Barite Market 2023 Share, Size, Growth, Trends and Forecast 2028
IMARC Group, a leading market research company, has recently releases report titled “Barite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global barite market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the barite market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.8 Billion |
| Market Forecast in 2028 | US$ 2.3 Billion |
| Growth rate (2023 to 2028) | CAGR of 4.3% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is barite?
Barite refers to a white or colorless naturally occurring mineral composed of barium and sulfate. The barite group consists of celestine, anhydrite and anglesite and is usually extracted from lead-zinc mines in residual, vein and bedded deposit variants. Barite has low solubility, high density and is cost-effective. It is used as a weighting, filler and extender agent and as a crucial ingredient to manufacture barium carbonate. Owing to these factors, barite finds extensive applications across various industries, such as oil and gas, rubber, chemical, plastic, pharmaceutical, etc.
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What are the growth prospects and trends in the barite industry?
Rapid growth in the oil and gas sector, coupled with increasing offshore and ultra-deep exploration activities, is primarily driving the market growth. Barite is used as a weighing agent in oil well drilling fluids as it counters the pressure resulting from drilling operations. Furthermore, the widespread adoption of barite to manufacture plastic products is also propelling the market growth. Additionally, the escalating product demand to produce paints, coating, rubbers, pharmaceuticals and automobile components is acting as another growth-inducing factor. In the coming years, the expanding product utilization in the medical sector to absorb X- and Gamma rays is anticipated to further drive the global market for barite.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Grade:
- Upto 3.9
- Special Grade 4.0
- Special Grade 4.1
- Special Grade 4.2
- Special Grade 4.3 and Above
Breakup by Application:
- Oil and Gas
- Chemicals
- Pharmaceuticals
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Anglo Pacific Minerals Ltd.
- Ashapura Minechem Limited (AMCOL International Corporation)
- Baker Hughes Company
- International Earth Products LLC
- Milwhite Inc.
- Newpark Resources Inc.
- P&S Barite Mining Co. Ltd.
- Schlumberger Limited
- Sojitz Corporation
- The Andhra Pradesh Mineral Development Corporation Limited
- The Cary Company
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