Published on : Jan 29, 2016
The global market for barite has been witnessing significant surge in its market valuation, thanks to the increasing utilization of barium across the world as barium sulfate and barium aluminum alloy in the automotive, chemicals, medical, electronics, oil and gas, rubber, and paint industries.
The rising application of barite as a white pigment in the paper, paint, and textile industries has been boosting the growth of this market to a significant extent. In addition to this, the growing usage of various barium compounds such as barium hydroxide, which is utilized in the refining of sugar is likely to propel the global barite market in the coming years.
Ample Availability of Alternative to Pose Challenge to Global Barite Market
The presence of alternatives for barite in a huge number is posing a severe challenge to this market, which is, otherwise, exhibiting a healthy rise. However, the demand for barite is expected to report a remarkable rise from the nuclear industry in the near future. The ability of barite to absorb gamma radiation is the key factor behind this increasing demand. Barite is also added to the concrete mass, used in the construction of atomic reactors, creating opportunity for its suppliers.
Oil and Gas Industry to Remain Leading Consumer of Barite
The oil and gas and chemical industries are the prime consumers of barite, among which the oil and gas industry enjoys the leading position. It had consumed around 80% of the overall barite manufactured in 2014 and is likely to maintain this pace over the coming years. The demand for barite from the chemical industry is likely to decline in the near future.
North America leads the global barite market at present. In 2014, it acquired a share of more than 40% in the overall market. Asia Pacific is expected to report a significant rise in the global barite market in the near future.