Barite Industry Overview
The global barite market size was valued at USD 1.19 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028. An increase in global oil and gas production is anticipated to augment the market growth as barite is widely used as a weighting agent in drilling operations. The COVID-19 pandemic affected the product demand in 2020, which was reflected in the decline of the market growth.
However, with vaccine roll-out and safety precautions being adhered to by oil and gas producers, the production is gaining pace and with the upcoming investments, the demand for barite is expected to flourish. The U.S. is amongst the leading consumers of barite. The country mainly utilizes the product as a weighting agent in fluids that are used in the drilling of oil and gas. It is also used as an extender and filler in plastic, rubber, and paints. The country consumed around 3 million tons of barite in 2019, of which the majority of the portion was imported.
Gather more insights about the market drivers, restraints, and growth of the Global Barite market
In 2020, most of the mines were idled owing to the COVID-19 pandemic, which impacted barite production. Furthermore, its consumption declined too as the oil and gas industry was negatively impacted on account of various restrictions. Numerous travel restrictions led to the reduced demand for transport fuel, which impacted crude oil production and the need for barite.
With the economic recovery, the production and consumption of oil and gas are expected to rise, thus, benefitting the product demand. For instance, according to the U.S. Energy Information Administration, around 98.8 million barrels/day of liquids and petroleum were consumed in July 2021, which was an increase of 6 million barrels/day compared to July 2020.
Being a drilling fluid, the number of rigs has a major impact on barite consumption. In the second week of August 2021, the rig count for the U.S. increased by 9, reaching 500. On a year-on-year basis, the rig count is up by 256 units compared to 244 units working last year. The rise in drilling rig counts is expected to benefit the market growth.
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Barite Market Segmentation
Grand View Research has segmented the global barite market on the basis of application and region:
Barite Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Oil & Gas
- Chemicals
- Fillers
- Others
Barite Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights:
April 2021: CIMBAR Performance Minerals acquired the U.S. Barite and Alumina Trihydrate manufacturing assets and business of TOR Minerals. The acquisition aims at broadening CIMBAR’s portfolio and increasing its customer reach across multiple locations.
Key Companies profiled:
Some prominent players in the global Barite market include
- Andhra Pradesh Mineral Development Corporation Ltd.
- Ashapura Group
- Excalibur Minerals LLC
- P & S Barite Mining Co. Ltd.
- Schlumberger Limited
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