Barite Market: Barite Plays Roles of Weighting Agent and Barium Meal Component to Extend Applications, TMR
The global barite market is predicted to bear witness to the establishment of new markets and elaboration of the production volume of current plants in regions that are not yet exploited. Holding a moderately fragmented character, the world market is anticipated to be domineered by large and medium sized companies involved in barite mining. Some of the top-tier companies making their presence known in the market are Excalibar Minerals LLC, China Shen Zhou Mining and Resources Inc., Ashapura Group of Industries, and Andhra Pradesh Mineral Development Corporation. CIMBAR Performance Minerals has taken to the manufacture of highly user-friendly and distinctive products to gain an edge over its competitors.
According to a reliable study by Transparency Market Research (TMR), the international barite market is forecasted to reach a revenue valuation of US$1.8 bn by 2024 from US$1.2 bn in 2016. Since barite finds a vital usage in controlling the volatile flow of oil and gas when released from the ground, the oil and gas application segment is expected to rise from US$1.0 bn in 2016 to US$1.5 bn by the end of 2024. Foreseen to be a larger consumer of barite, North America could secure more than 42.0% share in the global market by 2024.
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Usage as Weighting Agent in Oil and Gas Leads Barite Demand
The boom in the worldwide barite market is intimately associated with the rise in oil and gas applications, especially in the emerging region of Asia Pacific and the Middle East countries. Barite is employed during drilling activities to countervail high-pressure environments by helping the drilling mud to hike up its hydrostatic pressure. The demand for barite is more in oil and gas explorations as it forms a critical element of drilling fluid. Drilling fluids function as desired during oil and gas exploration activities when barite is used as a weighting agent.
Barite finds an important application in the preparation of barium meal, which is used as an X-ray imaging diagnostic examination to discover abnormalities relating to small bowel, esophagus, and stomach. It plays a significant role in the production of tiles, bricks, glazes, and LED glass, which is used for computer screens, with barium carbonate. In medical and commercial applications, the manufacture of salts and compounds containing barium is processed with the help of chemical grade barite.
With developing nations such as India and China looking to strengthen the prospering hospital sector with the introduction of new medical imaging tools, the demand for barite is envisioned to increase even more. Moreover, the BRIC nations are foretold to further boost the requirement for medical imaging sensors.
Alternatives Target High Price of Barite to Endanger Demand
The flurry of demand in the global barite market could be subdued with the birthing of alternative weighting agents such as ilmenite, hematite, celestite, iron ore, and itabirite in the drilling fluid sector. This is envisaged to occur because of the rise in the price of barite on account of the high cost of drilling fluids, plummeting supplies, and extreme usage of industrial grade barite. Besides this, there is a shortage of supply in the Middle East nations due to the unavailability of premium grade barite deposits and products.
However, the potential applications of barite in the nuclear industry are prognosticated to fill the gap created by the aforementioned deterrents. Barite can be used in achieving the increased density of heavyweight concrete which is employed for radiation shielding and various medicinal and nuclear purposes. Atomic reactor construction essentially requires concrete aggregate, which is prepared with the addition of barite. Interestingly, barite also finds extensive usage in other sectors such as electronics, medical, coatings and paintings, automobile, and chemical. With such profit-making opportunities in place, vendors in the world barite market could expect to rise above the odds.
The global barite market has been segmented as follows:
- Up to Sp. Gr. 3.9
- 4.3 and above
By End User
- Drilling Mud
- Rubber & Plastics
- Others (Paints, Coatings, Paper, Pulp. etc.)
The study presented here is based on a report by Transparency Market Research (TMR) titled “Barite Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.”