Major players in the barite mining market include Excalibar Minerals LLC, Andhra Pradesh Mineral Development Corporation (APMDC), CIMBAR Performance Minerals, Halliburton and Anglo Pacific Minerals.
NEW YORK, Sept. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the Baryte Global Market Report 2022 – https://www.reportlinker.com/p06320366/?utm_source=GNW
The global barite mining market is expected to grow from US$1.29 billion in 2021 to US$1.35 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The barite mining market is expected to grow to US$1.41 billion by 2026 at a compound annual growth rate (CAGR) of 1.2%.
The barite mining market consists of the sale of barite and its compounds by companies (organizations, retailers and partnerships) that mine barite, which is used as a filler in paints and plastics, for soundproofing in engine compartments, as a coating of automotive paintwork for smoothness and corrosion resistance, Friction products for cars and trucks, radiation protection cement, glass ceramics and medical applications.
The main types of barite mining are oil and drilling, paints and coatings, pharmaceuticals, rubber and plastics, textiles, barite adhesives and other types of barite. Pharmacy is associated with or engaged in pharmacy or the manufacture and sale of pharmaceuticals Applications included oil and gas, chemicals and fillers.
Mining type includes underground mining and open pit mining.
Middle East was the largest region in barite mining market in 2021. The regions covered in this Barite Mining Market Report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growth in the barite mining market has been driven by an increase in sales in fast developing countries such as China and India due to an increase in disposable income and an increased demand for and availability of credit. Disposable income refers to the amount of money an individual or household needs to spend or save after income taxes are deducted.
The use of barite is becoming increasingly important in many industrial sectors. For example, disposable personal income in China increased from CNY43834 in 2021 to CNY47412 in 2020, according to the Bureau of Statistics of China, a China-based government agency.
Hence, rising disposable income is driving the growth of barite mining market.
Companies engaged in the barite mining industry are utilizing autonomous vehicles and automated technologies to increase productivity and reduce labor costs as the key trends are observing in the global barite mining market.
In July 2021, Apollo Gold & Silver Corp, a Canada-based explorer, acquired Pan American Minerals Inc’s Waterloo silver-barite project for an undisclosed amount. With this acquisition, Apollo has secured rights to one of the largest undeveloped historical resources in the continental US and has become the premier US-focused silver exploration and development company.
Pan American Minerals Inc is a Canada-based mining company engaged in the mining of barite.
The countries covered by Barite Mining Market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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