barite market

Barite Market by Grade, Color, End-Use Industry, and Region
- Insights, Size, Share, Opportunity Analysis, and Industry
Forecast till 2025
Baryte or barite is a white or colorless mineral and is a major source of barium. The barite
group consists of anhydrite, baryte, celestine, and anglestite. Barite can be commonly found
in the lead-zinc veins in limestones and are deposited through wide range of processes
including, evaporation, hydrothermal, and biogenic, among others. It is an industrial mineral
that contains 34.3% sulfate and 65.7% barium oxide when in pure form. The properties such
as low solubility, high density, chemical inertness, and low cost makes barite an essential
industrial mineral, with high demand in the oil and gas, paint and coatings, and
pharmaceutical industries.
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Growing demand for oil and gas throughout the globe is the major factor driving growth of
the global barite market. Oil and gas accounts for the largest user of barite, owing to its
property as a weighing agent for drilling fluids. Growing demand for oil and gas in the
emerging economies so as to become energy sufficient, is fueling growth of the oil and gas
industry, in turn, augmenting demand for barite. According to the International Energy, the
global energy demand is set to increase from 268 mboe/d in 2013 to 399 mboe/d by 2040.
Moreover, increasing demand for barite in the paints and coating and pharmaceutical
industries, is further expected to fuel growth of the barite market. Furthermore, the low oil
absorption and high brightness of barite makes it desirable to be used in the pigments of
paints and coatings for automobiles and consumer goods. Hence, the growing automobile
industry also contributes to growth of the global barite market. According to the Organization
Internationale des Constructeurs d’Automobiles (OICA), the automotive industry has
witnessed a growth of 4.5% during 2015-2016. However, the limited presence of barite
throughout the globe and high costs associated with its transportation pose as major restraints
to growth of the global barite market.
In terms of revenue, Asia Pacific is the fastest growing market for barite, witnessing a CAGR
of 6.49% over the forecast period. The rapidly growing oil and gas industry in the emerging
economies of the region such as India and China, is the major driving factor for market
growth. Growing population coupled with increasing disposable income among the populace
in the region has augmented demand for energy in the region. As per data released by the
U.S. Energy Information Administration (EIA), total liquid fuel consumption in Asia Pacific
is estimated to reach 33.3 million barrels per day (bpd) in 2017, with China accounting for
80% of the consumption in the region. Furthermore, the recent discovery of barite deposits in
the Krishna-Godavari basin (KGD6) India, has brought in investments from various
companies, with Reliance announcing an investment of US$ 6 billion in 2015.
North America is the largest market for barite and is expected to retain its dominance through
2025. North America barite market was valued at US$ 0.56 billion in 2016 and is expected to
exhibit a CAGR of 6.21% over the forecast period. The shale oil revolution in the region has
surged the growth in the exploration and development activities, which in turn has led to
major capacity addition in the region, subsequently fueling demand for barite as weighting
agent in the oil and gas industry. According to the U.S Energy information Administration
(EIA), around 15.8 trillion cubic feet of natural gas was produced from shale reserves in the
U.S. in 2016.
Europe is the second largest market for barite, projected to witness a CAGR of 5.24% during
the forecast period. The growth in the exploration and production activities, especially in the
North Sea has surged the barite market in the region. Moreover, the dominant automobile and
consumer goods industry in the region has increased the demand for paint and coating in the
region, which in turn is significantly driving the barite market due to its major use in
pigments in paint and coating industry.
Among end-use industries, oil & gas was the largest segment in 2016 and is expected to show
the same trend during 2017–2025. Oil and gas held a market share of 80.01% in 2016.
Major Players in the Global Barite Market:
Some of the major players in the market are Seaforth Mineral & Ore Co. Inc., CIMBAR
Performance Minerals, Shijiazhuang Oushun Mineral Products Company Limited, Excalibar
Minerals LLC, Shanghai Titanos Industry Company Limited. International Earth Products
LLC. Spectrum Chemical Manufacturing Corporation, Anglo Pacific Minerals, and Desku
Group Inc
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Barite Market report categorizes the global market by Grade (Up to Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, Grade above 4.3), by Color (Brown, White & Off-White, Grey, Others), by End-Use Industry (Oil & Gas, Paints & Coating, Pharmaceuticals, Rubber & Plastics, Textiles, Adhesives and Others), and Region - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025