Barite Market Size Worth $2.08 Billion By 2027 | CAGR: 3.8%: Grand View Research, Inc.

SAN FRANCISCO, Jan. 13, 2021 /PRNewswire/ -- The global barite market size is expected to reach USD 2.08 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.8% from 2020 to 2027. The market is expected to be driven by rising demand for oil & gas drilling applications. The COVID-19 pandemic is likely to restrict the industry growth in 2020 as oil & gas production is expected to fall drastically in 2020.

Key suggestions from the report:

• The oil & gas application segment dominated the market with a revenue share of 77.1% in 2019 owing to extensive utilization of barite as a weighting agent, particularly for offshore drilling
• The fillers application segment is expected to expand at the fastest CAGR of 4.3%, in terms of revenue, from 2020 to 2027 owing to increasing plastics and paints manufacturing, particularly in the Asia Pacific
• North America dominated the market with a revenue share of 39.6% in 2019 owing to the high production of tight oil in the region
• Asia Pacific is expected to expand at the fastest CAGR in terms of volume and revenue from 2020 to 2027 owing to increasing investments in exploration and production of oil, particularly in China
• Capacity expansion is a key strategy adopted by the market players

Read 104 page research report with ToC on "Barite Market Size, Share & Trends Analysis Report By Application (Oil & Gas, Chemicals, Fillers), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/barite-market

Barite is mainly used as a weighting agent in drilling operations owing to its properties, like low abrasiveness, non-corrosive nature, and high specific gravity. The amount of barite used for offshore drilling is greater than that of onshore drilling. The recent trend indicates that oil & gas producers are focused on sustaining oil production as onshore oil resources are being depleted at a significant rate. As a result, oil & gas players are increasingly seeking alternate sources, such as offshore oil resources. This is predicted to benefit market growth.

In the chemical industry, various chemical derivatives of barite, such as carbonates, sulfates, and hydroxides, are significantly used for industrial applications. For instance, barium hydroxide is used in the manufacturing of barium salts of organic acids, which are further used as stabilizers for PVC and additives for lubricating oils.

Barite is also used as a filler in the paint and plastic industries. Furthermore, the product is used in glass manufacturing to enhance the brilliance of glass products by removing impurities. High economic growth in the Asia Pacific driven by rapid industrialization is expected to fuel the growth of the chemicals, plastics, and paints and coatings industries, which, in turn, is expected to boost market growth.

The Asia Pacific was the largest producer of barite in 2019 while North America was the largest consumer. The U.S. has significantly ramped up its oil production since the past decade owing to the discovery of tight oil. This has proved rewarding for barite producers. The product consumption has witnessed a sharp boost since 2016 and is expected to witness moderate growth until 2027, following the recovery of the COVID-19 pandemic.

Grand View Research has segmented the global barite market on the basis of application, and region:

• Barite Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Oil & Gas
• Chemicals
• Fillers
• Others
• Barite Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• Russia
• Norway
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa

List of Key Players of Barite Market

• Ashapura Minechem Limited
• Schlumberger Limited
• The Andhra Pradesh Mineral Development Corporation Limited
• Excalibar Minerals LLC
• Sojitz Corporation
• Baker Hughes Incorporated
• International Earth Products LLC
• Anglo Pacific Minerals
• Milwhite Inc.

Find more research reports on  Advanced Interior Materials Industry, by Grand View Research:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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