The Barite market 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.
Industry Prospective:
The Barite market 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.
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.
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:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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
By Grade
By Color
By Deposit Type
By End-Use Industry
By Region
Barite is a mineral with a range of several applications such as medicine compounding, engineering plastic, rubber, middle and high-grade paint, pottery, paper-making, and cosmetics, among others. Barite is found in a depositional environment and in meteorites. Barites suppress high formation fluids and prevent blowouts.
Barite is widely used as a weighting agent in drilling muds. It is also highly utilized as a pigment in paints, weight filler for paper, rubber, and cloth. Barite also finds its applications in the medical division for diagnosis. The sharp rise in the automotive sector has positively impacted the barite market. Moreover, barite is also utilized in textiles, paint and coating industry, as barite offers good stability, moderate rigidity, alkali and acid proof, and high specific gravity. In addition, the drilling industry is building its footmarks across the globe which is likely to bolster the growth of barite in the coming period.
The barite market is segmented into the grade, color, application, and regions. Barite possesses various grades such as below 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3, and a grade above 4.3. The grade above 4.3 is the fastest growing grade type segment due to its extensive use in plastic, rubber, and paints and coating industry. Above 4.3 grades possess high specific gravity and superior quality. The different grades are used in various diverse end users such as paints & coatings, rubber & plastics, oil & drilling, textiles, pharmaceuticals, and adhesives among others. The automotive segment accounted for the largest market share in 2016. Enhanced finishing and smoothness is obtained with the usage of barite in a coating is the key factor driving the use of barite in the automotive industry. The barite market is also segmented on basis of color which includes white and off-white grey, and brown. Some of the major applications of barite market are bedding, residual, vein, and cavity filling. Residual is mostly preferred over the other applications owing to cost-effective and superior results.
There has been tremendous growth in the oil and gas industry in recent years, this factor is expected to boost the barite market in upcoming years. China dominated the barite market in 2017 and is likely to maintain this trend over the forecast period. Due to the high demand for barite across the globe has led to huge mining projects in Mexico, Liberia, Zimbabwe, and Kazakhstan. India is expected to aid the barite market in the forecast period owing to growing demand for barite in diverse end-user industry. North America and Europe are anticipated to witness prominent growth owing to industrialization and manufacturing sector in Mexico. Latin America is expected to grow at a decent rate due to the rapidly growing construction industry in Brazil. However, Europe is likely to experience moderate growth owing to the economic crisis in Western Europe.
Some of the major companies functioning in the barite market are Shanghai Titanos Industry Co., Ltd., V&P Corporation, SMIMTAF, CMS Industries, Milwhite Inc., Desku Group Inc., Shijiazhuang Oushun Minerals Products Co. Ltd., Excalibar Minerals LLC., International Earth Products LLC, Seaforth Mineral & Ore Co. Inc., Kaomin Industries, and Mil-Spec Industries Corporation, among others.
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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.
According to the Market Research report, the Barite Market was worth about 1,275.1 (USD million) in 2021 and is predicted to grow to around 1,567.4 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 3.5 percent.
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.
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.
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