Global Industrial market was valued at US$ 1.39 billion in 2016, according to Global Barite Market Report by Grade (Up to Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, Grade above 4.3), by Color (Brown, White & Off-White, Grey, Others), by End-Use Industry (Oil & Gas, Paints & Coating, Pharmaceuticals, Rubber & Plastics, Textiles, Adhesives and Others). The barite market is expected to register a CAGR of 5.83% over the forecast period (2017-2025) to reach US$ 2.30 Billion by 2025. Barite finds wide application in the oil and gas industry. Due to the increasing hydrostatic pressure experienced while drilling in high pressure zones, barite helps to cool the drill bits and at the same time helps in suspending the rock bits. Barite is used as barium meal material for intestine and stomach reflections. It is also used as filling of plaster and dope, to extend the time limit of the plaster. Barite is used in the diagnoses of medical tests and also to block the gamma rays and x-rays emissions. These factors are majorly responsible for the high demand for barite in the pharmaceutical industry. It finds application in other industries such as paints and coatings, automotive, and textile industry, among others.
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Some of the major players in the barite market include, Seaforth Mineral & Ore Co. Inc., CIMBAR Performance Minerals, Shijiazhuang Oushun Mineral Products Company Limited, Excalibar Minerals LLC., Shanghai Titanos Industry Company Limited., International Earth Products LLC., Spectrum Chemical Manufacturing Corporation, Anglo Pacific Minerals, and Desku Group Inc.