High Demand for Barite in Drilling Industry Boosts Global Barite Market to US$1.84 Billion by 2023

The global barite market, with a CAGR of 5.8% expected between 2015 and 2023, is expected to reach an overall value of US$1.84 billion in 2023. The market’s value in 2014 was US$1.11 billion, according to a report released by Transparency Market Research titled “Barite Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”. The key parts of the report delve into the global barite market in order to explain its growth as well as restraining factors.

View exclusive Global strategic Business report : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2404

According to the report, barite is a critical element that is primarily required in drilling activities. Barite is useful as a weighting agent, as it restricts surplus flow of drilling fluids. It also helps curb high pressures that get formed during the drilling process. The specific gravity of barite is what enables these characteristics.Application industries of the global barite market include chemicals, oil and gas, paint, rubber, automotive, medical, and electronics.The report further explains that the global rate of drilling activities has spiked recently in the oil and gas industry. This high growth rate needs to be supplemented by a high supply of barite, which is what will drive the global barite market in the next few years.

Most manufacturers directly offer drilling quality barite. The global barite market could, however, face a few restraints. A key market restraint explored in the report is the ready availability of barite substitutes, including hematite, illmenite, celestite, and itabirite. The report adds that despite the growing usage of these substitutes, the global barite market can still prosper due to its potential applicative scope in multiple industries.The report provides details on the global barite market in terms of its segmentation. In terms of application, the oil and gas segment held the largest share in the global barite market in 2014; the segment held an overwhelming 80% of the global barite market. The report also pegs the oil and gas segment to be the fastest growing one within the given forecast period.

The oil and gas segment was followed by chemicals, a segment which is expected to expand at slow to moderate rates till 2023. Other segments that hold a market presence include rubber, electronics, and medical. All these segments are expected to grow at a slow rate in the near future.The report’s geographical segmentation reveals North America to lead the global barite market in 2014, with a hold over more than 40% of it. Asia Pacific followed closely, with Europe coming in third. The MEA region is expected to show moderate demand for barite over the next few years. Demand for barite from MEA is mostly restricted to the oil and gas industry.

Key players operating in the global barite market include Excalibar Minerals LLC., China Shenzhou Mining and Resources Inc., Ashapura Group of Industries, and Andhra Pradesh Mineral Development Corporation Ltd.

Key segments of the Global Barite Market

Barite Market & Application Analysis

Oil and gas
Chemicals
Others (Including fillers and radiation shielding)

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.