complement barite market size by 2024, owing to improving healthcare standards and rising geriatric population. This is due to widespread product applications in diagnosis and as fillers in plasters.

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Sturdy growth in paints & coatings industry owing to rapid industrialization and urbanization in Asia Pacific will propel barite market size by 2024. White & off-white barite is majorly used to prepare pigments in the paints industry. Rapidly growing construction industry primarily in China and India due to mounting population and improving socio-economic factors will be driving paints & coatings demand across end user business such as automobile. Inadequate geographical barite occurrence along with high transportation cost may hinder barite market size by 2024. Furthermore, easy accessibility to existing alternatives including hematite, ilmenite, etc. which are also used as weighing agent in the energy sector is likely to hamper barite market size by 2024.

Grey barite market size is estimated to attain CAGR of over 4% owing to its extensive application in oil & drilling industry by 2024. It helps in cooling the drill bit and subsequently suspend the rock bits by increasing the hydrostatic pressure which compensates for high-pressure zones experienced during drilling. White & off-white barite grades will experience average industry growth as it is used in paints & coating, cosmetics and rubber applications. Rising population in the Asia Pacific along with progressive consumer lifestyles is driving automobile industry which in turn will propel rubber industry over the projected timespan.

This tendency is expected to make noteworthy contribution to rubber & plastics segment of barite market size by 2024. Furthermore, rapid pace of oil & drilling industry due to the U.S. shale boom will also contribute towards the product market size by 2024. North America is likely to witness CAGR of over 4.5% over the projected time spell. Key industry share contributors of barite market size are Spectrum Chemical Mfg. Corp., New Riverside Ochre, Halliburton, Excalibar Minerals, Ashapura Group of Industries, Barium & Chemicals, Inc and Deutsche Baryt Industries.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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