Portland, OR, Dec. 07, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global barite market garnered $1.4 billion in 2019, and is projected to generate $2.4 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027. The report provides a detailed analysis of changing market trends, key investment pockets, major segments, value chain, and competitive landscape.
Increase in shale oil drilling activities in the U.S. and rise in demand from the paints & coatings industry in the Asia-Pacific region fuel the growth of the global barite market. However, availability of substitute products restrains the growth for the market. Contrarily, emergence of new oil-producing regions presents new opportunities in the next few years.
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Covid-19 Scenario:
- The demand for barite has been reduced considerably due to stoppage in the oil & gas drilling activities across the world during the lockdown.
- The demand from the U.S. has been taken a plunge considerably with a reduction in drill rig count during the Covid-19 pandemic.
- Moreover, production activities in the industries including paints & coatings, plastics, textiles, and adhesives have been disrupted in the supply chain. This impacted the demand for barite.
- The demand is expected to rise steadily as oil & gas drilling activities have begun during the post-lockdown period. Manufacturing activities among many end-use industries of barite have been resumed.
The report offers detailed segmentation of the global barite market based on form, grade, color, deposit type, end-use industry, and region.
By form, the powder segment contributed to the largest market share in 2019, holding more than half of the global market, and is projected to maintain its highest contribution throughout the forecast period. Moreover, this segment is projected to portray the fastest CAGR of 7.7% from 2020 to 2027. The report also discusses the lumps segment.
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By end-use industry, the oil & gas drilling segment held the largest market share in 2019, accounting for nearly two-thirds of the global barite market, and is projected to continue its leadership status by 2027. However, the pharmaceuticals segment is projected to manifest the largest CAGR of 8.2% during the forecast period
By region, North America accounted for the highest market share in terms of revenue of the market in 2019, contributing to more than one-third of the total share, and will maintain its lead throughout the forecast period. However, Asia-Pacific is estimated to grow at the fastest CAGR of 8.2% from 2020 to 2027.
Leading players of the global barite market analyzed in the research include Chinchana Group, KIA Energy Company Ltd., Demeter O&G Supplies SN BHD, General Electric, NHAT HUY Group, Halliburton, Ashapura Group, Schlumberger, Sibelco, and Sojitz Corporation.
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