APAC anisole market to accumulate commendable returns by 2024, rising demand for premium cosmetics to impel the regional industry
The global anisole market is projected to experience an accelerated growth over 2018 – 2024, primarily fueled by organic chemical compound’s applications in the rapidly expanding pharmaceutical and cosmetics sectors. Estimated to be valued at over $77 million, the global anisole market has depicted considerable growth due to the product’s rising incorporation in a plethora of cosmetic products, on account of the artificial fragrance that is associated with anisole.
U.S. anisole market size, by application, 2013 – 2024 (USD Million)
It is prudent to mention that anisole is also used to manufacture several different chemical compounds that find applications across a slew of application verticals. However, pharmaceuticals and cosmetics are among the biggest and the fastest growing application sectors that are not constrained by the burden of serving only a niche demographic – which is the reason why these sectors are thriving in some of the most populous regions of the globe, gradually aiding the growth of anisole market as well.
Unveiling APAC anisole market trends
The Asia Pacific is one of the most lucrative regional anisole markets, that is popularly driven by the rise in demand for cosmetic brought on by the increased disposable incomes and the subsequent affordability in the region. According to a 2017 report by the French personal care and cosmetics company – L’Oréal S.A., the firm’s accrued almost 24% of its global sales in 2017 from the Asian belt. This can be undeniably attributed to the rising demands for premium cosmetic products due to the rate at which the discretionary expenditure skyrocketing, especially across the economies of India and China.
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It is also prudent to mention that APAC anisole market has also received commendable boost on account of the product being used as a pesticide, in the agro-based economies, wherein governments have been attempting to readdress pivotal issues in the agricultural domain. For example, the Indian government has brought about initiative such as Pradhan Mantri Fasal Bima Yojana and Paramparagat Krishi Vikas Yojana in order to reform agricultural production, The government of China has also shifted its focus toward agricultural reformation. These initiatives have led to an escalation in the demand for pesticides, that would gradually help augment the regional anisole market trends. Driven by the efforts across the economies, APAC anisole market share is likely to soar in the years to come. As per Global Market Insights, Inc., the APAC region accounts for 30% of the global anisole market share.
Apart from the cosmetic applications, the global anisole market would also be receiving a significant boost from the pharmaceutical sector. The U.S. pharmaceutical sector has been the most flourishing domestic market for the development and commercialization of different pharmaceuticals. According to a report by PricewaterhouseCoopers (PwC), primary pharmaceutical markets such as Europe, North America and Japan had been under considerable pressure a decade back, having experienced a slowdown in growth. Today however, the pharma sector has witnessed considerable incline across the developed as well as developing economies, thereby making the domain a lucrative growth avenue for the global anisole market. Anisole industry share from pharmaceutical applications is expected to witness a CAGR of 4.4% over 2018-2024, driven by the fact that the product serves as a crucial precursor in producing a plethora of pharma compounds. For instance, 4-methoxyphenol, a phenol derived from anisole is used to create 4-methoxyphenol – a chemical used in manufacturing of bulk pharmaceuticals like Raloxifene and Dextromethorphan.
It is imperative to mention that global anisole market growth is slightly hampered due to the small amounts of anisole required for cosmetics products. For instance, according to a study by the American College of Toxicology, p-Hydroxyanisole, a phenol derived from anisole is used as an antioxidant in different cosmetic products in concentrations as low as 1% because the organization recommends that smaller concentrations would not result into it being a severe irritant. Nonetheless, despite anisole and the anisole-derived phenols being used in small quantities and dilute concentrations, the compounds are still expected to be incorporated in a plethora of cosmetic products worldwide, thereby augmenting the commercial landscape of global anisole industry. As per Global market insights, Inc., anisole market size is projected to cross $100 million by 2024.
Author Name : Akshay Kedari
North America packaging equipment market to accumulate commendable returns by 2024, F&B applications to contribute toward the regional growth
The global packaging equipment market is projected to witness an accelerated growth rate over 2018-2024, primarily driven by the expanding F&B & pharma sectors. Having held a valuation of $38 billion in 2017, packaging equipment market thrives on the changing trends of the food industry that conceptualizes state-of-the-art packaging solutions depending on the shifting consumer preferences. The rising urbanization and improving living standards around the world with the rise in disposable incomes have conjointly led to a surge in the demand for ready-to-eat foods and subsequently, innovative packaging, thereby stimulating packaging equipment market growth.
UK packaging equipment market, by application, 2017 & 2024 (USD Million)
Unveiling North America packaging equipment market trends
According to a report about the food packaging trends by the Packaging Machinery Manufacturers Institute (PMMI) – a trade association that is made up of over 800 North American manufacturers and suppliers, food and beverage would account for more than 55% of the projected share by 2019. The association’s report also estimates that the food packaging market in the U.S. alone would be worth over $31 billion by 2022, thereby reiterating the significance of the food industry in North America. It is rather overt that in the years to come, food & beverage companies will continue to expand their product portfolios as they jostle with each other to capitalize upon the growing middle-class populace and its disposable income. The rising competition is certain to act as a catalyst, prompting food & beverage companies to begin constructing new plants, thereby augmenting the regional packaging equipment market trends.
As per estimates, in 2017, North America held more than 25% of the overall packaging equipment market share and is expected to grow at a robust pace in the years ahead. Being one of the technological nerve centers of the globe, packaging equipment manufacturers in North America have been working to incorporate advanced technologies in these devices so as to automate the components with intelligent features. Eventually, this would lead to lesser human intervention and enable a seamless integration of hardware and software, resulting in manufacturers developing highly accurate and efficient products. This in consequence, along with the rising economic growth of the region, are certain to augment the growth graph of North America packaging equipment market.
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Apart from the F&B applications, global packaging equipment market will be receiving a sizable boost from the pharmaceutical sector as well. The inherent need for pharmaceutical companies to thoroughly and properly package their manufactured medical products to maintain the correct chemical composition will drive the packaging equipment market growth from pharmaceutical applications. The industry has also gradually been influenced by customer feedbacks that often request certain aesthetic features to be added to the medicine’s packaging to help distinguish them from other drugs.
The growth of the pharmaceutical industry across APAC would prove to be one of the most viable driving forces for the regional packaging equipment market. The economies such as India, South Korea, China, and Japan have been increasingly shifting toward the adoption of smart solutions in manufacturing. Furthermore, the continent, as a whole, is driven by a strict regulatory landscape mandating pharma companies to adhere to certain rules, further augmenting the regional packaging equipment market.
The accelerated growth of food, pharma, and numerous other end-use sectors is thus certain to impel the commercialization landscape of the overall packaging equipment industry. While North America will continue to remain one of the most lucrative hubs as far as packaging machinery is concerned, emerging economies across the Asia Pacific are also racing ahead in packaging equipment market. Powered by a strong global manufacturing sector and the subsequent demand for packaging devices, the overall packaging equipment market size is slated to register a CAGR of 3% over 2018-2024.
Author Name :Akshay Kedari
Magnesium phosphate market to gain extensive proceeds from pharmaceutical sector, global share to hit USD 1.5 billion by 2024
Powered by a rather lucrative application prospect in agricultural and pharmaceutical domains, magnesium phosphate market has witnessed remarkable proceeds over the recent years. Testament of the fact is the billion-dollar valuation pegged by the market in 2017. A large credit of this goes to the technological advancements in medicinal sector that has significantly upscaled the product utilization as a DNA carrier in modern drugs. Moreover, extensive utilization of fused magnesium phosphate in fertilizers and water treatment applications has further boosted overall magnesium phosphate industry demand. For the records, the typical nutrient content in fused magnesium phosphate fertilizers is almost 20%, that gives it a competitive edge over other synthetic fertilizers. With the growing necessity of maintaining an optimum phosphorous content in soil, magnesium phosphate industry stands to gain immensely from fertilizer applications over the ensuing years.
North America Magnesium Phosphate Market, By Product, 2017 & 2024, (Kilotons)
Nutritional deficiency, of late, has become a subject of discussion in the field of medical science, having been claimed as an important determinant triggering widespread epidemic of chronic diseases. Magnesium being a vital component of the nutrition chain has generated a substantial momentum in terms of its demand graph worldwide, particularly in the pharmaceutical space. The ongoing research programmes focusing on the harmful impact of magnesium deficiency and the subsequent requirement for magnesium repletion have created a considerable product demand worldwide.
As per reliable studies, magnesium deficiency has been cited as a root cause of many of the mental and physical ailments, driven by which magnesium phosphate market has strongly established its stance in the pharmaceutical sector. Magnesium is claimed to be fourth common mineral in human anatomy after calcium, sodium, and potassium and is involved as a cofactor in over 300 enzyme systems. The product is highly necessary for effective biomedical functioning of multiple metabolic pathways. Significant advancements in biomedical sector, particularly in the field of osteoporosis and arthrodesis, have also allowed magnesium phosphate industry to collect copious monetary benefits, given the product’s extensive deployment in bone graft substitutes.
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As per a recent review by American Osteopathic Association, optimum magnesium level has been cited as an important prerequisite for Vitamin D in the body to be metabolized. According to the study, Vitamin D supplement can increase a person’s phosphate and calcium level which may lead to vascular calcification, if the magnesium level in the body is not high enough. It has been also affirmed by the scientists that optimum magnesium level requires less vitamin D supplementation for achieving sufficient Vitamin D levels. Not to mention, these kinds of research projects have substantially boosted the penetration of magnesium phosphate market in clinical healthcare.
Regionally, the magnesium phosphate market drift has been quite commendable across the United States, with heavy applications in pharmaceutical sector. The increasing geriatric population base which has been heavily spending in orthopaedics and dental care has been one of the vital contributors to the regional magnesium phosphate market growth. As per the estimates by CDC, arthritis incidence in the United States is estimated to surpass 78.4 million by 2040. With U.S. at the growth front, overall North America magnesium phosphate industry procured 15% of the global share in 2017 and is estimated to register a CAGR of 3% over 2018-2024.
Despite encompassing such a lucrative end-use landscape, one of the major challenges being faced by the market players is the supply demand gap in the business model. Historically, magnesium phosphate is manufactured by melting serpentine rock and phosphate rock together. Now, uneven geographical distribution of these phosphate rock reserves is somewhat hampering the production rate across some of the regions, while the increasing product demand is prompting manufacturers to go for substitute development alternatives. However, in a bid to combat the production challenge, companies are heavily investing in R&D projects to bring forth innovative approach in the production process.
All in all, with the shifting governmental as well as consumer focus toward healthy lifestyles, magnesium phosphate industry demand is poised to uptick considerably. What remains to be seen is how the emerging economies such as India and China exhibit progressions pertaining to the magnesium phosphate demand graph. The favorable socio-economic conditions in these geographies is certainly going to push the magnesium phosphate market demand, particularly in the food and agriculture sectors. As per a market assessment report by Global Market Insights, Inc. APAC magnesium phosphate industry, led by China and India, is forecast to exceed USD 700 million by 2024.
Author Name : Satarupa De
Unveiling N-Hexyl alcohol market in terms of the application landscape: rising demand for the chemical as a fuel additive to influence the industry trends over 2017-2024
A major sub-vertical of the specialty chemicals sphere, n-Hexyl alcohol market has established itself as a profitable business space owing to the ever-expanding personal care industry. Given how extensively the product is used across the production of soaps, shampoos, lotions, & creams, the growth of the personal care business is certain to have a highly appreciable impact on n-Hexyl alcohol industry trends. This directly proportional liaison is not confined to a limited set of regions but would be applicable across major geographies. Say for instance, VLCC recently launched a range of personal care and wellness products, the sales of which have been speculated to commendably impact India n-Hexyl alcohol market outlook.
U.S. N-hexyl Alcohol Market Size, By Application, 2013 – 2024 (USD Million)
Besides being used as an antiseptic and preservative in cosmetics, n-Hexyl alcohol market has garnered considerable returns from the use of the chemical in modern packaging industry. Pharmaceutical packaging such as wrapping which includes capsules, tubes, bottles, vials, etc., has proved to be exponentially lucrative for the growth of this industry. Speaking of the pharmaceutical space and the use of wrapping materials, it is worthy to mention that N-Hexyl alcohol is also widely used as a plasticizer precursor for packaging. The product is used in the production of PVC – the basic material for many packaging substances that range from wrappings in the medicine industry to wrappers in the cosmetics sphere.
The F&B sector has established itself as a vital application avenue for N-Hexyl alcohol market, essentially because of the chemical’s deployment in direct food contact packaging material such as food grade wraps and polymer films. Hexanol also finds widespread application as an emulsifying and preserving agent, with the rising demand of alcohol in food flavoring. Indeed, alcohol plays a huge role in the production of baked foods, ice-creams, gelatins and puddings, enlarging the scope of n-Hexyl alcohol market from the food industry.
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Besides the mainstream uses of hexanol, some unconventional uses of the chemical are also coming to attention that have the potential to augment the commercialization scope of n-Hexyl alcohol market, especially in relation to the current drive to achieve sustainability in fuels. An experiment to increase the sustainability of diesel through the addition of hexanol in ethanol diesel has shown that smoke emission can be significantly lowered by a blend of ethanol-hexanol diesel. The resultant blend apparently encompasses more oxygen content, while helping to improve engine performance as well.
The rising levels of nitrogen oxide in urban areas, depletion of petroleum reserves, and smoke emission from diesel engines have led to research programs being conducted to find sustainable fuel for the automotive industry. The blend fuel method, that requires no changes to the diesel engine while effectively combating the problem of GHG emissions, has emerged as a clearly superior method. Quite overtly, the mainstream use of this methodology is certain to revolutionize n-Hexyl alcohol market trends in the ensuing years.
The availability of chemicals that can potentially substitute hexanol like N-decanol, N-octanol, N-undecanol, N-nonanol, etc., can pose as a major threat to the growth of n-Hexyl alcohol market. However, the chemical’s deployment across personal care products is so tremendously vast that the commercialization scope of this industry is certain to expand in the ensuing years. The expansion of the personal care space across the economies of India, China, South Korea and Japan would also significantly impact the overall n-Hexyl alcohol market growth. According to estimates, n-Hexyl alcohol industry size will register a CAGR of 4% over 2017-2024, further strengthening its stance in the billion-dollar business sphere.
Author Name : Paroma Bhattacharya
A brief outline of sodium acetate market: substantial product demand from food processing sector to drive global industry growth over 2017-2024
In the recent times, sodium acetate market has witnessed a rather lucrative commercialization prospects owing to its extensive application across numerous business verticals including food processing, leather and textile, and pharmaceuticals. Prominently utilized as a food preservative, sodium acetate has further found widespread usage as a neutralizing agent, diuretic agent, and buffering & pickling agent across various end-use domains – a factor that has contributed significantly toward sodium acetate industry share augmentation. Moreover, rapid industrialization and enormous FDI investment in emerging nations across the globe has spurred the growth potential of the aforementioned industry verticals, which has, in turn, driven the sodium acetate market size expansion.
U.S. Sodium Acetate Market Size, by Product, 2013 – 2024 (USD Million)
Food processing sector to emerge as a prominent end-user of sodium acetate industry
Owing to its excellent food preservation qualities, sodium acetate has been increasingly preferred by food processing industry over the past decade, which has proved to be quite beneficial for the overall sodium acetate market. The widescale applicability of this chemical can be attributed to the massive rise in the consumption of canned food items subject to fast-paced lifestyles and a drastic variation in dietary habits across developed and developing countries. This has, in consequence, provided a significant boost to the growth potential of sodium acetate industry. Apparently, sodium acetate is being utilized as an acid regulator to prevent the growth of harmful bacteria in canned meat, vegetables, and fruit. Furthermore, it would be prudent to mention that the addition of sodium acetate during the canning and drying procedures not only desists bacterial growth but also extends the shelf life of the product.
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Concurrently, sodium acetate market has found a major foothold in the global dairy sector, as the chemical is being utilized as an emulsifier and preservative in numerous dairy products. Apart from being widely used in condensed milk, sour cream, buttermilk, whey-based yogurts and drinks, sodium acetate has emerged as a preferred preservative in cheese preparations such as processed cheese, ripened cheese, cheese analogues, and processed cheese. In view of the rapid advancement of the global dairy sector, the growing prominence of sodium acetate as a preservative in the overall dairy industry is likely to impel the sodium acetate market size expansion.
Thus, the rising significance of sodium acetate in the global food processing sector can be validated from the aforementioned declarations. In fact, as per the research report compiled by Global Market Insights, Inc., food processing vertical accounted for more than USD 26 million of the revenue share of the total sodium acetate industry size in the year 2016.
The Asia Pacific region has indeed established itself as a profitable growth terrain for sodium acetate market stakeholders, as the expansion of numerous end-use verticals in this region has been much more pronounced when compared to other developing economies. For instance, sodium acetate is regarded as one of the most popular preservatives in Japan with the total demand for the chemical, as per reliable sources, being a humongous 3,500 tonnes. Apparently, such statistics demonstrate the necessity of sodium acetate across various verticals in the Asia Pacific region. For the record, Asia Pacific sodium acetate industry is estimated to have apportioned more than 55% of the total revenue share of this business space in 2016.
Elaborating further, it is quite imperative to mention that this multimillion-dollar business sphere is set to exhibit robust growth rate over the forthcoming years owing to the humongous deployment potential of sodium acetate – right from modest domestic uses to intricate chemical and industrial applications. In addition to this, the leading sodium acetate industry participants have been investing massively in vital research and development activities to strengthen their position in this swiftly emerging bulk and specialty chemicals vertical. Apparently, considering the aforementioned aspects, it quite undeniable that the sodium acetate market growth prospects appear to be substantially profitable in the ensuing years, with a target revenue of USD 220 million by 2024.
Author Name : Saif Ali Bepari
Glass Packaging Market to witness a renewed focus over 2017-2024, product innovations to drive the competitive landscape
Glass Packaging Market has been undergoing a plethora of changes over the recent years with regards to innovations, enhanced branding, and unconventional packaging formats. Glass being 100% recyclable, is one of the most trusted and proven packaging solutions related to health, taste, and sustainability. In fact, statistics claim that glass is the only extensively used food packaging material that have been granted with the highest standard certification, ‘GRAS’ (as a recognized safe material) by the Food and Drug Administration. The impermeable and chemically unreactive characteristics of glass materials is further enhancing the application scope of glass material packaging industry across various domains, pharmaceutical and alcoholic beverages being at the pinnacle. As per a recent market speculation put forward by Global Market Insights, Inc., global glass packaging industry will surpass a valuation of USD 65 billion by the end of 2024, with an estimated CAGR of 4.5% over 2017-2024.
U.S. glass packaging market size, by application, 2013 – 2024 (USD Million)
Worldwide, glass packaging industry is fragmented with leading six companies representing only 30% of the revenue share. In this competitive scenario, it has been observed that industry biggies are adopting mergers and acquisitions and strategic collaborations to sustain their geographical presence. Companies are continuously trying to expand their production capacities by incorporating innovative products that are highly customized. Some of the renowned names in glass packaging market are Saint-Gobain, Owens-Illinois Inc, Gerresheimer AG, Vetropack Holding AG, Hindustan National Glass (HNG), Ardagh Group S.A., Piramal, Stölzle-Oberglas GmbH and Nihon Yamamura Glass Co., Ltd.
Glass packaging market Trends | Pharmaceutical sector
Pharmaceutical sector is one of the most outpacing domains actively driving glass packaging industry commercialization. The prime factor that can be credited for the market proliferation is the unprecedented rate of innovations outlining the business landscape. One such breakthrough is Corning’s revolutionary pharmaceutical glass packaging solution, Valor Glass. As it is proclaimed, Valor Glass offers superior strength, enhanced chemical durability, chemical resistance, assuring better protection of the drugs. Recently Corning and Stevanato Group have entered a strategic partnership focusing on merchandizing Corning’s Valor Glass to the glass packaging market. Another instance of such collaborations which is expected to be a potential boost for the overall industry dynamics from pharmaceutical applications is the business alliance between Merck, Corning, and Pfizer over Valor Glass packaging. Keeping into consideration the chain of positive disruptive trends, it is certain that pharmaceutical sector will contribute a significant portion toward the global glass packaging industry in the coming years, with a projected CAGR of over 4% over 2017-2024.
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Glass packaging market trends | Alcoholic beverage & beer sector
Having acquired a major portion of the glass packaging market share in past years, alcoholic beverage and beer sector emerged to be another profitable domain thriving the business landscape. The rising consumption of beer especially across APAC belt can be primarily attributed for the market revenue. In this regard, it is prudent to note that Asia Pacific almost represented 40% of the glass packaging industry in 2016. Increasing disposable incomes, a significant influence of the westernized lifestyles, and reduced cost of beers across some of the regions have acted in favor of the market growth. In fact, as per statistics, consumption of beer in Mexico and Vietnam have experienced an increase of around 6.5% and 7.5% respectively over the period of 2014-2015. Glass packaging is widely adopted for alcoholic beverages and beers, subject to its sustainability, non-permeability, and negligible chemical reaction rate which allows it to be best fit for long term preservation.
The industry is faced by several challenges, the prime being the rising popularity of plastic packaging which has observed rapid advancements in recent years. The linear growth curve of plastic packaging market can be attributed to some of its adhered benefits like easy transportation, cost effectiveness, durability, and aesthetic features. However, with increasing consumer preference for sustainable packaging materials having a high grade environmental viability, glass packing market is forecast to witness an appreciable growth in the years ahead.
Author Name : Satarupa De
A regional overview of Barite Market: APAC and North America to emerge as prominent investment avenues
The recent news about Suricate Minerals looking out for hydrothermal barite deposits in North Mauritania depicts the reach of Barite Market across the globe. Mauritania reportedly represents extensive mining investment opportunities, pertaining to the socio-economic and political conditions affiliated with the region. The government has also initiated a favorable mining policy, which is a major factor that may drive the global barite industry. In the milieu of this background, Suricate Minerals has planned to invest USD 4 million for the development of barite, gold, quartz, and lithium projects.
U.S. barite market size, by application, 2013 – 2024 (USD Million)
Barite is basically a naturally occurring, barium-based mineral, and is found extensively across United States, Morocco, China, and India. Endowed with the properties of chemical inertness and high density, barite finds utilization across a humongous range of applications, across pharmaceuticals, adhesives, oil & drilling, rubber & plastics, paints & coatings, and textiles. Subject to its widespread application terrain, barite market size was pegged at USD 2.2 billion in 2016, and is apparently poised to cross a valuation of USD 4.1 billion by 2024.
It is noteworthy to mention that some of the African countries also serve as major mining grounds for barite, which are heavily imported by the countries across the North America belt. As per surveys, Asia Pacific and North America are expected to be major growth avenues for barite industry. This is obvious from the slew of mining and export activities that are being undertaken in both the regions.
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Barite market trends across North America
Here’s a breakdown of the contributions made by the regional players toward the growth of North America barite industry in the years 2016 and 2017 (until now)
|Year – 2016|
|Companies involved||Contribution toward barite market|
|Schlumberger||Texas-based Schlumberger’s M-I Swaco unit had proposed to develop a classic barite resource in Scotland, which had been approved by the local regulatory authority. The initiative aimed to mine 120,000 tons of barite annually.|
|Voyageur Minerals Ltd.||Canada-based Voyageur Minerals Ltd. strengthened its position in regional barite market by executing 3 prime projects for barite exploration project. The firm had then, planned to drill 500,000 tons of industrial grade barite at Frances Creek, undertake drilling beyond 100 m of the mined-out zones at Jubilee Mountain, and perform geological research to mine 20,000 to 50,000 ton of barite at Pedley Mountain.|
|Year – 2017|
|Companies involved||Contribution toward barite market|
|Honey Badger Exploration||Honey Badger Exploration recently announced the acquisition of three essential zinc and barite assets in Quebec, thereby contributing its bit toward the regional barite market growth.|
|Voyageur Minerals Ltd.||Voyageur Minerals Ltd. built a strong portfolio of three wholly-owned BaSO4 (barium sulfate) deposits in British Columbia.|
|Benz Mining Corp.
Silver Range Resources Ltd.,
|Benz Mining Corp. entered into a partnership with Silver Range Resources Ltd., though which the former can buy 100% of the latter’s Mel zinc-lead-barite project, for a valuation of CAD 2.7 million in southeast Yukon.|
North America barite market size was valued over USD 1 billion in 2016. This comes as no surprise, considering the enormous number of shale gas exploration and oil drilling activities in the area. The region will continue to remain a major contributor of barite industry, with U.S. retaining its paramount position. The continent has also experienced the usage of unconventional energy sources to meet the never-ending demand across the power generation, automotive, and oil & gas sectors, on the grounds of which, analysts claim North America barite market to register a growth rate of 4.5% over 2017-2024.
Barite deposits in North America:
|United States||Missouri, Tennessee, Georgia, Nevada|
|Mexico||Durango, Hermosillo, Pueblo, and Monterrey|
|Canada||Nova Scotia, Newfoundland, and Yukon Territory|
One of the major states that has been achieving great heights in barite production is Nevada. Barite production in this state had risen by more than 20% from 2010 to 2013. In 2012, the numbers had increased to more than 740,000 tons from that of around 690,000 tons in 2011. With the continued shale gas boom and the robustly growing oil & drilling industry North America barite industry will carve out a lucrative roadmap over the years ahead.
Barite Market Trends across the Asia Pacific
Here’s a breakdown of the contributions made by the regional players toward the growth of Asia Pacific barite industry in the years 2015, 2016, and 2017 (until now)
|Year – 2015|
|Companies involved||Contribution toward barite market|
LY Resources (LYR Group)
|AsiaPhos, the mineral resource group had declared the acquisition of LY Resources for USD 36.8 million. The deal aimed to acquire the ownership of 55% of Deyang Fengtai Mining, which held the license for the barite rocks in Sichuan.|
|Year – 2016|
|Companies involved||Contribution toward barite market|
|Andhra Pradesh Mineral Development Corp. (APMDC)||Andhra Pradesh Mineral Development Corp. had announced the approval of the Indian barite tender that provided the company with exclusive rights to mine and sell barite for a 12-month period. The govt. approval was a major milestone in the development of the regional barite market.|
|Year – 2017|
|Companies involved||Contribution toward barite market|
|Thermax recently acquired Denmark-based Barite Investment with a view to establish barite facilities in the region.|
Asia Pacific barite market is expected to emerge as one of the most lucrative growth avenues for barite market, given that the region has been experiencing a commendable growth across numerous sectors. As per analysts, the continent is anticipated to generate substantial revenue from the sales of white and off-white barite, which is slated to grow at a CAGR of 3% over 2017-2024. This is primarily due to the growing prominence of the paints & coatings sector in the region, since the product is heavily utilized in this industry.
APAC barite market is expected to register a CAGR of 7% over 2017-2024, with India and China at the helm. The substantial shale gas exploration activities in China, say experts, will serve to be one of the major drivers pushing the growth of the regional barite market. Besides, the ever-growing construction, automotive, paints & coatings, and consumer goods will prove to make a marked impact on the growth path of APAC barite industry.
Experts predict that major companies operating in global barite market will make substantial investments toward the global revenue in the future. Having established its footprints across major geographies, barite market is also likely to tap into the areas on lesser potential, especially across Europe. Considering the fact that the mineral is used across numerous sectors, barite market is slated to exhibit an appreciable growth rate over the forthcoming years of 2017-2024.
Author Name : Saipriya Iyer