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 and Plastics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Press Release :
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.
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.
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.
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 2017. 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.
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, and CIMBAR Performance Minerals.
Global Barite Market - Overview
Barite, also known as baryte, is a milky white crystalline mineral that is primarily composed of barium sulfate. It has one of the highest specific gravities among all weighting agents. Barite is widely used as a weighting agent, filler agent, and extender. It is extensively employed in oil & gas, rubber, and plastics industries. It is also used in pharmaceutical applications such as production of barium meals for body tissue radiography. Barite is processed in various grades based upon specific gravity; these grades are used for different purposes.
Barite is available in various grades, namely Sp. Gr. 3.9, Sp. Gr. 4.0, Sp. Gr. 4.1, Sp. Gr. 4.2, and Sp. Gr. 4.3 & above. These grades vary in terms of purity of barite. Sp. Gr. 4.1 and Sp. Gr. 4.2 are also known as drilling grade barite. The American Petroleum Institute has regulated these grades and made it mandatory to use Sp. Gr. 4.1 and Sp. Gr. 4.2 for drilling mud applications in the oil & gas industry. However, filler application requires high grade barite; thus, Sp. Gr. 4.3 and above grades are largely preferred in the pharmaceuticals industry.
Barite is largely used as a weighting agent in drilling fluids. These drilling fluids are used in oil & gas drilling applications. Barite is also extensively employed as filler and extender in rubbers, plastics, paper, and pulp. It is also used as a precursor in the manufacture of barium chemicals such as barium carbonate. Barium derivatives are employed in LED applications in the electronics industry. Barium sulfate is also used in pharmaceutical applications such as barium meals; these meals are consumed prior to radiographic examinations such as x-rays and CT scans. Barium meal adheres to the soft tissue lining of the digestive tract, making it visible in various radiographs.
Based on region, the global barite market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of demand, North America was the leading region of the global barite market in 2017. Significant rise in oil and gas production and increase in drilling rig count in the U.S. have been the key factors driving the demand for barite in the region since the last few years. Middle East & Africa is also one of the major consumers of barite, as it is the largest producer crude oil and natural gas in the world. Asia Pacific is also a prominent consumer of barite. Barite is largely used in paints, coatings, rubber, and plastics industries in the region. Barite is also employed in drilling mud application in Asia Pacific, especially ASEAN, due to the rise in production and exploration of oil and gas in the region.
The report analyzes and forecasts the market for barite at the global and regional levels. The market has been projected in terms of volume (tons) and revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global barite market. It also covers the impact of these drivers and restraints on demand for barite during the forecast period. The report also highlights opportunities for the barite market at the global and regional levels.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global barite market. Porter’s Five Forces model for the barite market has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein application segments have been benchmarked based on their market value, growth rate, and general attractiveness.
The study provides a decisive view of the global barite market by segmenting it in terms of grade, application, and region. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for barite in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual application segments of the market in all the regions.
The study includes profiles of major companies operating in the global barite market. Key players profiled in the report are The Andhra Pradesh Mineral Development Corporation Limited, Ashapura Minechem Limited, Anglo Pacific Minerals, Schlumberger Limited, Baker Hughes Incorporated, Excalibar Minerals LLC, International Earth Products LLC, Milwhite Inc., Oren Hydrocarbons Private Limited, CIMBAR Performance Minerals, and P&S Barite Mining Co., Ltd. Market players have been profiled in terms of attributes such as company overview, business strategies, recent developments, and SWOT analysis.
- The report provides extensive analysis of market trends from 2017 to 2026 in order to identify opportunities and market developments
- It provides comparative analysis of various applications, wherein barite is employed
- The report also includes major production sites of barite in North America, Europe, and Asia Pacific as well as a list of manufacturers
- It identifies key factors responsible to build the roadmap for upcoming opportunities for the barite market at the global, regional, and country level
- The report offers comprehensive analysis with respect to investments and regulatory scenario that would subsequently impact the outlook and forecast of the global barite market between 2018 and 2026
- The report provides detailed competition landscape for key players dominating the market in order to understand competition level
- It includes Porter’s Five Forces analysis and SWOT analysis to highlight the power of buyers and suppliers
The report provides the estimated market value of the global barite market for 2018 and forecast for the next eight years. Market numbers have been estimated based on grade, application, and region. Market value and forecast for each grade and application segment have been provided for global and regional markets.