Barite Market Size, Share, Growth Report 2032

Barite Market Size And Industry Analysis

The Barite market size was worth around USD 1,275.1 million in 2021 and is estimated to grow to about USD 1,567.4 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.5 percent over the forecast period. The report analyzes the Barite Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Barite Market.

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Barite Market: Overview

Baryte, often known as barite, is a white or colorless mineral that is an important source of barium. Barite is typically found in lead-zinc veins in limestones and is deposited via a variety of mechanisms such as evaporation, hydrothermal, and biogenic, among others. The increasing demand for oil and gas around the world is a primary element driving growth in the worldwide barite market.

Along with its utility as a weighting agent for drilling fluids, barite is most commonly used in the oil and gas industry. Additionally, rising demand for barite in the paints and coatings and pharmaceutical industries is likely to drive the barite market forward. Furthermore, due to its low oil absorption and great brightness, barite is suitable for use as a pigment in paints and coatings for automobiles and consumer products. As a result, the expanding vehicle sector contributes to the expansion of the worldwide barite market.

The use of barite in the construction of radiation-resistant structures in healthcare settings is becoming a new market trend. Since barites can efficiently filter radiations such as gamma rays and X-rays, they are being used in laboratories, power plants, and hospitals.

Covid-19 Impact

The global problem caused by the COVID-19 pandemic has resulted in a significant decrease in barite output. The oilfield sector, which accounts for more than 70% of barite use, has been badly hit by travel limitations and a significant decrease in demand for transportation fuels. China, Morocco, Laos, Mexico, the United States, Turkey, and other major producers and exporters of barite suffered decreasing production volume in the pandemic period. Furthermore, more than 90% of the barite sold in the United States is utilized in oil and gas drilling.

However, as a result of the COVID-19 problem, barite consumption in the United States fell by a significant percentage in 2020. During the pandemic, these factors had a significant impact on the barite market share. Several steps are being implemented to get the barite market demand back on track, which will aid producers. As soon as the lockdown is released, the demand for barite chemical formula and fluids will rise.

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Barite Market: Driver

Barite is used in the production of barium carbonate. It is also utilized in the creation of LED glass, which is used in the production of televisions, monitor screens, mobile phones, bulbs, and a variety of other electrical equipment. Electronic gadgets are widely used in the industry, which is a major driving force in boosting the barite market size. The primary application of barite is in the extraction and drilling of oil and gas for a variety of processes.

Barite Market: Restraints

Globally, it has been discovered that a reduction in the mining process has been implemented, which has harmed market demand as well as the expansion of the barite industry. Since the extraction of several new metals is hazardous to the environment, a change in the drilling method was proposed. This has been the market's most significant impediment.

Barite Market: Opportunities

The primary application of barium sulfate is as a lubricant in oils, paints, lubricants, polymers, and rubbers. Barite is in high demand due to its low cost, the convenience of use, and accessibility, which expands its prospects in the barite sector. It is particularly useful in hospital equipment such as x-ray and gamma-ray devices. It is copious and exceedingly pure, owing to which it has a good absorbing character. Globally, barite has been identified as the largest and most prominent segment, accounting for the majority of the barite market share.

Barite Market: Segmentation

The Barite Market is segregated based on Form, Grade, Color, Deposit Type, and End-Use Industry.

By Grade, the market is classified into Up to Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, and Grade above 4.3. Grade 4.3 is expected to increase at a rapid rate throughout the forecast period because of its applications in the rapidly increasing rubber & tire, healthcare, and paints & coatings industries. Other applications for Grade 4.3 include television and computer monitors, radiation shielding, sound-proofing material in automobiles; traffic cones; brake linings, and so on. High-grade barite, such as 4.3 and higher, is always in high demand because of its purity and hardness.

By Color, the market is classified into White & Off- white, Grey, Brown, and Others. The grey sub-segment is expected to have a significant market share in the forecast period. Grey barite is a naturally occurring mineral type of barium sulfate. Grey barite is frequently utilized as an aggregate, filler extender, and drilling mud weighting agent. Due to its high specific gravity, barite is employed in drilling to prevent the explosive release of gas and oil. During the analysis period, these variables are expected to fuel the growth of the capture sub-segment.

By Deposit Type, the market is classified into Residual, Bedding, Vein, and Cavity Filling. The bedding sub-segment is expected to have a dominant market over the forecast period. This is due to the fact that bedded barite is the most economically important form of barite, which is thought to have developed as emission from seafloor sediments. Bedded barite has a fine-grained syrupy texture and is usually medium to dark grey in color. Furthermore, bedded deposits of barite may be easily extracted utilizing large-scale open-pit mining processes, and extraction involves only a few basic steps. Furthermore, bedded barite deposits are widespread and have stable grades, making them valuable for a variety of industrial and oil and gas drilling operations. These factors are expected to drive the size of the bedding sub-segment market in the approaching years.

Report Scope:

Regional Landscape

North America is the largest barite market and is likely to remain dominant throughout the projection period. The region's shale oil revolution has fuelled growth in exploration and development activities, which has resulted in a significant capacity increase, increasing demand for barite as a weighing agent in the oil and gas industry. The increase of exploration and production operations in the North Sea, in particular, has strengthened the region's barite market. Moreover, the region's prominent automobile and consumer goods industries have raised the demand for paint and coating in the region, which is driving the barite market due to its substantial use in pigments in the paint and coating industry.

During the projection period, the Middle East and Africa accounted for the second-largest revenue share. This is due to the region's widespread existence of crude oil reserves and exploration. Due to the high availability of oil wells and natural reservoirs, bauxite is particularly well-known in Qatar, Dubai, and several locations in the United Arab Emirates. The increase in construction activity and surge in demand for paints and coatings from the automotive sector in emerging countries such as Qatar, Dubai, and some regions of the United Arab Emirates are expected to drive demand for paints and coatings, which will likely augment demand for barite from paints and coatings manufacturers.

Competitive Landscape

Some of the main competitors dominating the Barite Market include - CHINHANA GROUP, DEMETER O&G SUPPLIES SN BHD, KIA ENERGY COMPANY LTD., NHAT HUY GROUP, ASHAPURA GROUP, GENERAL ELECTRIC, HALLIBURTON, SIBELCO, SCHLUMERGER LIMITED, SOJITZ CORPORATION.

Barite Market is segmented as follows:

By Form

• Lumps
• Power

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

• White & Off- white
• Grey
• Brown
• Others

By Deposit Type

• Residual
• Bedding
• Vein
• Cavity Filling

By End-Use Industry

• Oil & Drilling
• Paints & Coatings
• Pharmaceuticals
• Rubber & Plastics
• Textiles
• Adhesives
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa