Barite Market Will Witness Substantial Growth in the Upcoming years by 2028

 Market Overview:

In addition, the global Barite Market has been expected to reach a CAGR of 5.82% with a significant value over the estimated forecasting year of 2020-2030.

Barite is a white or colorless naturally occurring mineral composed of barium and sulfate. The barite group consists of anhydrite, celestine, and anglesite and is commonly extracted from lead-zinc mines in vein, residual, and bedded deposit variants. The vein and residual deposits are hydrothermal, whereas the bedded deposits are sedimentary. Barite exhibits advantageous properties, such as low solubility, high density, chemical inertness, and cost-effectiveness. It is used as a weighting, filler, and extender agent and as a crucial ingredient in the manufacturing of barium carbonate. As a result, it finds extensive applications across various industries, such as oil and gas, chemical, rubber, plastic, medical, and pharmaceutical.

Significant growth in the oil and gas industry, along with increasing offshore and ultra-deep exploration activities, is one of the key factors creating a positive outlook for the market. Barite is used as a weighing agent in oil well drilling fluids as it counters the pressure resulting from drilling operations. Moreover, the widespread adoption of barite to manufacture plastic products is also driving market growth. It is used as a non-toxic, water-soluble, and stable chemical filler to enhance plastic products’ gloss, strength, and weather ability. Additionally, the rising product demand for paints, coating, rubbers, pharmaceuticals, and automobile components is another growth-inducing factor. Rapid urbanization, along with increasing product utilization in the medical industry to absorb X- and Gamma rays, are anticipated to drive the market further.

Market Segmentation:

The global barite market has been segmented into type, end-user industry, and geographical analysis. With the type section, the market is divided into four sections: vein, residual, bedded, and other types. The market is further divided into four categories: oil and gas, chemical, rubber, and other end-user industries with the end-user industry. As per the geographical section, the barite world is further divided into five sections Asia-Pacific, Europe, South America, North America, and Middle East & Africa.

Regional Analysis:

The Middle East has the largest barite market share in the barite market owing to its dominance of over 30% in global oil production. This is due to some leading oil-producing nations of the world in this region, like Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates. It was estimated that among OPEC’s total oil reserves, the Middle Eastern nations held the majority. The proven oil reserves of this region were valued at about 113.2 billion metric tons. As of 2020, Saudi Arabia produced roughly 9.21 million barrels per day, accounting for 15% of the global output, making it the largest oil producer globally.

Saudi Arabia produced around 8.5 million barrels per day. According to the United States Energy Information Administration, in the first quarter of 2021, Saudi Arabia produced around 8.49 million barrels, accounting for 31% of the Middle Eastern output. The Middle East produces one-third of the world’s total oil production, estimated to be roughly around 25.98 million barrels per day in 2020.

Industrial News:

The barite market is partially consolidated. Some of the companies in the market include Sachtleben Minerals GmbH & Co. KG, Milwhite Inc., Cimbar Performance Minerals, New Riverside Ochre, and Newpark Resources Inc.

 

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