Published Date : Jun 20, 2016
Barite, also spelled as baryte is a mineral comprising barium sulphate. This mineral is normally colorless or sometimes appears milky white. In some parts of the world, it is also found in different shades of yellow, green, or blue. This mineral is chemically inert, non-toxic, insoluble, and highly stable for a longer period of time. It is a concretion in sedimentary rocks. In the last few years, the demand for barite has been growing owing to its application in diverse sectors. As a result, the global barite market is expected to flourish in the next few years.
Some of the key application sectors of barite are mentioned as below:
Among these applications, the oil and gas segment accounts for the largest share in the global barite market at present. This segment is projected to grow at a fast rate in the next few years and lead the overall market. On the other hand, the chemicals segment is also projected to grow at a fast pace in the near future. The others segment is estimated to grow at a steady rate in the next few years.
Rising Oil and Gas Production to Bolster Growth of Global Barite Market
The rising production of oil and gas is anticipated to boost the demand for barite across the globe, which is one of the major factors driving the market. In addition, the use of barium in nuclear industries has created several opportunities for the major players to expand their production capacities, fuelling the growth of the global barite market. However, the availability of alternative minerals is estimated to curtail the growth of the global barite market in the coming few years.
The increasing application base has encouraged several players to enter the global barite market and gain the competitive advantage in the next few years. Thus, enhancing the production process of barite and fulfilling the gap between demand and supply. At present, some of the leading players engaged in this market are Ashapura Group of Industries, Andhra Pradesh Mineral Development Corporation Ltd., China Shenzhou Mining and Resources Inc., and Excalibar Minerals LLC.