The barite market in the United
States is projected to expand at a CAGR of 2.50% during the
forecast period. As the world's largest consumer of barite,
the United States utilizes nearly
90% of its barite supply as a weighting agent in fluids used for
oil and natural gas well drilling. This significant demand is
driven by the country's extensive drilling activities in the energy
sector.
NEWARK, Del., July 25, 2024 /PRNewswire/ -- The barite
market is estimated to be worth USD
1,582.2 million in 2024 and is projected to be valued at
USD 2,317.0 million in 2034. Between
2024 and 2034, the industry is expected to register a CAGR of
3.90%.
The oil and gas sector is the main source of barite demand.
Drilling fluids used in the production and exploration of oil and
gas must contain barite. The need for barite for drilling
operations is predicted to increase as the world's energy
consumption keeps rising and exploration efforts focus on more
difficult regions.
The demand for building materials, such as concrete with barite
added, is rising due to the rise in infrastructure development
projects worldwide, especially in emerging economies. These
projects include roads, bridges, buildings, and other
infrastructure projects.
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Healthcare industry demand is driven by barite's use as a
contrast agent in diagnostic imaging procedures including CT and
X-rays. The usage of barite in medical applications is anticipated
to rise as the world's healthcare infrastructure spreads and
diagnostic imaging technologies develop.
The range of uses for barite in the oil and gas sector is
growing thanks to developments in drilling technologies including
hydraulic fracturing and horizontal drilling. Drilling
fluids based on barite are essential for preserving the
stability of the wellbore, managing pressure, and lubricating drill
bits throughout intricate drilling procedures.
Factors Driving Growth in the Barite Market
- The expansion of the oil and gas industry is directly linked to
the growth of the barite market. Barite is predominantly used as a
weighting agent in hydraulic fracturing operations, making it
essential for this sector.
- Barite's characteristics, such as being soft, heavy, and inert,
make it particularly suitable for use in hydraulic fracturing,
leading to high demand in this application.
- To meet the rising global energy demand, numerous new oil and
gas exploration projects are being initiated. This surge in
exploration activities is anticipated to create lucrative growth
opportunities for the barite market.
- Barite's desirable properties, including strong inertia,
excellent stability, high specific gravity, and moderate stiffness,
are driving its increased usage across various industrial
sectors.
- The growing need for energy, coupled with increasing
investments in oil and gas exploration, is expected to propel the
barite market's expansion throughout the projected period.
Key Takeaways
- From 2019 to 2023, the barite market expanded at a CAGR of
2.60%.
- Based on the form, the powder segment is expected to account
for a market share of 53.40% in 2024.
- The demand for barite in Germany is predicted to grow at a CAGR of
2.05% through 2034.
- In the United States, the
barite industry is estimated to register a CAGR of 2.50% from 2024
to 2034.
- China is projected to expand
by a CAGR of 4.92% between 2024 and 2034.
- The barite market in Japan is
anticipated to record a CAGR of 1.85% during 2034.
"Increasing application of barite in various end-use
industries and increased research and development efforts to
explore novel uses of barite could open up additional market
opportunities.," Says Nikhil
Kaitwade, Associate Vice President at Future Market
Insights (FMI).
Competitive Landscape
Businesses increase their market share by focusing on new
markets, sectors of the economy, and clientele. Market participants
collaborate with other companies through alliances, joint ventures,
and strategic partnerships to exploit complementary skills, pool
resources, and open new markets and opportunities.
- Excalibar Minerals is a subsidiary of Newpark Resources,
Inc., and is one of the largest barite producers in the United States. They provide high-quality
barite products primarily for the oil and gas drilling
industry.
- International Earth Products LLC. is involved in
extracting, processing, and distributing industrial minerals,
including barite. They likely supply barite to various industries
globally.
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Leading Players Profiled in the Barite Market
- Milwhite
- Corpomin
- Excalibar Minerals
- International Earth Products LLC.
- BariteWorld
- The Kish Company, Inc.
- New Riverside Ochre Company, Inc.
- Global Reach FZE
- Andhra Pradesh Mineral Development
- Anglo Pacific Minerals Ltd.
Barite's Prominent Role in Drilling Mud Applications
Barite's dominance in the drilling mud segment is anticipated to
continue, with this application expected to account for a
substantial 71.8% of the total revenue in 2024. This segment is
also forecasted to exhibit robust growth throughout the forecast
period.
The high specific gravity of barite makes it an indispensable
weight agent in oil well drilling fluids. It is primarily utilized
to enhance hydrostatic pressure during drilling operations,
effectively countering high-pressure zones encountered in oil and
gas extraction. As the demand for barite in drilling mud
applications for oil and gas recovery surges, it is projected to
significantly drive the market's expansion over the forecast
period.
More Valuable Insights Available
Future Market Insights offers an unbiased global barite market
analysis, providing historical data from 2019 to 2023 and forecast
statistics from 2024 to 2034.
To understand opportunities in the barite industry, the industry
is segmented based on the Product Form (Lumps, Powder) By
Grade (Up to SP 3.9, SP 4.0, SP 4.1, SP 4.2, SP 4.3 and Above) By
Application (Drilling Mud, Pharmaceuticals, Rubbers & Plastics,
Paints & Coatings, Textiles, Other Applications) Region
(North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle
East, and Africa).
About the Chemicals and Materials at Future
Market Insights
The chemical and materials team at Future Market Insights offers
expert analysis, time-efficient research, and strategic
recommendations to provide authentic insights and accurate results
to help clients worldwide. With over 100+ reports and one million+
data points, the team has analyzed the industry lucidly in 50+
countries for over a decade. The team briefly analyzes key trends,
including competitive landscape, profit margin, and research
development efforts.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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