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Barite Market Trend, Demand, Share, Size, Grade, Form, Colour, Deposit Type, End-use Industry, Region-Forecast, 2020-2027
Barite Market
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Global Barite market growth is driven by increase in the U.S. shale oil drilling activities and demand from the paints & coatings industry in Asia-Pacific. However, availability of substitutes restrains the market growth. On the other hand, emerging oil-producing regions present new opportunities in the coming years. According to the report, the global barite market generated $1.4 billion in 2019, and is expected to reach $2.4 billion by 2027, witnessing a CAGR of 7.3% from 2020 to 2027.
By region, North America accounted for the highest market share in terms of revenue of the market in 2019, contributing to more than one-third of the total share, and will maintain its lead throughout the forecast period. However, Asia-Pacific is estimated to grow at the fastest CAGR of 8.2% from 2020 to 2027.
By form, the powder segment contributed to the largest market share in 2019, holding more than half of the global market, and is projected to maintain its highest contribution throughout the forecast period. Moreover, this segment is projected to portray the fastest CAGR of 7.7% from 2020 to 2027. The report also discusses the lumps segment.
By end-use industry, the oil & gas drilling segment held the largest market share in 2019, accounting for nearly two-thirds of the global barite market, and is projected to continue its leadership status by 2027. However, the pharmaceuticals segment is projected to manifest the largest CAGR of 8.2% during the forecast period.
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Covid-19 Scenario
Owing to a halt in the oil & gas drilling activities across the globe during the lockdown and as a preventive measure to eliminate the possibility of Covid-19 infection, the demand for barite has been decreased significantly.
The demand from the U.S. dropped considerably as drill rig count fell during the Covid-19 pandemic. The oil producers suffered a sharp decline in supply and demand.
In addition, there has been a significant reduction in production activities of paints & coatings, textiles, plastics, and adhesive industries with disruptions in the supply chain. This also affected the demand for barite.
The demand would grow gradually as oil & gas drilling activities have resumed and manufacturing activities among end-use industries of barite have begun during the post-lockdown period.
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The Barite industry is studied on the basis of geography along with the competitive landscape in every region. The report targets North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). These insights aid to devise business strategies and how to react to new lucrative opportunities.
Leading players of the global barite market analyzed in the research include Chinchana Group, KIA Energy Company Ltd., Demeter O&G Supplies SN BHD, General Electric, NHAT HUY Group, Halliburton, Ashapura Group, Schlumberger, Sibelco, and Sojitz Corporation.
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