Barite Market (Grade: Up to 3.9, Sp. Gr. 4.0, Sp. Gr. 4.1, Sp. Gr. 4.2, Sp. Gr. 4.3 & Above; Application: Drilling Mud, Pharmaceuticals, Rubber & Plastics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Global Barite Market: Snapshot
Barite is a mineral containing barium sulfate. The chemical formula for barite is BaSO4. It is found in various colors such as yellow, brown, white, blue, and gray. It can even be colorless. The U.S., China, India, and Morocco are the primary countries where commercial deposits of barite are found. High density and chemical inertness make barite an ideal mineral for usage in various applications. Barite is an important mineral because of its usage in exploration and development of petroleum and natural gas resources. It is mostly mined from layers of sedimentary rock. In some cases, barite is a by-product of mining lead, zinc, silver, or other metal ores.
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Drilling Fluids to Remain Key Application Segment in Global Barite Market
In terms of grade, the global barite market has been divided into up to 3.9, Sp. Gr. 4.0, Sp. Gr. 4.1, Sp. Gr. 4.2, and Sp. Gr. 4.3 & above. Barite is chemically inert and insoluble. Each grade is used for certain specific applications. Barite is classified based on its purity, i.e. the concentration of barium sulfate present in barite. Accordingly, the specific gravity of barite varies. Barite with specific gravity of 3.9 g/cm3 or less falls under the up to Sp. Gr. 3.9 grade segment. The Sp. Gr. 4.0 segment comprises barite with specific gravity of 4.0 g/cm3. Sp. Gr. 4.0 grade barite is usually used as a weighting agent in drilling mud applications, specifically in the oil & gas industry. Barite with specific gravity of 4.1 g/cm3 falls under the Sp. Gr. 4.1 grade segment. Barite of this grade is largely used in oil and gas drilling activities across the globe. Barite of the Sp. Gr. 4.1 grade is approved by the American Petroleum Institute (API) for usage as a weighting agent in oil and gas drilling fluids. Sp. Gr. 4.2 grade barite is a widely used barite. It has specific gravity of 4.2 g/cm3. The API has authorized its usage as weighting agent in drilling fluids. Sp. Gr. 4.2 grade barite can be used as a filler in industries such as paints & coatings, rubber, and plastics. Barite with specific gravity equal to or more than 4.3 g/cm3 falls under the Sp. Gr. 4.3 & above segment. Barite of this grade is primarily used as a filler in industries such as paints & coatings, rubber, plastics. It is also employed in pharmaceutical applications due to its high purity and low reactivity.
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Based on application, the barite market can be segmented into drilling mud, pharmaceuticals, rubber & plastics, and others. Barite is primarily employed as a weighting agent for drilling fluids in oil and gas drilling activities. Its high density, low oil absorption, low hardness, and abundance make it an ideal drilling fluid additive. Barite is widely used as filler agent in paints, coatings, and rubbers owing to its high specific density. It is employed extensively in the paints & coatings industry owing to the decrease in production of oil across the globe. Higher grades of barite are employed for medical purposes, due to their high purity, and the ability to completely absorb gamma and X-rays. Barium sulfate in suspension is regularly used medically as a radiocontrast agent for X-ray imaging and other diagnostic procedures. It is often used in imaging of the gastrointestinal tract.
North America Dominated the Global Barite Market in 2018
In terms of region, the global barite market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading consumer of barite across the globe; the U.S. accounts for significant share of barite, primarily for oil and gas drilling activities. Asia Pacific follows North America. Consumption of barite in Asia Pacific is not only limited to oil and gas drilling activities, but the mineral is also used as filler material in paints, coatings, rubber, and ceramics. Consumption of barite is also high in Middle East & Africa owing to the presence of large reserves of crude oil in the region.
Increase in production of oil and gas is the key factor driving the barite market. Barite is used to elevate hydrostatic pressure to counteract high-pressure zones during drilling activities. Rise in global demand for energy has boosted the production of oil and gas. Developing nations such as China and India are expected to dominate in terms of energy consumption, largely due to the rapid industrialization and urbanization in these countries. Global production of oil and natural gas increased substantially from 2005 to 2018. This has resulted in excessive drilling and exploration activities, thereby propelling the global demand for barite. Availability of large number of substitutes for barite is likely to hamper the market. Celestite (strontium sulfate, SrSO4) and iron ore are ideal substitutes for barite. However, these alternatives are not yet widely used in the oil industry; barite continues to be the preferred commodity for usage in this application.
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Key Players in the Global Barite Market
The barite market is highly fragmented in China, while consolidation is evident in most regions of the world. Major producers of barite include
- Andhra Pradesh Mineral Development Corporation Limited
- Excalibar Minerals LLC
- CIMBAR Performance Minerals.
Barite Market – Scope of the Report
Transparency Market Research’s recent report on the global barite market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the global barite market analyzes the market scenario for the period from 2018 to 2027, wherein 2018 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the global barite market also provides data on developments made by important players and stakeholders operating in the market, along with competition analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with market trends and restraints in the competition landscape section.
This study also discusses the underlying trends and the impact of various factors on the global barite market along with their influence on evolution of the market
This study also offers Porter’s five forces analysis, value chain analysis, and regulatory scenario of the global barite market, in order to elaborate crucial growth strategies of and opportunities for players operating in the market
Key Questions Answered in Global Barite Market Report
- How much value does the global barite market is expected to reach by the end of the forecast period?
- Which segment currently account for the maximum share of the global barite market?
- What are the key factors expected to drive the global barite market?
- Which region is likely to be a lucrative market for barite during the forecast period?
- What are the essential strategies adopted by key players operating in the global barite market to expand their geographical presence?
- What are major advancements in the global barite market?
This report answers these questions about the global barite market, aiding major stakeholders and key players in making the right decisions and strategizing for growth of their business
Global Barite Market: Research Methodology
This TMR report on the global barite market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global barite market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global barite market arrived at predictions and estimations, and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the global barite market, by using both bottom-up and top-down approaches
This detailed assessment of the global barite market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global barite market is set to expand are based on carefully vetted primary and secondary sources.
Global Barite Market: Segmentation
This report on the global barite market provides segmentation of the market based on grade, application, and region