According to IMARC Group’s latest report, the global barite market grew at a CAGR of around 4% during 2015-2020. Looking forward, the market is expected to exhibit moderate growth during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Barite refers to a white or colorless naturally occurring mineral composed of barium and sulfate. The barite group consists of celestine, anhydrite and anglesite and is usually extracted from lead-zinc mines in residual, vein and bedded deposit variants. Barite has low solubility, high density and is cost-effective. It is used as a weighting, filler and extender agent and as a crucial ingredient to manufacture barium carbonate. Owing to these factors, barite finds extensive applications across various industries, such as oil and gas, rubber, chemical, plastic, pharmaceutical, etc.
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Market Trends
Rapid growth in the oil and gas sector, coupled with increasing offshore and ultra-deep exploration activities, is primarily driving the market growth. Barite is used as a weighing agent in oil well drilling fluids as it counters the pressure resulting from drilling operations. Furthermore, the widespread adoption of barite to manufacture plastic products is also propelling the market growth. Additionally, the escalating product demand to produce paints, coating, rubbers, pharmaceuticals and automobile components is acting as another growth-inducing factor. In the coming years, the expanding product utilization in the medical sector to absorb X- and Gamma rays is anticipated to further drive the global market for barite.
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List of Key Companies Covered in this Market Report:
- Anglo Pacific Minerals Ltd.
- Ashapura Minechem Limited (AMCOL International Corporation)
- Baker Hughes Company
- International Earth Products LLC
- Milwhite Inc.
- Newpark Resources Inc.
- P&S Barite Mining Co. Ltd.
- Schlumberger Limited, Sojitz Corporation
- The Andhra Pradesh Mineral Development Corporation Limited
- The Cary Company.
The report has segmented the market on the basis of grade, application and geography.
Breakup by Grade:
- Upto 3.9
- Special Grade 4.0
- Special Grade 4.1
- Special Grade 4.2
- Special Grade 4.3 and Above
Breakup by Application:
- Oil and Gas
- Chemicals
- Pharmaceuticals
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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