Market Research Future (MRFR) recognizes the following companies as key players in the global barite market: Desku Group Inc, Halliburton Company, Excalibar Minerals LLC, P & S Barite Mining Co. Ltd, Ashapura Minechem Ltd, Anglo Pacific Minerals, CIMBAR Performance Minerals, Kaomin Industries, Andhra Pradesh Mineral Development Corporation Limited, Mil-Spec Industries Corporation and others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said: “The market for barites is growing rapidly due to wide application such as electrical & electronic industry, automobile, rubber & paint industry. There is also a tremendous need for energy which led to increase in demand for oil & gas production.
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Oil and gas industry extensively uses barite to prevent blowouts and bring down high pressure. With increase in construction in developing countries there is a huge demand for paints which fuels the growth of barite market. Barite is used in manufacturing of carbonate which is used for production of LED glass. These is found as application in computer screen, television and other electric appliances. Barite is a highly non-magnetic mineral which is used greatly in drilling hole. Thus, growing technological advancement and research in barite, is expected to drive the growth of the barite market in future. During sodium hydroxide production, barite act as white pigments in paints, paper and textile industry. Barite is used in brakes, clutch plates and other coating material of automotive industry which further augmented the global market growth.
Global barite market is divided as per grade. Grade 4.1 barite and grade 4.2 barite is used in drilling operations. Special grade 4.3 barite & above is used in applications like paints, rubber and plastics.
There is wide usage of barite which allows many manufacturers to increase production of the same simultaneously providing a good opportunity for the barite market to grow with the requirement of huge investment in discovering new barite resources. Driving factors for this market would be automobile industry, includes rapid industrialization in automotive and oil & gas industries. Along with these there are various other use of barite.
This study was conducted combining primary and secondary information including inputs from key participants of the industry. The report contains detail about the market as well as vendors of the same including and vendor landscape in addition to a SWOT analysis of the key vendors.
The market is classified and analyzed on the basis of geographical segmentation which includes Americas, Europe, Asia-Pacific, Middle East and Africa Out of these, Asia-Pacific accounts for the largest share in the barite market. Asia-Pacific consumes high energy due to industries like electrical & electronics, construction, chemicals and automobile.
North America is expected to drive the market growth of barite due to consumption of the same in its automobile sector. In North America U.S. has the largest market of barite.
On the other hand, the growth of this market is slow in Europe due to economic downturn in its southern parts.
Key Players:
ü Desku Group Inc.
ü Halliburton Company
ü Excalibar Minerals LLC
ü P & S Barite Mining Co. Ltd.
ü Ashapura Minechem Ltd.
ü Anglo Pacific Minerals
ü CIMBAR Performance Minerals
ü New Riverside Ochre Company, Inc
ü Andhra Pradesh Mineral Development Corporation Limited
ü Mil-Spec Industries Corporation
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Barite Market – Competitive Analysis
Barite market is fragmented market with tier 1 and tier 2 companies dominating the overall market. The major players are adopting key strategy like partnerships and agreements in order to reduce gap between supplier and manufacturer of barite. Apart from that, various key strategies adopted by key players are expansion and acquisition. Advancement in technology and increasing presence of significant players has positively impact the growth of barite market. Moreover, companies are expanding their production facility to meet global demand and obtain competitive advantage in the market.
Industry/ Innovation/ Related News:
April 2017 –Nigeria barite sector are entering new era of development by targeting strategic minerals and metals of development including barite, limestone, iron and bitumen along with offering tax break to mining companies. This project got initiative after World Bank approved credit line of USD 150 Million to increase the mining sector in Nigerian economy. This would open new lucrative opportunity to market players.
June 2017 –Honey Badger Exploration Inc. signed an agreement to acquire assets located in Quebec. The deal includes acquisition of three properties including the Upton Property, the Saint-Fabien Property, and the Kamouraska Property. Total of 642 hectors are acquired for zinc and barite mining. This would strengthen companies position by opening new opportunity to investors as well as raise capital for advanced new projects.
February 2016 –Schlumberger got approval of barite mining at Duntanlich near Aberfeldy in Perthshire. The Duntanlich site is economically known as barite deposit in UK. The company plans to mine around 120,000 tons of mineral each year to make self sufficient for over next 50 years. This would strengthen companies position as barite is key ingredient of drilling mud industry.
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