Global Industrial market was valued at US$ 1.39 billion in 2016, according to Global Barite Market Report by Grade (Up to Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, Grade above 4.3), by Color (Brown, White & Off-White, Grey, Others), by End-Use Industry (Oil & Gas, Paints & Coating, Pharmaceuticals, Rubber & Plastics, Textiles, Adhesives and Others), published by Coherent Market Insights. The barite market is expected to register a CAGR of 5.83% over the forecast period (2017-2025) to reach US$ 2.30 Billion by 2025.
Barite finds wide application in the oil and gas industry. Due to the increasing hydrostatic pressure experienced while drilling in high pressure zones, barite helps to cool the drill bits and at the same time helps in suspending the rock bits.
Barite is used as barium meal material for intestine and stomach reflections. It is also used as filling of plaster and dope, to extend the time limit of the plaster. Barite is used in the diagnoses of medical tests and also to block the gamma rays and x-rays emissions. These factors are majorly responsible for the high demand for barite in the pharmaceutical industry.
It finds application in other industries such as paints and coatings, automotive, and textile industry, among others.
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Browse 150 market data tables* and 90 figures* on “Barite Market” – Global forecast to 2025.
Key Trends and Analysis of Barite Market:
Among applications, oil & gas segment dominated the global barite market in 2016 valued US$ 1.06 billion and is expected to lead the market throughout the forecast period. Barite helps to suppress high pressure formation and prevent blowouts and due to this factor, they are extensively used as a weighing agent in the oil & gas industry. Further, barite also finds fair application from the paints and coatings industry as well, and the demand for barite from this industry is expected to surge during the forecast period
Key Takeaways of the Market:
North America led the barite market in 2016 and is expected to lead the market throughout the forecast period. The barite market in North America stood at US$ 0.56 billion in 2016 and is expected to exhibit CAGR of 6.21% during the forecast period. The booming oil and gas sector in North America has resulted in an increasing demand for barite since it is widely used as a weighing agent in order to suppress high formation fluids and to prevent blowouts. U.S. is the major contributor to the growth of the barite market in North America.
Asia Pacific is the fastest growing market for barite. The market stood at US$ 0.28 billion in 2016 and is expected to witness the fastest growth, expanding at a CAGR of 6.4% during the forecast period. India and China are the leading producers of barite, with China holding the dominant share in Asia Pacific.
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Europe is expected to witness a healthy growth during the forecast period, with Germany, and U.K. being the frontrunners for Europe
Some of the major players in the barite market include, Seaforth Mineral & Ore Co. Inc., CIMBAR Performance Minerals, Shijiazhuang Oushun Mineral Products Company Limited, Excalibar Minerals LLC., Shanghai Titanos Industry Company Limited., International Earth Products LLC., Spectrum Chemical Manufacturing Corporation, Anglo Pacific Minerals, and Desku Group Inc,.