Barite Market - Global Industry Analysis 2016 - 2024
According to Transparency Market Research (TMR), the global market for barite presented an opportunity worth US$1.3 bn in 2015. Rising at a CAGR of 4.10% between 2016 and 2024, the market is estimated to attain a value of US$1.8 bn by the end of 2024. Alongside this, the production volume of barite, worldwide, is likely to cross 11,645.7 kilo tons by the same time period.
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Demand for Barite to Remain High in Drilling Mud
Drilling mud, rubber and plastics, pharmaceuticals, pulp and paper, and paints and coatings have surfaced as the key application areas of barite across the world. The demand for barite has been higher in drilling mud when compared to other application areas as it is extensively utilized as a weighting agent in the manufacturing of drilling fluids for several drilling activities in the oil and gas industry.
The significant growth in the demand for oil and gas, fueled by the continual rise in the need for energy across the world, is likely to boost the requirement of drilling mud in the near future, leading to a considerable rise in the application of barite. This, as a result, is anticipated to ensure the position of drilling mud as the leading application area of barite over the forecast period.
Constant Increase in Oil and Gas Drilling Activities to Ensure North America’s Lead
Europe, the Middle East and Africa, Asia Pacific, Latin America, and North America are the main regional markets for barite. In 2015, North America emerged as the market leader with a share of 30% in the overall market. The augmenting demand for barite drilling mud in the oil and gas industry has boosted this regional market significantly over the last few years. Analysts expect North America to retain its position throughout the forecast period and attributed the constant increase in oil and gas drilling activities for this. The U.S. is projected to lead the North America barite market over the forthcoming years.
Asia Pacific is also anticipated to surface as a promising market for barite in the years to come. The notable growth in the rubber and plastic industry in Asia Pacific can be accredited for the rising demand for barite in this region. On the other hand, Latin America and the Middle East and Africa are expected to witness stable growth in their respective markets for barite in the near future.
Andhra Pradesh Mineral Development Corp. Ltd., Excalibar Minerals LLC, Halliburton Co., P&S Barite Mining Co. Ltd., Anglo Pacific Minerals, and CIMBAR Performance Minerals are some of the prominent barite producers across the world.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for 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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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