Published By : 10 Mar 2016 | Published By : QYRESEARCH
The global market for barite is witnessing an exponential surge, thanks to the increased demand for barite on account of its rising application for the production of oil and gas across the world.
North America has been leading the global barite market over last few years and has been closely followed by Latin Africa, Europe, and Asia Pacific. It occupied a share of around 40% in the overall market in 2014.
Increase in Drilling Activities for Oil and Gas Production to Raise Demand for Barite
The increase in drilling activities in the production of oil and gas has propelled the demand of barite in the global arena.
Apart from this, the increase in the application of barium compounds is also boosting the demand for barite significantly. However, the availability of alternatives in abundance is limiting the growth of the global market for barite to a certain extent.
On the other hand, the potential application of barite and its compounds in the nuclear industry is expected to open success avenues for market participants over the next few years.
Chemicals Industry Emerges as Leading End User of Barite
The demand for barite is gaining impetus in the worldwide chemicals industry. The increasing usage of barite in producing barium compounds and salts, which are utilized in a wide array of commercial as well as medical application, is the key factor behind the growing demand for barite in this industry.
The application of barite has also been substantially increasing in radiation shielding and fillers. This trend is likely to continue in the near future.
The Andhra Pradesh Mineral Development Corp. Ltd., Anglo Pacific Minerals, Excalibar Minerals LLC, China Shen Zhou Mining and Resources Inc., Mil-Spec Industries Corp., Oren Hydrocarbons Private Ltd., and CIMBAR Performance Minerals are the key barite manufacturers across the world.