Barite,
a colorless mineral, is the prime source of barium. The global barite
market derives much of its growth from the rising usage of barium as
barium aluminum alloy and barium sulfate in various global industries
such as chemicals, oil and gas, medical, electronics, rubber,
automotive, and paint. In 2014, the global barite market stood at
US$1.11 billion. Analysts expect this global market to expand at a
CAGR of 5.8% during the period from 2015 to 2023 and reach a value of
US$1.84 billion by 2023.The increasing usage of barite as a white
pigment in the paint, paper, and textile industries is stimulating
the growth of the global barite market to a significant extent.
Additionally, rising industrial use of several barium compounds such
as barium hydroxide, utilized for sugar refining, is expected to
boost the global market for barite.
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On
the other hand, the ample availability of alternatives is presenting
a serious challenge for the market, which otherwise is showing
healthy growth prospects. However, the nuclear industry is expected
to be responsible for growing demand for barite in the near future,
owing to its ability to absorb gamma radiation. Barite can also be
added to concrete mass in the construction of an atomic reactor,
which again creates a promising opportunity for barite suppliers.
Oil
and Gas Industry: Biggest End User of Barite
Barite
finds large-scale application in the chemical as well as oil and gas
industries. Other than these, barite is also applied in radiation
shielding and fillers. In 2014, the oil and gas industry emerged as
the biggest end user of barite, consuming almost 80% of the total
barite produced that year. Analysts anticipate this segment to report
the fastest growth in the near future.The chemical industry occupied
the second position in the overall barite market based on end users
in 2014. However, the growth rate of this segment in the near future
is expected to be moderate. Other end-use industries such as
electronics, medical and healthcare, and rubber are likely to
experience sluggish growth in the years to come.
North
America: Leading Regional Barite Market
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