Barium, a chemically inert and dense mineral, is used in a number of end-use industries. However, it may not be wrong to say that one of the most important use of Barium is noted in the development and even exploration of natural gas and petroleum resources.
And, this makes it important to note here the exploration activities that marking the period as of now. So, for starters, market experts from Transparency Market Research state that, “About 50 leases have been carried out in 2019, making it the third very successful year for exploration activity. It is also quite interesting to note that not only are certain areas identified as hotbeds of exploration, they are also highly productive.” Some of these are the Mediterranean region, Africa, and Latin America.
Understanding Impact of COVID-19 on Barite Market
In terms of BOE (Barrels of Oil Equivalent), the new regions show a performance of 26 discoveries – 100 BOE, out of the 12.2 billion barrels BOE discovered in 2019. This shows how conventional discoveries are moving on a high trajectory.
The study report on the global barite market, prepared by Transparency Market Research states that the market would chart a decent CAGR (Compound Annual Growth Rate) of 4.8 percent – in the period 2018-2026
Consolidated Vendor Landscape to Mark Global Barite Market over the Forecast Period
The competitive landscape of the global barite market is consolidated and the trend will continue over the forecast period. Apart from improving the product quality, players are looking to work with different grades in order to widen the scope of applications.
Some of the players that are seen as high performers in the global barite market include Spectrum Chemical Manufacturing Corporation, Deutsche Baryt Industrie, Halliburton, CIMBAR Performance Minerals, New Riverside Ochre Company, Inc., Excalibar Minerals LLC, and Anglo Pacific Minerals, among others.
It is pertinent to note here that the top tier players that are operating in the global barite market landscape have a hold on about 55% of the total market share. It is also important to note that these players are scurrying to improve plant facilities for bettering capacity in terms of production.
North America to Show Stellar Performance over the Forecast Period
Dominating the regional landscape of the global barite market, North America will ride to growth on the back of strong presence of key market players and numerous end-use industries in its landscape. And, it is worth noting here that mud drilling constitutes a significant share of the total contribution by other applications. Additionally, it is also witnessing use of barite in the oil and gas industry. However, market experts note, “Oil and gas segment in the region will lose to rubber and plastics over the period to come.”
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