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Barite Market Size will show exponential growth in the coming years

Author : Ronak Bora | Published Date : 2019-05-31 

Grey barite market size is estimated to attain CAGR of over 4% owing to its extensive application in oil & drilling industry by 2024. It helps in cooling the drill bit and subsequently suspend the rock bits by increasing the hydrostatic pressure which compensates for high-pressure zones experienced during drilling. White & off-white barite grades will experience average industry growth as it is used in paints & coating, cosmetics and rubber applications.

Upto grade 3.9 barite market size is probable to attain CAGR over 3% by 2024. It is lower grade and is formed by 50/50 ratio of product and other alternative weighing material such as ilmenite and hematite. Grade 4.2 is projected to grow at a CAGR near to 4% by 2024, as it is widely used in the oil & drilling industry owing to its excellent rheological properties, which makes it desirable as a weighing agent. They are premium quality grades and are found beneath the earth surface. However, grade 4.2 is gradually being replaced by grade 4.1 in the oil & drilling industry as it possesses similar attributes and is cost effective compared to grade 4.2. This replacement is also due to increasing transportation issues related with grade 4.2.

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North America barite market size was valued over USD 1 billion in 2016. This comes as no surprise, considering the enormous number of shale gas exploration and oil drilling activities in the area. The region will continue to remain a major contributor of barite industry, with U.S. retaining its paramount position. The continent has also experienced the usage of unconventional energy sources to meet the never-ending demand across the power generation, automotive, and oil & gas sectors, on the grounds of which, analysts claim North America barite market to register a growth rate of 4.5% over 2017-2024.

Asia Pacific barite market is expected to emerge as one of the most lucrative growth avenues for barite market, given that the region has been experiencing a commendable growth across numerous sectors. As per analysts, the continent is anticipated to generate substantial revenue from the sales of white and off-white barite, which is slated to grow at a CAGR of 3% over 2017-2024. This is primarily due to the growing prominence of the paints & coatings sector in the region, since the product is heavily utilized in this industry.

Rapidly growing oil & gas industry primarily in the U.S. owing to excess availability of shale reserves along with changing industry dynamics to increase dependency on alternative energy sources has pushed barite market size in the past few years. This is prospective to continue owing to strong need to meet energy demand in several industries including transportation, power, etc. which will subsequently generate ample growth avenues for barite market size by 2024. In addition, positive growth indicators in the pharmaceuticals industry primarily in Asia Pacific will complement barite market size by 2024, owing to improving healthcare standards and rising geriatric population. This is due to widespread product applications in diagnosis and as fillers in plasters.

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Sturdy growth in paints & coatings industry owing to rapid industrialization and urbanization in Asia Pacific will propel barite market size by 2024. White & off-white barite is majorly used to prepare pigments in the paints industry. Rapidly growing construction industry primarily in China and India due to mounting population and improving socio-economic factors will be driving paints & coatings demand across end user business such as automobile.

Key industry share contributors of barite market size are Spectrum Chemical Mfg. Corp., New Riverside Ochre, Halliburton, Excalibar Minerals, Ashapura Group of Industries, Barium & Chemicals, Inc and Deutsche Baryt Industries.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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