According to a new research report by Global Market Insights Inc., the Barite Market size is expected to surpass USD 4.1 billion by 2024 owing to the growing product demand in paints & coatings application in Asia Pacific will govern the product’s significant growth in the coming years.
The paints & coatings market in Asia Pacific is projected to grow owing to continuous growth in automobile and construction industry. The main factors behind this unceasing trend are the growing industrialization in the region, coupled with increasing per capita income, especially in the rapidly industrializing Asia Pacific nations such as India and China. Additionally, barite’s use as a filler in the rubber industry is projected to exhibit growth in the coming years. The product is used as a pigment in the paints & coating industry and its growth is directly proportional to the performance of the application sector over the forecast period.
The scarcityof barite in nature along with cost inccurred in its extraction, processing, and logistics is considerably higher than its substitutes such as celestite, ilmenite, etc. The increasing usage of these substitutes over the product is expected to hamper the barite market growth over the forecast period.
Barite market is segmented on the basis of the grades, which includes up to special grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3; and above grade 4.0. Barite grades differ over its percentage content along with other materials and its specific gravity. Grade up to 3.9 are likely to increase their share in the market due to its availability and low cost. The trend is projected to govern the grade’s consistent pace over the forthcoming period. On the other hand, grade 4.1 is predicted to grow at a rate of 7% by 2024. Owing to these developments, product demand is expected to grow over the forecast period.
Browse key industry insights spread across 172 pages with 219 market data tables & 14 figures & charts from the report, “Barite Market Size By Grade (Upto Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, Grades Above 4.3), By Color (White & off white, Grey, Brown), By Application (Oil & Gas Drilling, Paints & Coatings, Healthcare, Rubber & Plastics, Textiles, Adhesives), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Barite market is segmented by the types of product color available in the market. It includes, white & off-white, grey, brown, and others. Different colors have different specific gravity, extending its use in varied applications. White and off-white colored barite is likely to grow at a CAGR of over 7% over the forecast period. It is extensively used as base in paints, enamels and pigments. Hence, the white product segment is projected to grow steadily owing to its prominent use in the paint & coating applications. Owing to the larger demand for stable and consistent colors, the product demand is expected to grow continually over the forecast timeframe.
The barite market is again segmented on the lines of its varied applications, which includes oil & gas drilling, paints & coatings, healthcare, rubber & plastic, textiles, adhesives, and others. Product demand from rubber & plastic applications accounted for the largest share and is expected to grow at a steady pace in the coming years. The product is an important element and is used as filler added during the rubber production process. Additionally, it is used as weighting agent in oil extraction. Its high-density attribute is also utilized in the preparation of heavy concrete and cement, that are used in heavy construction equipment. In the automotive sector, the product is used in the production of clutches and brake pads. of various cars, trucks, and other heavy vehicles product demand for use as a lining material for containing radioactive constituents is also increasing in the developed economies. Owing to such varied application, the barite market demand is expected to increase over the globe over the forecast period.
Though the European economy is facing a monumental challenge due to the impending BREXIT, it is charting a growth pattern owing to lowering interest rate and growing investors’ confidence in the region in general. Owing to increasing investment, European economies such as Germany, U.K, Italy, and France are showing steady growth in sectors such as electric vehicles, construction, and healthcare, etc. The growth in application sectors in the region will, in turn, drive the product demand over the forecast period.
Major players with the highest contribution in barite industry are New Riverside Ochre, Halliburton, Barium & Chemicals, Inc, Excalibar Minerals, Spectrum Chemical Mfg. Corp., Deutsche Baryt Industrie, and Ashapura Group of Industries.