News

The global Barite market size is expected to be worth around US$ 4.80 billion by 2030, according to a new report by Vision Research Reports.

The global Barite market size was valued at US$ 2.20 billion in 2020 and is anticipated to grow at a CAGR of 4.7% during forecast period 2021 to 2030.

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Report Coverage

Report Scope	Details
Market Size	USD 4.80 billion by 2030
Growth Rate	CAGR of 4.7% From 2021 to 2030
Base Year	2021
Forecast Period	2021 to 2030
Segments Covered	Application
Regional Scope	North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned	The Andhra Pradesh Mineral Development Corporation Ltd.; Ashapura Group; Excalibur Minerals LLC; P & S Barite Mining Co. Ltd.; Schlumberger Limited

Growth Factors

 An increase in global oil and gas production is anticipated to augment the market growth as barite is widely used as a weighting agent in drilling operations. The COVID-19 pandemic affected the product demand in 2020, which was reflected in the decline of the market growth. The oil and gas application segment accounted for the largest revenue share in 2020 as barite is mainly used as a weighting agent in formulating drilling mud. Investments in new offshore exploration projects are anticipated to benefit the market growth.

By Application Analysis

The oil and gas segment accounted for the largest revenue share of over 77.0% in 2020 and this trend is expected to continue over the forecast period. In the oil and gas industry, the product is employed as a weighing agent in the formulation of drilling mud.

The chemicals segment held the second-largest revenue share in 2020. Barite is used as a feedstock for manufacturing barium-containing compounds, which are widely employed in a variety of end-use sectors.

The barite-derived compounds find application in industries, such as glass, and construction. For instance, they are used in the glass industry as a melting ingredient that helps reduce bubbles and improves product luminosity and transparency. Glass that contains barite is clearer and brighter than lead glass.

Barite is also preferred as a filler in various applications, including paints, plastic, coatings, and paper. In paints, it helps in adjusting thickness and increasing its stability and brightness.

By Regional Analysis

North America held the largest revenue share of over 35.0% in 2020. This is attributed to the U.S. oil and gas industry, where barite finds major use.

Asia Pacific is anticipated to register the highest growth rate of 4.4%, in terms of revenue, over the forecast period. Developing economies such as India and China are likely to see a rise in the production of oil and gas,

The Middle East and Africa accounted for the second-largest revenue share in 2020. This is attributed to the widespread presence of crude oil reserves and exploration in the region.

Key Players

• Andhra Pradesh Mineral Development Corporation Ltd.
• Ashapura Group
• Excalibur Minerals LLC
• P & S Barite Mining Co. Ltd.
• Schlumberger Limited

Market Segmentation

• By Application
  • Oil & Gas
  • Chemicals
  • Fillers
  • Others
• Regional
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Norway
    • Russia
  • Asia Pacific
    • China
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.

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