Barite Market Size, Share & Trends Analysis Report By Application (Fillers, Oil & Gas, Chemicals, Fillers), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

Barite Market Size, Share & Trends Analysis Report By Application (Fillers, Oil & Gas, Chemicals, Fillers), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

Barite Market Growth & Trends

The global barite market size is expected to reach USD 2.13 billion by 2030, expanding at a CAGR of 5.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is projected to be driven by the growing investments in the oil & gas sector and rising demand from industries, such as paints & coating, chemicals, cosmetics, plastics, cement, and rubber. The flourishing oil & gas industry directly fuels the demand for barite, which finds use as a weighting agent in drilling mud formulations. Energy demand worldwide has increased abruptly owing to the growing global population. The rising population has led governments to invest increasingly in enhancing their energy generation capacity, which in turn, is boosting investments in onshore and offshore oil & gas exploration activities to cater to the growing global energy demand. A rise in drilling activities is eventually expected to augment barite consumption.

Furthermore, the product is also used in medical applications, power plants, laboratories, and pharmaceutical units. It is used in special X-ray tests wherein it acts as a shielding material. It is also employed for carrying out different medical tests, such as CT scans. Growing expenditure on healthcare is expected to positively influence market growth. For instance, the U.S. healthcare expenditure rose by around 30% from 2017 to 2022.Market players are adopting strategic initiatives, such as mergers & acquisitions, to expand their presence and capacity. To meet the new rising demand, key players are focusing on R&D for innovations, technologies, and recognition. For instance, in October 2021, The Nigerian Ministry of Mines and Steel Development introduced made-in-Nigeria barite. The product remains largely untapped in the region, and its production will save the country from importing it and also put Nigeria on the radar of the global mining communities

Barite Market Report Highlights

• Based on application, the chemicals segment is expected to grow at the fastest CAGR of 5.4%, in terms of revenue, over the forecast period. The growth is attributed to its unique properties that include low oil absorption, chemical inertness, and insolubility
• The oil & gas segment accounted for the largest revenue share of over 76.0% in 2023. Barite is used as a weighting agent in fluids for drilling mud
• North America dominated the market with a revenue share of more than 40.0% in 2023. Growing investments in oil & gas exploration activities in the U.S. are propelling product demand
• Middle East & Africa is expected to register a CAGR of 4.3%, in terms of revenue, over the forecast period. It is one of the key oil & gas producers in the world, which makes barite demand high in the region

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