Dublin, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The "Barite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global barite market has made significant strides, reaching a size of US$ 1.8 Billion in 2022. Looking ahead, industry experts anticipate continued growth, with the market poised to reach US$ 2.3 Billion by 2028, reflecting a commendable growth rate (CAGR) of 4.3% during the period from 2023 to 2028.
Barite, a naturally occurring mineral, is characterized by its white or colorless appearance and is composed of barium and sulfate. Within the barite group, one can find anhydrite, celestine, and anglesite. Barite is typically extracted from lead-zinc mines and is found in various forms, including vein, residual, and bedded deposits. While vein and residual deposits are hydrothermal in nature, bedded deposits are of a sedimentary origin.
Barite boasts several advantageous properties, including low solubility, high density, chemical inertness, and cost-effectiveness. It serves a multitude of purposes, such as a weighting agent, filler, and extender in various industries, including oil and gas, chemicals, rubber, plastics, medicine, and pharmaceuticals. Furthermore, it plays a pivotal role in the production of barium carbonate.
One of the key drivers fostering market growth is the substantial expansion of the oil and gas sector, accompanied by the surge in offshore and ultra-deep exploration activities worldwide. Barite's application as a weighting agent in drilling fluids for oil wells is instrumental in countering the pressure generated during drilling operations.
The increasing adoption of barite in the manufacture of plastic products is another catalyst for market expansion. Barite, being non-toxic, water-soluble, and chemically stable, serves as an ideal chemical filler, enhancing the gloss, strength, and weather resistance of plastic items.
Additionally, rising demand for barite in the production of paints, coatings, rubber products, pharmaceuticals, and automobile components contributes significantly to market growth. Factors such as rapid urbanization and the growing use of barite in the medical industry to absorb X-rays and gamma rays are expected to further drive market expansion.
Key Questions Answered in This Report:
- How has the global barite market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global barite market?
- What are the key regional markets?
- What is the breakup of the market based on the grade?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global barite market and who are the key players?
- What is the degree of competition in the industry?
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Anglo Pacific Minerals Ltd.
- Ashapura Minechem Limited (AMCOL International Corporation)
- Baker Hughes Company
- International Earth Products LLC
- Milwhite Inc.
- Newpark Resources Inc.
- P&S Barite Mining Co. Ltd.
- Schlumberger Limited
- Sojitz Corporation
- The Andhra Pradesh Mineral Development Corporation Limited
- The Cary Company
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1.8 Billion |
| Forecasted Market Value (USD) by 2028 | $2.3 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
Key Market Segmentation:
Breakup by Grade:
- Up to 3.9
- Special Grade 4.0
- Special Grade 4.1
- Special Grade 4.2
- Special Grade 4.3 and Above
Breakup by Application:
- Oil and Gas
- Chemicals
- Pharmaceuticals
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/c930jp
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