Barite Market
Growth Factors of Barite Market
The barite market size was valued at USD 1.57 billion in 2023, and the market is now 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 of 2024-2032.
The COVID-19 pandemic harmed the barite market growth since consumers’ supply chains suffered disruptions and the drilling of new wells decreased. However, falling oil prices and project delays affected barite producers adversely, with revenues reduced and production being slashed. These challenges were further made worse by COVID-19 related restrictions such as the lockdown which limits exploration.
The growing application of these non-conventional methods such as hydraulic fracturing or horizontal drilling also fuels the demand for barite market share in the oil and gas sector. Thus, using the experience gained from many years of drilling and barite’s action being a main weighing agent in drilling fluids, it controls well bore pressure and provides stability and production increase in shale formation. The increased production of technically challenging resource reservoirs and necessary regulation are also expected to open new application areas for barite and, thus, boost the market during the forecast period.
Further, digestive disorders are common hence increasing the need for barium sulfate in imaging, particularly in X-ray radiography. In the form of a contrast agent, barium sulfate helps in the visual examination of the gastrointestinal tract in as far as conditions such as ulcers and tumours are particularly diagnosed. It is cheaper compared to other diagnostic methods, it has a minimal side effect and an exhibition of high accuracy. The increased demand for barium sulfate as a safe and efficient diagnostic technique presents new opportunities in the barite market.
Comprehensive Analysis of Barite Market
The barite market within the chemicals & advanced materials industry is experiencing rapid growth, driven by market segmentation and detailed regional assessments. This expansion highlights the key supply and demand dynamics influencing the advanced materials sector, offering insights into market trends and opportunities for benefit management. These segmentations are methodically segregated by application. The applications include, oil & gas, filler, chemical and others.
North America dominates the market significantly owing to the oil and gas sector where barite is used to provide density of drilling mud for the exploration and production processes. Additionally, rising infrastructure development and construction projects in the region further boost barium sulfate consumption for industrial applications.
Leading market players are vital in the healthcare industry, driving growth and establishing market standards. These players include, Baribright Co. Ltd (China), China Zhashui Heqi Barite Mining Co., Ltd. (China), CIMBAR Performance Minerals (U.S.), C S Global Group (Turkey), Guizhou Saboman IMP EXP Co., Ltd (China), Huber Engineered Materials (U.S.), New Riverside Ochre (U.S.), Shenzhen Rocky Mountains Industry Development Co. (China), Sinobarite Industrials Ltd (China), SLB (U.S.) and The Andhra Pradesh Mineral Development Corporation Ltd (India) these market players provide a level-playing competitive landscape.
In May 2022, The Andhra Pradesh Mineral Development Corporation (APMDC) signed an MOU to supply about 1MW of power to the state grid. 16 lakh metric tonnes of barite to the U. S it is believed to be worth about USD 100 million. The company has described its plans to increase further its operations in the U.S. to improve its market position in North America.
Segmentation Table
Global Barite Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 3.9% from 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion), Volume (Kiloton)
Segmentation By Application, and Region
By Application • Oil & Gas
- Filler
- Chemical
- Others
- U.S. (Application)
- Canada (Application)
- Europe (By Application, By Country)
- Norway (Application)
- U.K. (Application)
- Rest of Europe (Application)
- Asia Pacific (By Application, By Country)
- Indonesia (Application)
- India (Application)
- Malaysia (Application)
- Rest of Asia Pacific (Application)
- Latin America (By Application, By Country)
- Mexico (Application)
- Rest of Latin America (Application)
- Middle East and Africa (By Application, By Country)
- South Africa (Application)
- Rest of Middle East & Africa (Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends in the Market
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Sustainability
- 4.5. Porters Five Forces Analysis
- 4.6. Qualitative Insights on Impact of COVID-19 on the Market
- 5. Global Barite Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Application
- 5.2.1. Oil & Gas
- 5.2.2. Filler
- 5.2.3. Chemical
- 5.2.4. Others
- 5.3. By Region
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America
- 5.3.5. Middle East & Africa
- 6. North America Barite Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Application
- 6.2.1. Oil & Gas
- 6.2.2. Filler
- 6.2.3. Chemical
- 6.2.4. Others
- 6.3. By Country
- 6.3.1. U.S
- 6.3.1.1. Oil & Gas
- 6.3.1.2. Filler
- 6.3.1.3. Chemical
- 6.3.1.4. Others
- 6.3.2. Canada
- 6.3.2.1. Oil & Gas
- 6.3.2.2. Filler
- 6.3.2.3. Chemical
- 6.3.2.4. Others
- 7. Europe Barite Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Application
- 7.2.1. Oil & Gas
- 7.2.2. Filler
- 7.2.3. Chemical
- 7.2.4. Others
- 7.3. By Country
- 7.3.1. Russia
- 7.3.1.1. Oil & Gas
- 7.3.1.2. Filler
- 7.3.1.3. Chemical
- 7.3.1.4. Others
- 7.3.2. Norway
- 7.3.2.1. Oil & Gas
- 7.3.2.2. Filler
- 7.3.2.3. Chemical
- 7.3.2.4. Others
- 7.3.3. U.K.
- 7.3.3.1. Oil & Gas
- 7.3.3.2. Filler
- 7.3.3.3. Chemical
- 7.3.3.4. Others
- 7.3.4. Rest of Europe
- 7.3.4.1. Oil & Gas
- 7.3.4.2. Filler
- 7.3.4.3. Chemical
- 7.3.4.4. Others
- 8. Asia-Pacific Barite Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Application
- 8.2.1. Oil & Gas
- 8.2.2. Filler
- 8.2.3. Chemical
- 8.2.4. Others
- 8.3. By Country
- 8.3.1. China
- 8.3.1.1. Oil & Gas
- 8.3.1.2. Filler
- 8.3.1.3. Chemical
- 8.3.1.4. Others
- 8.3.2. Indonesia
- 8.3.2.1. Oil & Gas
- 8.3.2.2. Filler
- 8.3.2.3. Chemical
- 8.3.2.4. Others
- 8.3.3. India
- 8.3.3.1. Oil & Gas
- 8.3.3.2. Filler
- 8.3.3.3. Chemical
- 8.3.3.4. Others
- 8.3.4. Malaysia
- 8.3.4.1. Oil & Gas
- 8.3.4.2. Filler
- 8.3.4.3. Chemical
- 8.3.4.4. Others
- 8.3.5. Rest of Asia Pacific
- 8.3.5.1. Oil & Gas
- 8.3.5.2. Filler
- 8.3.5.3. Chemical
- 8.3.5.4. Others
- 9. Latin America Barite Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Application
- 9.2.1. Oil & Gas
- 9.2.2. Filler
- 9.2.3. Chemical
- 9.2.4. Others
- 9.3. By Country
- 9.3.1. Brazil
- 9.3.1.1. Oil & Gas
- 9.3.1.2. Filler
- 9.3.1.3. Chemical
- 9.3.1.4. Others
- 9.3.2. Mexico
- 9.3.2.1. Oil & Gas
- 9.3.2.2. Filler
- 9.3.2.3. Chemical
- 9.3.2.4. Others
- 9.3.3. Rest of Latin America
- 9.3.3.1. Oil & Gas
- 9.3.3.2. Filler
- 9.3.3.3. Chemical
- 9.3.3.4. Others
- 10. Middle East & Africa Barite Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Application
- 10.2.1. Oil & Gas
- 10.2.2. Filler
- 10.2.3. Chemical
- 10.2.4. Others
- 10.3. By Country
- 10.3.1. Saudi Arabia
- 10.3.1.1. Oil & Gas
- 10.3.1.2. Filler
- 10.3.1.3. Chemical
- 10.3.1.4. Others
- 10.3.2. South Africa
- 10.3.2.1. Oil & Gas
- 10.3.2.2. Filler
- 10.3.2.3. Chemical
- 10.3.2.4. Others
- 10.3.3. Rest of Middle East & Africa
- 10.3.3.1. Oil & Gas
- 10.3.3.2. Filler
- 10.3.3.3. Chemical
- 10.3.3.4. Others
- 11. Competitive Landscape
- 11.1. Company Market Share/Ranking Analysis, By Key Players, 2023
- 11.2. Company Profile
- 11.2.1. Baribright Co. Ltd
- 11.2.1.1. Overview
- 11.2.1.2. Description
- 11.2.1.3. Product Portfolio
- 11.2.1.4. Financials (As per Availability)
- 11.2.1.5. Recent Developments
- 11.2.2. China Zhashui Heqi Barite mining Co., Ltd.
- 11.2.2.1. Overview
- 11.2.2.2. Description
- 11.2.2.3. Product Portfolio
- 11.2.2.4. Financials (As per Availability)
- 11.2.2.5. Recent Developments
- 11.2.3. CIMBAR PERFORMANCE MINERALS
- 11.2.3.1. Overview
- 11.2.3.2. Description
- 11.2.3.3. Product Portfolio
- 11.2.3.4. Financials (As per Availability)
- 11.2.3.5. Recent Developments
- 11.2.4. CS GLOBAL Group
- 11.2.4.1. Overview
- 11.2.4.2. Description
- 11.2.4.3. Product Portfolio
- 11.2.4.4. Financials (As per Availability)
- 11.2.4.5. Recent Developments
- 11.2.5. GUIZHOU SABOMAN IMP EXP CO, LTD
- 11.2.5.1. Overview
- 11.2.5.2. Description
- 11.2.5.3. Product Portfolio
- 11.2.5.4. Financials (As per Availability)
- 11.2.5.5. Recent Developments
- 11.2.6. Huber Engineered Materials
- 11.2.6.1. Overview
- 11.2.6.2. Description
- 11.2.6.3. Product Portfolio
- 11.2.6.4. Financials (As per Availability)
- 11.2.6.5. Recent Developments
- 11.2.7. New Riverside Ochre
- 11.2.7.1. Overview
- 11.2.7.2. Description
- 11.2.7.3. Product Portfolio
- 11.2.7.4. Financials (As per Availability)
- 11.2.7.5. Recent Developments
- 11.2.8. Shenzhen Rocky Mountains Industry Development Co.
- 11.2.8.1. Overview
- 11.2.8.2. Description
- 11.2.8.3. Product Portfolio
- 11.2.8.4. Financials (As per Availability)
- 11.2.8.5. Recent Developments
- 11.2.9. Sinobarite Industrials Ltd
- 11.2.9.1. Overview
- 11.2.9.2. Description
- 11.2.9.3. Product Portfolio
- 11.2.9.4. Financials (As per Availability)
- 11.2.9.5. Recent Developments
- 11.2.10. SLB
- 11.2.10.1. Overview
- 11.2.10.2. Description
- 11.2.10.3. Product Portfolio
- 11.2.10.4. Financials (As per Availability)
- 11.2.10.5. Recent Developments
- 11.2.11. THE ANDHRA PRADESH MINERAL DEVELOPMENT CORPORATION LTD
- 11.2.11.1. Overview
- 11.2.11.2. Description
- 11.2.11.3. Product Portfolio
- 11.2.11.4. Financials (As per Availability)
- 11.2.11.5. Recent Developments
- 12. Strategic Recommendations
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