The global Barite market size is expected to be worth around US$ 2.07 billion by 2027, according to a new report by Vision Research Reports.
The global Barite market size was valued at US$ 1.54 billion in 2019 and is anticipated to grow at a CAGR of 3.7% during forecast period 2020 to 2027.
The market is expected to be driven by rising demand for oil & gas drilling applications. The COVID-19 pandemic is likely to restrict the industry growth in 2020 as oil & gas production is expected to fall drastically in 2020.
Barite is mainly used as a weighting agent in drilling operations owing to its properties, like low abrasiveness, non-corrosive nature, and high specific gravity. The amount of barite used for offshore drilling is greater than that of onshore drilling. The recent trend indicates that oil & gas producers are focused on sustaining oil production as onshore oil resources are being depleted at a significant rate. As a result, oil & gas players are increasingly seeking alternate sources, such as offshore oil resources. This is predicted to benefit market growth.
In the chemical industry, various chemical derivatives of barite, such as carbonates, sulfates, and hydroxides, are significantly used for industrial applications. For instance, barium hydroxide is used in the manufacturing of barium salts of organic acids, which are further used as stabilizers for PVC and additives for lubricating oils.
Barite is also used as a filler in the paint and plastic industries. Furthermore, the product is used in glass manufacturing to enhance the brilliance of glass products by removing impurities. High economic growth in the Asia Pacific driven by rapid industrialization is expected to fuel the growth of the chemicals, plastics, and paints and coatings industries, which, in turn, is expected to boost market growth.
The oil & gas application segment dominated the market and accounted for a revenue share of 77.0% in 2019. Post the COVID-19 crisis, the global oil & gas industry is expected to recover from 2022 and grow at a moderate pace and is expected to reach its peak until 2029, thereby indicating a steady deployment of rigs, particularly in offshore fields. This is likely to drive the demand for drilling fluids, thereby creating a lucrative platform for market growth.
The fillers application segment is expected to expand at the fastest CAGR of 4.2%, in terms of revenue, from 2020 to 2027 owing to increasing penetration of the product as a filler in paints and plastics. The rapid growth of the construction sector in emerging economies of Asia Pacific is expected to stimulate the production of paints and coatings and plastics, which, in turn, is likely to foster the demand for fillers, such as barite.
North America dominated the market and accounted for a revenue share of 39.5% in 2019. The region is predicted to maintain its lead over the coming years. A significant boost in the production of tight oil, particularly in the U.S., has resulted in a significant demand for the product. Canada is yet another prominent market in the region as there are a number of oil rigs in the country for which barite is largely used for well drilling services.
Asia Pacific is predicted to expand at the fastest CAGR of 4.7%, in terms of revenue, from 2020 to 2027. According to the United States Geological Survey (USGS), China was the largest producer of barite in the world with production estimated at 2900 kilotons in 2019. Owing to the presence of minimal oil rigs in China, the product demand in China is significantly less as compared to its supply, and therefore China exports most of its barite to other nations, particularly to the U.S.
Ashapura Minechem Limited
The Andhra Pradesh Mineral Development Corporation Limited
Excalibar Minerals LL C
Baker Hughes Incorporated
International Earth Products LLC
Anglo Pacific Minerals
Oil & Gas
Central & South America
Middle East & Africa
The Barite market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Barite market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Barite market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Barite market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Barite market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Barite capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Barite by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Barite market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Barite market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Barite market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Barite industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Barite market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Barite market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Barite market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Barite market. These factors have benefited the growth of the global market for Barite. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Barite. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Barite are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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