According
to the report, barite is a critical element that is primarily
required in drilling activities. Barite is useful as a weighting
agent, as it restricts surplus flow of drilling fluids. It also helps
curb high pressures that get formed during the drilling process. The
specific gravity of barite is what enables these
characteristics.Application industries of the global barite market
include chemicals, oil and gas, paint, rubber, automotive, medical,
and electronics.The report further explains that the global rate of
drilling activities has spiked recently in the oil and gas industry.
This high growth rate needs to be supplemented by a high supply of
barite, which is what will drive the global barite market in the next
few years.
Browse
full Barite Market report
at:http://www.transparencymarketresearch.com/barite-market.html
Most
manufacturers directly offer drilling quality barite. The global
barite market could, however, face a few restraints. A key market
restraint explored in the report is the ready availability of barite
substitutes, including hematite, illmenite, celestite, and itabirite.
The report adds that despite the growing usage of these substitutes,
the global barite market can still prosper due to its potential
applicative scope in multiple industries.The report provides details
on the global barite market in terms of its segmentation. In terms of
application, the oil and gas segment held the largest share in the
global barite market in 2014; the segment held an overwhelming 80% of
the global barite market. The report also pegs the oil and gas
segment to be the fastest growing one within the given forecast
period.
The
oil and gas segment was followed by chemicals, a segment which is
expected to expand at slow to moderate rates till 2023. Other
segments that hold a market presence include rubber, electronics, and
medical. All these segments are expected to grow at a slow rate in
the near future.The report’s geographical segmentation reveals
North America to lead the global barite market in 2014, with a hold
over more than 40% of it. Asia Pacific followed closely, with Europe
coming in third. The MEA region is expected to show moderate demand
for barite over the next few years. Demand for barite from MEA is
mostly restricted to the oil and gas industry.
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Key
players operating in the global barite market include Excalibar
Minerals LLC., China Shenzhou Mining and Resources Inc., Ashapura
Group of Industries, and Andhra Pradesh Mineral Development
Corporation Ltd.
Key
segments of the Global Barite Market
Barite
Market & Application Analysis
- Oil and gas
- Chemicals
- Others (Including fillers and radiation shielding)
Barite
Market - & Regional Analysis
North
America
- U.S.
- Rest of North America
Europe
- France
- UK
- Norway
- Germany
- Russia
- Rest of Europe
Asia
Pacific
- China
- India
- Japan
- ASEAN
- Rest of APAC
Latin
America
- Brazil
- Rest of LATAM
Middle
East & Africa
- GCC countries
- South Africa
- Rest of MEA
Browse
the full Press
Release:http://www.transparencymarketresearch.com/pressrelease/barite-market.htm
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