LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global barytes market is expected to reach USD 1,643.9 million by 2021, growing at a CAGR of more than 4%.
This research report titled ‘Global Barytes Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The growing demand for crude oil coupled with technological innovation is pushing the oil companies to drill deeper offshore to cater to the needs of consumers. Brazil, Gulf of Mexico, and West Africa are projected to show the highest growth in the deepwater market, which is supported by the growing deepwater hydrocarbon discoveries and declining production from onshore and shallow water basins in these countries.
According to Ajay Adikari, a lead specialty chemicals research analyst from Technavio, “China is the largest producer of barytes, while the US is the largest consumer, followed by the Middle East. There are various substitutes for barytes in various applications. However, barytes is the most preferred material for oil and gas drilling applications.”
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Technavio’s chemicals and materials research analysts categorize the global barytes market into the following segments by end-user. They are:
- Oil and gas drilling
- Chemicals
- Others
Oil and gas drilling
The oil and gas drilling segment accounted for a market share of almost 78% in the global barytes market in 2016. Barytes is used for various purposes such as to remove the cutting from drilling bits, to provide lubrication, to transport cutting to the surface, to reduce friction in the drilling string control pressure and to prevent blow-out. For drilling applications, barytes powder with minimum 90% barium sulfate and 4.15 specific gravity is used. These applications of barytes for various purposes will boost the demand for global barytes market during the forecast period.
Chemicals
The chemicals segment accounted for a market share of almost 17% in the global barytes market in 2016. The production of various barium chemicals such as carbonate, chloride, oxide, nitrate, peroxide, hydroxide, and sulfate is done by using barytes. These chemicals are widely used for various purposes, including the preparation of other chemicals. For instance, barium hydroxide is used in the preparation of barium salts of organic acids.
“Barytes, bleached or unbleached, is also used in manufacturing explosives. Barytes used in explosives is in the dry powder form, free from impurities and unwanted matter. For chemical manufacturing, purity and mesh size play a crucial rule,” says Ajay.
Others
The global barytes market for others was valued at USD 67 million in 2016 and is expected to grow at over 4% during the forecast period. Paints, paper, automotive, plastic, and healthcare are the major end-users of barytes. Barytes is used as a weighted filler for the cloth, paper, and rubber industries and it is also used as extender and filler in the paint industry.
Plastic industry uses barytes as a filler in acrylonitrile-butadiene-styrene (ABS) plastic to make it bright. Barytes is also used to block X-ray emissions in power plants, hospitals, and laboratories by making high-density concrete. These features of barytes will boost the market in the coming years.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Andhra Pradesh Mineral Development Corp. (APMDC)
- GUIZHOU SABOMAN IMP. & EXP.
- Steinbock Minerals
- Newpark Resources
- Pands Group Mining and Milling
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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