The Barite Market size is estimated at 7.45 Million tons in 2024, and is expected to reach 8.98 Million tons by 2029, growing at a CAGR of 3.80% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. However, the market recovered significantly in the 2021-22 period, owing to rising consumption from various end-user industries such as oil and gas, chemicals, rubber, and others.
North America is forecast to be the largest market for barite, owing to the growing oil and gas industry, where barite plays a very crucial role.
Hence, with the rising demand from various industries, the demand for barite is expected to grow considerably in the North American region over the forecast period.
The barite market is consolidated in nature. Some of the key companies in the market (not in particular order) include The Andhra Pradesh Mineral Development Corporation Ltd, Guizhou Tianhong Mining Co. Ltd, Halliburton Energy Services Inc., Baribright Co. Ltd, and Baker Hughes Inc., among others.
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