Barite Market: Introduction
Transparency Market Research delivers key insights on the global barite market. In terms of revenue, the global barite market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global barite market.
The global barite market is broadly affected by several factors, including usage of barite in various applications such as drilling mud, pharmaceuticals, rubber plastics, and others. Rise in global demand for energy has led to significant increase in the oil gas production. Foreign investments in the oil gas sector have increased across the globe; as a result, production of oil and gas has increased significantly. Barite is used as a weighting agent in drilling mud in oil gas production. This is expected to drive the barite market during the forecast period.
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Barite Market: Dynamics
Barite is primarily employed as a weighting agent in the oil gas industry. The global demand for energy has been increasing at a significant pace after a decline due to the COVID-19 pandemic. This is boosting oil gas exploration and drilling activities. Thus, increase in the production of oil and gas is propelling the global barite market.
Barite is used as a filler agent in coatings. It is used as a pigment in paints, while it is employed as a weighted filler in paper, textile, and rubber industries. It is widely used in the paints industry as an extender for primers, as it provides clean whiteness. It is used in walls and undercoats to beautify smooth walls. Led by the rise in usage of barite as a filer agent in coatings, the barite market is expected to expand at a significant pace during the forecast period.
Barite is used as filling agent in the rubber industry. It helps increase the life of rubber products, as products become waterproof and their durability increases. It also helps reduce the cost of rubber products. The strength of these products also increases, making them resistant to alkali and acid. This has led to a rise in the demand for barite.
Barite is increasingly used in the construction industry, specifically for the manufacture of reactors. Barite is added to concrete aggregates during the construction of an atomic reactor, owing to its ability to absorb gamma radiations. Manufacturers focus on paints and rubber industries, as the share held by these end-use industries in the barite market is likely to increase during the forecast period.
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Barite Market: Prominent Regions
North America dominates the global barite market. The market in the region is anticipated to expand at a CAGR of more than 5% during the forecast period. Increase in the demand for drilling mud and rubber plastics is driving the barite market in North America. The U.S. is a key country of the barite market in North America. It held a major share of the barite market in North America in 2020. The country is estimated to maintain its dominant position during the forecast period.
Asia Pacific is also a key region of the global barite market. China led the barite market in Asia Pacific in 2020. The presence of a large number of oil gas exploration companies is driving the demand for barites in China.
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