Post COVID-19 Impact on Barite Market
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- Long-term and short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Barite Market, due to the impact on its extended ecosystem
- Understanding the market behaviour Pre- and Post-COVID-19 pandemic
- Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis on Barite Market
Barite is the most common barium mineral that commonly occurs in marine deposits, sedimentary rocks, and hydrothermal ore veins. Owing to its versatile properties, the mineral is being utilized for medical, energy, and automobile sector. Barites minerals are used in the therapeutic sector, majorly due to the factors such as absorption capability of gamma rays & X-rays. Barite can also be used for examinations of the gastrointestinal tract ultrapure barite. As per the study, conducted by the Research Dive barite market will register a market size of $ 4316.7 Million by in the year 2026.
Benefits of Barite
Barites offer several benefits such as strong inertia, moderate rigidity, good stability, high specific gravity, and acid & alkali proof. Owing to such advantages, the barite is broadly used in applications including middle & high-grade paint, paper-making, medicine compounding, engineering plastic, rubber, cosmetics, and pottery among others. The main types of barites are bleached barite, finely ground barite and ground barite. Ground barite is used as filler in the production of paper, oil cloth, plastics, linoleum, paper, rubber, and textile. Bleached barite is used as a coloring agent in white paint. Whereas, finely ground barite is used in making thixotropic mud that is used in drilling applications for sealing oil wells.
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Barite exhibits a high-density physical property and is relatively inert. In drilling muds, barite is widely used as a weighting agent. Barite also finds other applications in the electronics and electrical, rubber, paints radiation shielding, ceramics, medical, and glass industry among others. U.S., India, China, and Morocco are expected to be the major producers of barite. In all categories across the globe, the total barite resources are around 2 billion tons. However, the identified resources considered is only around 740 million tons.
Application Areas of Barite Market
The use of barite is progressively gaining importance in many industrial sectors. One of the leading industrial barium sulfates manufactures in the United States, Excalibar Minerals LLC, introduced ExBAr HD Series of Barium Sulfate. According to the report, the ExBar HD series offers a very high density that contributes to improved adhesion, radiation blocking, and exceptional noise deadening.
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Moreover, most of the manufactured barite is used in the oil and gas exploration, as it is utilized as a weighting agent in the drilling fluids. Barites are mainly used to prevent blowouts and overturn the high formation fluids. The usage quantity of barite is primarily reliant on the depth of the hole. As barite is non-magnetic in nature, it does not intervene with the magnetic measurements that are taken at the time of boring the hole. This makes barite a supreme choice for the drilling fluids.
Also, the wide-range usage of barite in the manufacturing of paints & coatings will in turn boost the growth of automobile industry. This will lead in the overall growth of the barite market. The Paint Grade Barite Powder from 9X Minerals is a non-qualitative white powder. It is nontoxic and not soluble in nature. It reduces to barium sulfide when heat with carbon as its chemical property is stable. It can be used as a filler in pigment, paint, coating, latex paint and oil ink industries.
Increasing demand in other applications such as textiles, paper, and adhesives will create growth opportunities in the global barite market. Though, there are substitutes to barite such as iron ore, ilmenite, synthetic hematite, and celestite, none of these alternatives had a major influence on the barium sulphate drilling mud industry. An Indian based mining and trading company IBC Limited has introduced “High Specific Gravity Barite Powder” in the barite market. It is high- grade barite that is processed from natural ore. In an adhesive formulation, barite is an exceptional filler choice in specific applications where chemical resistance or X-ray absorbance is a necessity.
Since barite is essential in the pharmaceuticals industry, a barite of high-purity form is used in the gastrointestinal tract. The barite has good adhesiveness, acid and alkali resistance, and it can make the whole gastric mucosa surface evenly spread and coat. Basing its x-ray protection property, the gastrointestinal tract’s outline thus becomes visible allowing clear gastrointestinal examination.
Future of Barite Market
Global barite market is projected to witness a significant growth during the period of forecast. Several applications of barite in oil & drilling, paints & coating, pharmaceuticals, rubber & plants, textiles, and adhesives are boosting the growth of barite market.
North America market will reach up to $1285.3 Million by the end of 2026
Today, with several research and development in the mining sector, many different minerals are discovered. Since mining from vein and cavity filling is a complicated and expensive procedure, residual deposit is largely preferred. This is majorly due to the easy availability of residual barites as compared to other residual types. Growth in the use of brown barite as a petroleum for drilling and vein filling is expected to the demand for barite market in the near future. Also, grade 4.3 will boost the market growth owing to its wide range of use in applications such as sound proofing material, computer monitors, and automobile applications such as manufacturing of brake linings.
Rising demand for energy, coupled with versatile properties of barite, the world’s dependence on gas & oil are giving significant boost to the growth of the global market in the near future. According to the statistics provided by a research report from Research Dive, the global barite market is expected to grow at 6.1% CAGR, and will reach up to $4316.7 million by the end of 2026. The report highlights the prominent players operating in the market. Some of them are Apmdc, Desku Group Inc., Ashapura Group., Halliburton Co., International Earth Products llc, Excalibar Minerals llc, Kaomin Industries, Mil-Spec Industries Corporation, Seaforth Mineral & Ore Co. Inc., and Milwhite Inc.
These players are initiating various steps in order strengthen their presence such as merger & acquisitions, new product development.
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On the other hand, the rising focus of government for the improvements of minerals used in industries such as barite, iron ores, and others are sure to fuel the growth of the barite market. Hence, it is clear that be it textile, adhesive, pharmaceuticals, oil & drilling, or paint & coating industry, the applications of barite will provide significant investment opportunities in the coming future.
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