The global barite market size is valued at USD 1.57 billion in 2023 and is projected to grow from USD 1.63 billion in 2024 to USD 2.21 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period.
Barite, also known as barium sulfate, is a naturally occurring mineral consisting of thin white flakes or colorless columnar crystals. Demand for barite is expected to soar in the medical industry due to the rapidly increasing incidence of gastrointestinal diseases worldwide and the rising cost of healthcare.
India, the United States and China have been hit hard by the COVID-19 pandemic, with travel restrictions, economic instability and lockdowns resulting in supply chain disruptions and delays to key industrial activities.
Fortune Business Insights™ provides this information in a research report titled , “U.S. Barite Market, 2024-2032.”
segmentation:
Use of oil-grade products in drilling muds will drive the segment’s growth
By type, the US barite market is segmented into petroleum grade, construction grade, medical grade, and others. The petroleum grade segment is projected to hold the largest share of the market during the forecast period. The expansion of the segment is driven by the introduction of petroleum grade products as weighting agents in drilling muds to prevent explosive release of oil and gas during drilling activities.
Product usage in drilling fluids drives segment expansion
Based on application, the market is segmented into barium compounds, plastics and rubber, x-ray indicators, paints and coatings, drilling fluids, and others. The drilling fluids segment held the largest barite market share in the United States in 2023. The use of the product in drilling fluids to increase density, balance formation pressure, and prevent blowouts while drilling into high-pressure zones is fueling the growth of the segment.
Report Scope
The research report provides an in-depth analysis of the key factors influencing the growth of the market. In addition, it also offers detailed insights into the competitive strategies adopted by leading companies to gain a competitive advantage. Other aspects of the report include key trends, the impact of the COVID-19 pandemic, and major segments.
Drivers and Restraints:
Increasing demand for products from the oil and gas industry is driving market growth
The expansion of the oil and gas industry has led to the development of supporting industries such as the barite market, which is used in large quantities in drilling operations. Moreover, due to its vital role in drilling, this product is in high demand in the oil and gas industry.
Despite the growing adoption of this product, the presence of substitutes may hinder the growth of the US barite market. These substitutes include hematite, celestite, synthetic ilmenite, calcium carbonate, and iron ore.
List of major players mentioned in the report:
- Andhra Pradesh Mineral Development Corporation (India)
- CSGLOBAL Group (Türkiye)
- Shenzhen Rocky Mountain Industrial Development Co., Ltd. (China)
- Synovalite Industrial Co., Ltd. (China)
- 貴州サボマンIMP EXP CO, LTD（中国）
- China Zhashui Heqi Barite Mining Co., Ltd. (China)
- Varibright Co., Ltd. (China)
- Huber Engineered Materials (USA)
- New Riverside Ochre (USA)
More information: https://www.fortunebusinessinsights.com/
Competitive Landscape:
Major companies prioritize contracts to improve their standing
Leading players have well-established distribution networks, developed production units, and solid brand recognition. The market is witnessing many strategic moves by leading players such as mergers, acquisitions, joint ventures, and partnerships to stand out from the competition. Also, some players are focusing on signing deals to strengthen their position.
Major industry developments:
May 2022 – Andhra Pradesh Mineral Development Corporation (APMDC) signed a Memorandum of Understanding to supply 1.6 million tonnes of barite (worth approximately US$ 100 million) to the United States. The company also plans further investments to expand its operations in the US, aiming to increase its market share in North America.
