Barite Market Size

Barite Market Size

Barite Market size recorded USD 2.2 billion in 2016 and is likely to witness 6% CAGR from 2017 to 2024 owing to its increasing applications in the healthcare industry over the forecast period.

Barite is largely used in various medical devices owing to its ability to absorb X-rays and gamma rays. Some other medical applications of product include usage for filling and fixing of plaster. The healthcare industry is growing across the world at an unprecedented rate. It is due to the increasing investment in the industry, growing access of healthcare to a larger population and advancement in various medical fields.

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The limited resources coupled with increased cost related to its transportation is likely to hinder barite market trends in the coming years. Moreover, the product extraction is economic only in China, due to cheap mining cost in the country. The product demand also faces challenges owing to the presence of a number of its substitutes, such as ilmenite, galena, hematite etc. which are more economical and provide a reduction in application’s operational cost. However, these substitutes are not widely used and currently, the product ensures to be the favored article of trade for this application as long as barite production remains robust.