Increase in Requirement for Credit Coupled with Increase in Production of Electronics such as Computers, Televisions and Led Panels is Expected to Drive the Global Baryte Mining Market over the Forecast Period: Ken Research
Baryte is a natural mineral is composed of 34.3% barium sulfate and 65.7% barium oxide in its pure form. Baryte is an industrial mineral with key properties of low solubility, high density, high brightness & whiteness, softness, chemical inertness, and less cost. It is used for raising the hydrostatic pressure to counteract the high-pressure zones throughout the drilling activities. Baryte is also known as ‘desert roses’ owing to the red-stained flower-like appearance. It is mined from layers of sedimentary rock and used for the filler in paints & plastics, coats of automobile finishes for smoothness & corrosion resistance, sound reduction in engine compartments, friction products for automobiles & trucks, glass ceramics, radiation-shielding cement and medical applications.
According to study, “Baryte Mining Global Market Report 2019” the key companies operating over the global barite mining market are Excalibar Minerals LLC, CIMBAR Performance Minerals, Andhra Pradesh Mineral Development Corporation (APMDC), Anglo Pacific Minerals, Halliburton, Ashapura Group, Halliburton Co., Kaomin Industries, International Earth Products LLC, Mil-Spec Industries Corp., Seaforth Mineral & Ore Co. Inc., Milwhite Inc. The companies operating in Baryte production have implemented the use of heavy investment to improve their plant facilities for enhancing production capacity and securing the position in market.
Based on deposit type, global barite mining market is segmented into residual, vein, bedding, cavity filling. Based on grade, market is segmented into up grading 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3 and grade above 4.3. Based on color, market is segmented into white & off-white, brown, grey and others. Moreover, based on the end-user industry, market is segmented into oil & drilling, pharmaceuticals, paints & coatings, textiles, rubber & plastics, adhesives and others.
The baryte mining market is driven by increase in demand in construction industry due to rise in surge for paints, followed by increase in demand from the automotive industry. In addition, rise in disposable income and increase in production of electronics such as computers, televisions, and LED panels are further expected to support the market growth. However, increase in interest rate, implementation of stringent regulations concerning the usage of toxic metals for instance mercury, arsenic, cadmium, lead and workforce issues & safety are some of the major restraint impacting the market. Increase in use of autonomous vehicles & automated technologies for increase over the productivity & reduction in the labor cost to remain the major trend of the market.
Based on geography, the Middle East region holds major share in the baryte mining market owing to robust growth of rubber, paints & coatings, plastics, and paper industries in the region. The North-American region is expected to witness high growth rate due to rise in exploration & production activities in the oil & gas industry. Asian-Pacific region is expected to lead the market due to rapid development in the industrial sector across India & China. The improved earning capacity, increase in positive economic outlook, emerging markets growth, scope or substantial demand for the baryte is anticipated to support the market growth during the forecast period.
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Ankur Gupta, Head Marketing & Communications