Baryte Mining Market Characteristics
The baryte mining market consists of sales of baryte and its compounds by entities (organizations, sole traders and partnerships) that mine baryte which is used as a filler in paints and plastics, sound reduction in engine compartments, coats of automobile finishes for smoothness and corrosion resistance, friction products for automobiles and trucks, radiation-shielding cement, glass ceramics and medical applications.
Competitive Landscape of the Baryte Mining Market
Major players in the global baryte mining market include Excalibar Minerals LLC, Andhra Pradesh Mineral Development Corporation (APMDC), CIMBAR Performance Minerals, Halliburton, Anglo Pacific Minerals
Baryte Mining Market Size
The baryte mining market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the baryte mining market is due to increase in sales in rapidly developing countries such as China and India owing to rise in disposable income, increased demand for, availability of credit.
However, the market for baryte mining is expected to face certain restraints from several factors such as interest rate increases, workforce issues and safety.
Baryte Mining Market Segmentation
The global baryte mining market is further segmented based on type and geography.
By Type - The baryte mining market is segmented into oil & drilling, paints & coatings, pharmaceuticals, rubber & plastics, textiles, baryte-adhesives, others - baryte.
By Geography - The global Baryte mining is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Middle East Baryte mining market accounts the largest share in the global Baryte mining market.
Trends in the Baryte Mining Market
Companies engaged in baryte mining industry are using autonomous vehicles and automated technologies to increase the productivity and reduce the labour cost as the major trends witnessed in the global baryte mining market.
Potential Opportunities in the Baryte Mining Market
With increase in positive economic outlook, improved earning capacity, emerging markets growth, the scope and potential for the global baryte mining market is expected to significantly rise in the forecast period.