COVID-19 effect on Barite Market

 

The global barite market is primarily divided into 5 major segments on the basis of color, deposit type, grade, end use industry, and region.

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• Color

The color segment is further divided into the 5 sub-segments which are brown, grey, white & off-white, and others. The brown barite sub-segment held $806.4 million in 2018, and is further anticipated to generate a revenue of $1,324.6 by 2026. The brown barite is majorly utilized for petroleum well drillings as well as vein filling. This factor is estimated to boost the growth of this sub-segment in the analysis period.

• Deposit Type

The type of aircraft segment is further divided into the following sub-segments – bedding, residual, cavity filling, and vein. The residual deposit type sub-segment held $860.2 million in 2018, and is further anticipated to garner a revenue of $1,412.9 by 2026. In comparison to other residual forms, residual barites are readily available. Vein mining, on the other hand, is a time-consuming and expensive operation. These factors are anticipated to drive the growth of this sub-segment in the forecasted timeframe.

• Grade

The grade segment is further divided into the following segments – grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3, and grade above 4.3. The grade 4.3 barite sub-segment held $645.1 million in 2018, and is further anticipated to garner a revenue of $1,043.8 by 2026. Grade 4.3 has wide applications in computer monitors and sound proofing material, along with automobile application such as manufacturing of brake linings.

• End Use Industry

The end use segment is further divided into the following segments – adhesives, oil and drilling, pharmaceuticals, paint & coatings, rubber and plastics, textiles, and others. The oil and gas industry sub-segment held $564.5 million in 2018, and is further projected to garner a revenue of $906.5 million by 2026. Increasing need for the energy across the all nations along with the global demand for gas & oil which is increasing at a swift pace are the key factors boosting the growth of oil & gas industry sub-segment.

• Region

The region segment is further divided into Europe, Asia-Pacific, North America, and LAMEA. The North America barite market held $806.4 million in 2018 and is further estimated to garner a revenue of $1,285.3 million by 2026. The industrial high-grade barite demand in the United States and Canada is estimated to be about 400,000 tonnes per year, according to Voyageur pvt ltd publications. Around 77 percent of all mined barite is used as a weighting agent for drilling fluids in gas and oil exploration around the world. This mine’s barites contain important elements such as pigment enhancers for paints and moisture resistance. Due to the aforementioned factors the demand for North America barite market is estimated to increase in this region.

Key Market Players:

The key market players operating in this market are Milwhite Inc., Seaforth Mineral & Ore Co. Inc., Mil-Spec Industries Corporation, Kaomin Industries, Excalibar Minerals llc, International Earth Products llc, Halliburton Co., Ashapura Group., Desku Group Inc., and Apmdc.

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