New York, United States , July 16, 2024 (GLOBE NEWSWIRE) -- The Global Barite Market Size is to Grow from USD 1.46 Billion in 2023 to USD 2.38 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.01% during the projected period.
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Barite is an important mineral as it is used in the exploration and extraction of natural gas and petroleum resources. Sedimentary rock strata are the main source of mining for it. As a by-product of mining lead, zinc, silver, or other metal ores, barite can occasionally be found. Natural occurring and based on barium, barite is a mineral ore. Despite being somewhat soft, barite is chemically inert and has a high density. Around the world, barite is investigated in a variety of locations, with different colors and kinds of deposits. The main driver of the worldwide barite market's expansion is the world's expanding need for gas and oil. Because barite might be used as a weighing agent for drilling fluids, the oil and gas industry is the one that uses it the most. The growing oil and gas sector is driving the need for barite as a result of rising demand for these resources in emerging nations that are striving to become energy self-sufficient. The pharmaceutical and paint and coating sectors' rising need for barite is also anticipated to support the market's expansion. However, there is a significant chance that workers at barite mining facilities will be exposed to barium, which might result in issues like baritosis, which is brought on by dust exposure during the mining of barium material.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Barite Market Size, Share, and COVID-19 Impact Analysis, By Grade (Up to Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, and Grade Above 4.3), By Deposit Type (Residual, Bedding, Vein, Cavity Filling), By End User (Oil & Gas Industry, Pharmaceutical Industry, Paints & Coatings Industry, Rubber & Plastics Industry, Adhesives & Sealants Industry, Textile Industry, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The grade 4.3 segment is anticipated to hold the greatest share of the global barite market during the projected timeframe.
Based on the grade, the global barite market is divided into up to grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3, and grade above 4.3. Among these, the grade 4.3 segment is anticipated to hold the greatest share of the global barite market during the projected timeframe. The greater hardness of grade 4.3 barite compared to other grades and its growing applications in the rubber, tire, and paints & coatings sectors are expected to drive this segment's sales growth.
The bedding segment is anticipated to hold the largest share of the global barite market during the projected timeframe.
Based on the deposit type, the global barite market is divided into residual, bedding, vein, and cavity filling. Among these, the bedding segment is anticipated to hold the largest share of the global barite market during the projected timeframe. The most prevalent type of barite used in oil well drilling is grey barite. Growing industry and urbanization have led to an increase in the world's energy usage. Barite is used as a weighting ingredient throughout the drilling process as more workers are searching for and extracting crude oil as a consequence.
The oil & gas segment is predicted to hold the greatest share of the barite market during the estimated period.
Based on the end user, the global barite market is divided into oil & gas industry, pharmaceutical industry, paints & coatings industry, rubber & plastics industry, adhesives & sealants industry, textile industry, and others. Among these, the oil & gas segment is predicted to hold the greatest share of the barite market during the estimated period. The demand for petroleum and various petrochemicals, such as resins, synthetic fibers, polymers, rubbers, adhesives, paints, and coatings, as well as a growing focus on deep and ultra-deep offshore exploration projects by major oil and gas companies, are the main factors expected to drive revenue growth of this segment.
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North America is expected to hold the largest share of the global barite market over the forecast period.
North America is expected to hold the largest share of the global barite market over the forecast period. This can be explained by the fact that drilling fluids used in the exploration and extraction of oil and gas in that region frequently contain barite, which serves as a weighing element. The demand for barite is closely tied to the expansion of the energy generation industry in the region. Because the various governments attempt to promote the business, the oil and gas sector in the region is growing.
Asia Pacific is predicted to grow at the fastest pace in the global barite market during the projected timeframe. The oil and gas sector, which is growing rapidly in the region's developing countries, such as China and India, is the main driver of market development. The region's growing population and rising disposable income have led to a rise in the region's energy demand. The most significant of them is the growing industrialization of the region, particularly in large economies like China and India. The increase in industrial activity has resulted in a significant demand for barite.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global barite market include Andhra Pradesh Mineral Development Corporation Limited, Excalibar Minerals LLC, CIMBAR Performance Minerals., Ashapura Minechem Limited, Park Metals & Minerals Co, Shanghai Titanos Industry Company Limited, Shijiazhuang Oushun Mineral Products Company Limited., Mil-Spec Industries Corporation., Anglo Pacific Minerals, Schlumberger Limited, Baker Hughes Incorporated, International Earth Products, Milwhite Inc., Oren Hydrocarbons Private Limited, Desku Group Inc, Others.
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Recent Developments
- In January 2023, according to a statement from the German oil and gas company Wintershall Dea AG, a new gas field was found in the eastern Damanhur region of Egypt's Nile Delta. Given that the gas field was found on land, the region likely holds significant hydrocarbon reserves.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global barite market based on the below-mentioned segments:
Global Barite Market, By Grade
- Up to Grade 3.9
- Grade 4.0
- Grade 4.1
- Grade 4.2
- Grade 4.3
- Grade Above 4.3
Global Barite Market, By Deposit Type
- Residual
- Bedding
- Vein
- Cavity Filling
Global Barite Market, By End User
- Oil & Gas Industry
- Pharmaceutical Industry
- Paints & Coatings Industry
- Rubber & Plastics Industry
- Adhesives & Sealants Industry
- Textile Industry
- Others
Global Barite Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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