Barite Market is set to garner staggering revenues by 2024

Of late, the global barite market has been experiencing an intense competition between the leading companies, namely, APMDC, China Shen Zhou Mining and Resources Inc., Halliburton Co., Excalibar Minerals LLC, and Ashapura Minechem Ltd., finds a report by Transparency Market Research (TMR). The market has been demonstrating a highly fragmented structure, with these companies holding only 31.1% share of the overall market in 2015.

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Currently, the leading vendors of barite across the world are making strategic alliances to increase their market share. Analysts at TMR expect these firms to increase investments in novel barite-mining projects in order to expand their reserves over the next few years.

The report estimates the opportunity in the global market for barite, which was worth US$1.29 bn in 2015, to progress at a CAGR of 4.10% during the period from 2016 to 2024 and reach a value of US$1.85 bn by the end of the forecast period. In terms of volume, the market is likely to cross 11,645.7 kilo tons by 2024. Accounting for a share of more than 70%, drilling mud emerged as the key application segment of this market in 2015. Researchers expect the scenario to remain so over the period of forecast.

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North America to Retain its Position in Global Barite Market

The report also offers a geographical analysis of the global market for barite. As per the study, the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America are considered as the key regional markets for barite. With more than 30% share, North America led this market in 2015, thanks to the increased demand for barite drilling mud in the oil and gas industry. With continual rise in oil and gas drilling activities, the regional market is likely to retain its position over the forthcoming years. The U.S. is expected to surface as the leading consumer of barite in North America over the forecast period.

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Asia Pacific is also emerging as a potential market for barite, thanks to the remarkable growth in the rubber and plastic industry in this region. Going forward, this regional market is likely to present most promising growth opportunities to barite vendors across the world in the near future. On the other hand, the markets for barite in Latin America and the Middle East and Africa are projected to demonstrate stable growth throughout the forecast period, states the research report.

Increase in Oil and Gas Production to Boost Demand for Barite

As barites have high specific gravity, they are used as weighting agents in drilling fluids, which make them an essential component of the process of oil and gas production. “With the increasing demand for energy across the world, the oil and gas production is witnessing a monumental rise, which consequently, is influencing the demand for barite, globally,” says the author of this study.

The increasing usage of barite as a filler agent in plastics, paints, and rubber is also projected to reflect positively on the global market for barite over the forecast period. However, the stringent regulations of various governments and their interference over the production of barite may hamper the growth of this market, notes the study.

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This release was published on openPR.