June 09, 2022 09:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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NEWARK, Del, June 09, 2022 (GLOBE NEWSWIRE) -- Global barite market will cross the US$ 2 Bn mark by the end of 2030. Expansion of the automotive industry is creating revenue streams for manufacturers due to growing demand for brake pads and clutches for cars, as indicated by a new Future Market Insights (FMI) report.

Drilling mud applications are expected to account for substantial revenues amongst all applications, in the global barite market. Untapped opportunities in the medical industry are also generating incremental opportunities for manufacturers. Barite would experience steady demand growth in paints and plastics industries, as it is widely utilized to control the viscosity and add brightness to end products.

Key companies in the barite market are set to experience disruptions in supply chains owing to recent developments related to coronavirus crisis. Manufacturers are accelerating efforts to join the fight against COVID-19 pandemic by taking a step forward to donate barite cement for the construction of hospital radiotherapy bunker where coronavirus treatments are carried out.

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Key Takeaways of Barite Market Study

Demand for weighting agents in the ever-increasing oil & gas industry are creating a stable business ground for manufacturers. Untapped opportunities in construction industry owing to demand for high density cement is fueling market growth.

Lucrative Opportunities in Paints & Coatings

Companies in the barite market are increasing their production capabilities to manufacture paint-grade barite powder. This has deployed ease in handling and beneficial in transportation activities. High whiteness, low impurity and excellent dispensability are key imperatives that are highly preferred in paint-grade barite powder.

Latex paints, coatings and pigments amongst others are fuelling demand for barite powder. Increasing number of powder coatings applications in households and other interior applications are generating value-grab opportunities for manufacturers.

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Demand for Weighting Materials in Petroleum Industry to Bolster Market Growth

Fine grinding applications are catalysing the demand for barium sulfate, owing to its high density and chemical inertness. An overwhelming majority of barite is being pervasively used in the petroleum industry as a weighting agent in the formulation of drilling mud. As such, the revenue if drilling mud applications is predicted to climb high growth from US$ 1 Bn in 2022 to US$ 1.4 Bn by the end of 2030. Commercial deposits of barite are primarily found in the U.S., China, India and Morocco.

Manufacturers Prepare for Volatile Demand Amidst COVID-19 Pandemic

Employee and worker safety amidst the coronavirus crisis has become the first priority of companies in the barite market. Hence, manufacturers have adopted telecommunication to support remotely via phones, Skype and VPN amongst other communication platforms.

Global economic turbulences are anticipated to affect the barite market. Manufacturers are increasing efforts to devise contingency plans to address the uncertainty associated with lockdown relaxations in the upcoming months

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    1.2. Barite Market Growth By Region

    1.3. Supply and Demand Side Trends

    1.6. Comparative Analysis of Barite vs. Bentonite

4. Key Success Factors & Promotional Strategies

5. Global Barite Market Demand Analysis 2015-2021 and Forecast, 2022-2030

    5.1. Historical Market Volume (Tons) Analysis, 2015-2021

    5.2. Current and Future Market Volume (Tons) Projections, 2022-2030

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For More Info https://www.globenewswire.com/en/news-release/2022/06/06/2456925/0/en/Ethylene-Copolymers-Market-is-Estimated-to-Reach-US-86-6-Billion-by-the-end-of-2032-Future-Market-Insights-Inc.html

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years. 

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