Export, Manual Labor Challenges Affect Market Growth during COVID-19
COVID-19-related disruptions are likely to have a significant impact on the barite market. This is anticipated to cause ripple effects in manufacturing and construction industries. A sustained weakness in construction activities is expected to affect the demand for minerals such as barite, calcite, and silica sand, among others, during the first and second quarter of 2021, given the close linkage between them.
High value minerals including barites are vulnerable to challenges in exports amid the ongoing coronavirus crisis. Thus, manufacturers in the barite market are increasing efforts to maintain robust supply chains, since barite is primarily used for oil drilling in the Middle East and the U.S. Moreover, mining of barite is largely dependent on manual labor, which is another factor affecting the growth of the barite market.
Highly Variable Quality, Purity of Barite Influence Production Capabilities
The barite market is projected to surpass the valuation of US$ 2.1 Bn by 2031. However, it is found that the quality and purity of barite are highly variable, and this influences the volume of barite that can be extracted from individual deposits. Nevertheless, the high demand for barite in the petroleum and construction industry tend to offset its disadvantages during extraction from individual deposits.
Barite powder is being combined with bentonite to form sludge, which is used in drilling applications. Manufacturers are capitalizing on the demand for barite in glass barium salt production and pharmaceuticals. Cable cars, submarines, and ballast tanks in ships are triggering the demand for barite, owing to the mineral’s high specific weight.
Radiation Shielding Products Acquire Prominence in New Buildings, Renovation Applications
Manufacturers in the barite market are establishing stable revenue streams in barite ionizing radiation shielding applications. SVA - an environmental valorization company, is in talks to offer Bariblock®, an innovative and eco-sustainable product capable of shielding radiation potentially harmful to individuals working in spaces with X-ray machines. Such radiation shielding products are emerging as an alternative to conventional solutions such as lead slabs.
Companies in the barite market are increasing their production capabilities to develop radiation-shielding products that involve high volume mass, low thickness, fast installation, and reduced construction costs. Innovative shielding panels made from barite are gaining prominence in new buildings, renovations, and electromagnetic shielding and radiation protection works.
Diverse Revenue Opportunities in Pharmaceuticals Challenged with Scarcity of USP Barite
The barite market is projected to advance at a modest CAGR of ~5% during the forecast period. This is evident since end users are witnessing a shortage in USP (US Pharmacopeia) barite. Despite several barite resources around the world, most barite deposits do not make grade for the pharmaceutical industry. Such hurdles are intensifying competition in the pharmaceutical sector of the global barite market. Hence, manufacturers are tapping into incremental opportunities in alternate revenue streams of the pharmaceutical sector including in developing radiation-shielding products.
Barite combined with iodine helps to block radiation used in X-rays, CT, and other diagnostic tests. Manufacturers are boosting their output capacities, since barite is used in medicine to diagnose gastrointestinal problems.
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Specific Grade Barite Gains Popularity in White Paint, Rubber, Adhesive Applications
Apart from pharmaceuticals and radiation shielding products, companies in the barite market are unlocking growth opportunities in paint, adhesive, and rubber products. Iris Impulse India Pvt. Ltd. - a mineral supplier in Gandhidham, India, is maintaining robust supply chains of barite in oil & gas drilling industries, and paint, adhesive, and rubber applications. As such, manufacturers in the barite market are increasing the availability of high density & specific gravity of drilling grade grey barite for onshore and offshore applications.
White paint applications are fueling the demand for barite. In order to boost production, manufacturers are getting actively involved in mining and processing of white barites.
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