Barite Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 7.44 Million tons |
| Market Volume (2029) | 8.98 Million tons |
| CAGR (2024 - 2029) | 3.84 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Barite Market Analysis
The Barite Market size is estimated at 7.44 Million tons in 2024, and is expected to reach 8.98 Million tons by 2029, growing at a CAGR of 3.84% during the forecast period (2024-2029).
The market was negatively impacted by the COVID-19 pandemic in 2020 due to the sudden shutdown of operations in major end-user industries. However, the market recovered significantly during 2021-22 due to rising consumption from various end-user industries such as oil and gas, chemicals, and rubber.
- Over the long term, the major factors driving the barite market are likely to be the growing demand from oil and gas drilling activities and the increasing usage in the plastics industry worldwide.
- However, the availability of close substitutes, such as celestite and iron ore, is restraining the growth of the barite market.
- The surge in the adoption of barite from the paint and medical industries will likely provide new growth opportunities for the market.
- North America is projected to be the largest market for barite due to the growing oil and gas industry, where barite plays a very crucial role.
Barite Market Trends
High Demand from the Oil and Gas Industry
- Barite has massive demand in oil and gas drilling operations as a weighing agent in the drilling mud. It prevents the explosive release of oil and gas during drilling. It has unique physical and chemical properties such as high specific gravity, chemical and physical inertness, low solubility, and magnetic neutrality.
- The majority of the global demand is from the petroleum industry. Given its importance in the transportation and industrial end-use sectors, the global demand for barite will likely continue until petroleum products are preferred as the chief energy source.
- The properties of barite, such as its non-corrosiveness, non-abrasiveness, insolubility in water, inertness, and high specific gravity, allow it to be used as a weighting agent in drilling operations to remove cutting from bits, transport cutting to the surface to reduce friction in the drilling string, control pressure, prevent blow-out, and provide lubrication.
- The prospectus for the future growth of the petroleum industry suggests that petroleum exploration will continue to grow, along with the consumption of barite. More drilling must be done per unit of oil as hydrocarbon discoveries become less productive with time.
- According to a report by the International Energy Agency, surging oil use for power generation and gas-to-oil switching in the wake of soaring European natural gas prices boosted the growth trajectory for oil demand over 2022 and into 2023.
- According to the Energy Institute, China’s crude oil processing reached an average of 14.8 million b/d in 2023, a record high. Recently, China added more refinery capacity than any other country, partly to meet its transportation fuel requirements and produce petrochemical feedstocks.
- According to the International Energy Agency (IEA), during 2023-2030, India is expected to account for more than one-third of global oil demand growth.
- As a result, over the next few years, the market's growth is likely to be driven by the rising demand for barite from the global oil and gas industry.
North America is Expected to Dominate the Market
- Barite, or barium sulfate, is utilized in the chemical industry as a weighting agent in drilling fluids for oil and gas exploration, catalyst support, a source of barium in the production of various compounds, a filler in paints, coatings, plastics, and rubber, and for its high density in radiation shielding materials, illustrating its versatility in diverse applications.
- According to the BASF Report 2023, in the United States, demand for chemicals is projected to grow slightly in 2024 (1.1%), following a Y-o-Y decline due to inventory destocking and low industrial growth.
- According to the United States Census Bureau, oil product exports from the United States reached an all-time high of 6.1 million b/d in 2023, 2.5% higher than in 2022.
- According to the Energy Institute, in December 2023, Y-o-Y growth in primary energy production was 3.2%, with crude oil leading the way with a Y-o-Y increase of 8.1%.
- While not a primary material in the electronics industry, barite can be employed as a filler in certain polymers and resins used in electronic components, contributing to enhanced properties. Its high density also makes it useful for radiation shielding in electronic equipment and medical equipment.
- Hence, the rising demand for barite from various industries is expected to considerably boost the market's growth in North America over the forecast period.
Barite Industry Overview
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.
Barite Market Leaders
The Andhra Pradesh Mineral Development Corporation Ltd
Guizhou Tianhong Mining Co. Ltd
Halliburton Energy Services Inc.
Baribright Co. Ltd
Baker Hughes Inc.
*Disclaimer: Major Players sorted in no particular order
Barite Market News
- October 2022: Cimbar and Newpark entered a long-term barite supply agreement for Newpark's US drilling fluids business, with an initial term of four years following the closing of the transaction.
- May 2022: Andhra Pradesh Mineral Development Corporation (APMDC) signed a Memorandum of Understanding (MoU) worth INR 750 crore (USD 100.63 million) to supply 16 lakh metric tons of barite to three firms in the United States.
Barite Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rapidly Increasing Demand from the Oil and Gas Industry
4.1.2 Growing Use in the Plastic Industry
4.2 Restraints
4.2.1 Availability of Close Substitutes
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Overview
4.6 Trade Overview
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Type
5.1.1 Bedded
5.1.2 Vein and Cavity Filling
5.1.3 Residual
5.2 End-user Industry
5.2.1 Oil and Gas
5.2.2 Chemical
5.2.3 Fillers
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Malaysia
5.3.1.6 Thailand
5.3.1.7 Indonesia
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 Nordic
5.3.3.7 Turkey
5.3.3.8 Russia
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Nigeria
5.3.5.4 Qatar
5.3.5.5 Egypt
5.3.5.6 United Arab Emirates
5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Andhra Pradesh Mineral Development Corporation Ltd
6.4.2 Baker Hughes Inc.
6.4.3 Baribright Co. Ltd
6.4.4 Cimbar Performance Minerals
6.4.5 Guizhou Saboman Import and Export Co. Ltd
6.4.6 Guizhou Tianhong Mining Co.
6.4.7 Halliburton Energy Services Inc.
6.4.8 International Earth Products LLC
6.4.9 New Riverside Ochre
6.4.10 Newpark Resources Inc.
6.4.11 Pulapathuri
6.4.12 PVS Global Trade Private Limited
6.4.13 Sachtleben Minerals GmbH & Co. KG
6.4.14 Schlumberger Limited
6.4.15 The Kish Company Inc.
6.4.16 Zhongrun Barium Industry Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Gradual Surge in Adoption of Barite from Paints & Medical Industry
Barite Industry Segmentation
Barite is a mineral consisting of barium sulfate, typically occurring as colorless prismatic crystals or thin white flakes. Barite is usually used as an additive in drilling mud, as it increases hydrostatic pressure, allowing it to compensate for high-pressure zones experienced during the drilling.
The barite market is segmented by type, end-user industry, and geography. By type, the market is segmented into bedded, vein and cavity filling, and residual. By end-user industry, the market is segmented into oil and gas, chemical, and fillers. The report also covers the market size and forecasts for the barite market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
| Type | |
| Bedded | |
| Vein and Cavity Filling | |
| Residual |
| End-user Industry | |
| Oil and Gas | |
| Chemical | |
| Fillers |
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Barite Market Research FAQs
How big is the Barite Market?
The Barite Market size is expected to reach 7.44 million tons in 2024 and grow at a CAGR of 3.84% to reach 8.98 million tons by 2029.
What is the current Barite Market size?
In 2024, the Barite Market size is expected to reach 7.44 million tons.
Who are the key players in Barite Market?
The Andhra Pradesh Mineral Development Corporation Ltd, Guizhou Tianhong Mining Co. Ltd, Halliburton Energy Services Inc., Baribright Co. Ltd and Baker Hughes Inc. are the major companies operating in the Barite Market.
Which is the fastest growing region in Barite Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Barite Market?
In 2024, the North America accounts for the largest market share in Barite Market.
What years does this Barite Market cover, and what was the market size in 2023?
In 2023, the Barite Market size was estimated at 7.15 million tons. The report covers the Barite Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Barite Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the application segments in the Barite Market?
Drilling Mud, Pharmaceuticals, Rubber & Plastics, and Cement are the application segments in the Barite Market.
Barite Industry Report
The global barite market is experiencing significant growth, driven by its extensive use in industries such as oil and gas drilling, pharmaceuticals, rubber, plastics, and construction. High demand in the oil and gas sector, where barite is a key drilling mud additive for well pressure management and borehole stability, is propelling the market towards recovery and expansion. Barite's unique properties, including high specific gravity and chemical inertness, make it suitable for a wide range of applications, from glass barium salts production to pharmaceuticals and innovative radiation shielding products like Bariblock. The market is also seeing growth in specific grade barite for white paint, rubber, and adhesive applications, indicating a broadening scope. Geographically, North America leads due to its robust oil and gas industry, with significant growth in Asia, particularly China and India, fueled by industrialization and the demand for energy resources. The barite market's steady growth is supported by its critical role in the oil and gas industry and expanding applications across sectors. For detailed market share, size, and revenue growth rate analysis, Mordor Intelligence™ Industry Reports offer a comprehensive market forecast outlook and historical overview, available as a free report PDF download.
