Published: Jan, 2019
The presence of substantial numbers of small and large-scale manufacturers who are competing against one another renders the global barite market increasingly competitive, notes Transparency Market Research (TMR). A majority of players in the global barite market are aiming to unveiling barite of different grades that can meet the diversity of current and emerging applications in end-use industries, observes TMR. Key players are focusing on constantly improving the properties of barite minerals, which will help them consolidate their positions in the barite market. In most regions, the global barite market’s vendor landscape is expected to witness an increasing degree of consolidation in the next few years.
Prominent names in the global barite market include Oren Hydrocarbons Private Limited, Excalibar Minerals LLC, Baker Hughes Incorporated, Anglo Pacific Minerals, Schlumberger Limited, and Ashapura Minechem Limited.
The global barite market stood at US$1,276.60 mn in 2017, clocking a CAGR of 4.8% during 2018–2026.
Regionally, North America has emerged to the fore in the global barite market as it accounts for the major share of the global consumption of barite. This is attributed to the substantial uptake of barite in the oil and gas production industry.
Of the various application areas, currently, drilling contributes for over 70% share in the global barite market, vis-à-vis consumption volumes. This can be attributed to the extensive use of barite in rigs for oil and gas drilling activities. However, the segment may not hold stable shares in the coming years, due to constantly fluctuating prices of oil and gas, world over.
Rising Oil Drilling Activities Worldwide to bolster Uptake
The rising drill rig count in various key regions and the rapidly rising worldwide production volumes of oil and gas are key factors driving the global barite market. The rising use of barite as a weighting material in oil well drilling activities is key to the uptake in the oil and gas industry and is a key trend propelling the market. Potentially attractive usage of barite as a weighting agent in mud when drilling is attributed to its flexible use in fine powdered forms to prevent blowout in drilling. A combination of properties that makes the use of barite as worldwide weighting agent attractive are its chemical inertness with other additives, non-toxicity and non-abrasiveness, and easy availability.
Rapidly rising production of oil and natural gas activities in several developing economies, including India and China, is catalyzing the barite market. This is further fueled by the rising demand for natural gas over the past few years is accentuating the global barite market.
Apart from the use of barite in drilling activities, barite is extensively used in the paints, coatings, and rubbers industries, mainly on account for markedly high specific gravity. The share of consumption of barite in the paints and coatings industry is likely to gain over the years.
Regulatory Curbs on Mining of Barite in Numerous Countries dampen Growth of Market
The global barite market is witnessing serious setbacks due the implementation of stringent regulations pertaining to the production of barite in key countries. Moreover, the barite market is also facing substantial bottlenecks due to the rising environmental concerns of mining. This has created regulatory hindrances for new mining activities. Nevertheless, the growth of the barite market is expected to be driven by burgeoning demand for barite in the paints and coatings industry, particularly in developing regions such as Asia Pacific.
Furthermore, emerging demand for barite in the medical end-use industry will substantially catalyze the attractive strides the overall barite market will take in the coming few years. Rising demand for barite minerals for its use in medical applications is attributed to their exceptional purity and absorption capability for X-rays and gamma rays.
The study presented here is based on a report by Transparency Market Research (TMR) titled “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, and Rubber and Plastics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018–2026”.
The global barite market is segmented based on:
- Up to Sp. Gr. 3.9
- 4.3 & Above
- Drilling Mud
- Rubber & Plastics
- North America
- Latin America
- Rest of Latin America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Northern Africa
- Rest of Middle East & Africa
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