Riding the growing trend of high energy consumption, and the resultant demand for oil and gas, the global barite market is projected to display a moderate 4.2% CAGR through the end of 2029. Capabilities of barite to absorb gamma and x-rays has generated lucrative opportunities for growth of the barite market. A new Future Market Insights (FMI) study reveals that product innovations and geographic expansion would remain the focal point for manufacturers in the barite market.
"Major players in global barite market are diversifying their product portfolio across multiple end-use industries through expansion and innovation to sustain their market position," says the FMI report.
Barite Market: Key Findings
- Oil and gas industry to remain key application area of barite through 2029, owing to population growth.
- Increased adoption of coating applications has triggered the uptake of barite in paints, varnishes, automotive, and textiles.
- North America will remain a leading regional market for barite.
- Asia Pacific is projected to display strong growth during the forecast period.
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Barite Market: Key Driving Factors
- Heightening oil and natural gas exploration activities continue to push demand for barite.
- Surging popularity of barite as a filler in inks, paints, plastics, and coatings remains a strong booster to market growth.
- Properties of barite including high stability, enhanced finish, chemical inertness, and eco-friendly attributes is bolstering market growth.
- The use of barite in radiation shielding for the burgeoning cement industry will augur well for the barite market.
Barite Market: Key Restraints
- The high complexity and cost of the barite production process threatens the long-term growth of market.
- The consolidated and competitive market landscape generates critical challenges for emerging players in the barite industry.
The global barite market is consolidated, where leading players hold key positions, across the globe, except in China, where the market is fragmented. Targeting the production of barite to meet the needs of variegated applications will be among the key strategies of manufacturers. Companies are also investing in product innovation and launches, research and development activities, and capacity and geographical expansions to bolster growth in untapped markets. FMI's analysis also indicates that companies are preferring expansion in Asia Pacific to leverage lucrative opportunities.
Some of the major companies operating in the global barite market include, but are not limited to, Guizhou Sinobarite Mining Co., Ltd., Ecostar, Andhra Pradesh Mineral Development, Corpomin, Excalibar Minerals, Halliburton Energy Services Inc., and Milwhite.
Press Release Source @ https://www.accesswire.com/580422/Barite-Market-to-Show-Modest-Growth-Trajectory-of-42-through-2029-Oil-and-Natural-Gas-Exploration-Activities-Continue-to-Drive-Growth-Concludes-FMI-Study
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