(MENAFN- GlobeNewsWire - Nasdaq)
New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Baryte Global Market Report 2022' -
The global baryte mining market is expected to grow from $1.29 billion in 2021 to $1.35 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The baryte mining market is expected to grow to $1.41 billion in 2026 at a compound annual growth rate (CAGR) of 1.2%.
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.
The main types of baryte mining are oil and drilling, paints and coatings, pharmaceuticals, rubber and plastics, textiles, baryte-adhesives, and other types- of barytes.Pharmaceutical is related to or engaged in pharmacy or the manufacture and sale of pharmaceuticals The applications involved oil and gas, chemicals, and fillers.
The mining type includes underground mining, and surface mining.
The Middle East was the largest region in the Baryte mining market in 2021. The regions covered in this baryte mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growth in the baryte mining market is due to an increase in sales in rapidly developing countries such as China and India owing to a rise in disposable income, and increased demand for, and availability of credit.Disposable income refers to the amount of money that an individual or household has to spend or save after income taxes have been deducted.
The use of barite is progressively gaining importance in many industrial sectors.For instance, in 2021, according to the Bureau of Statistics of China, a China-based Government agency data, Disposable Personal Income in China increased to 47412 CNY 2021 from 43834 CNY in 2020.
Therefore, the rising disposable income is driving the growth of the baryte mining market.
Companies engaged in the baryte mining industry are using autonomous vehicles and automated technologies to increase productivity and reduce labour costs as the major trends witnessed in the global baryte mining market.
In July 2021, Apollo Gold & Silver Corp, a Canada-based exploration company acquired Waterloo Silver-Barite Project from Pan American Minerals Inc for an undisclosed amount.With this acquisition, Apollo has secured the rights to one of the largest undeveloped historic resources in the continental USA and has become the leading US-focused silver exploration and development company.
Pan American Minerals Inc is a Canada-based mining company that includes baryte mining.
The countries covered in the baryte mining market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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