Barite Market is Set to Reach US$ 1,944.64 Mn by 2026

The competitive landscape of the global barite market is likely to display consolidated vendorscape. Top players in the global barite market are aiming to unveil different grades of barite to serve diverse end-use requirements. Apart from this, key players are focusing to enhance product quality. Key players are making heavy investment to upgrade their plant facilities in order enhance production capacity. This will help them consolidate their positions in the barite market. Collectively, key players account for over 55% of the overall market share. Some of the predominant players operating in the global barite market are Spectrum Chemical Manufacturing Corporation, Deutsche Baryt Industrie, Halliburton, CIMBAR Performance Minerals, New Riverside Ochre Company, Inc., Excalibar Minerals LLC, and Anglo Pacific Minerals.

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According to TMR, the global barite market stood at US$1,276.60 mn in 2017. The market is predicted to rise at a steady CAGR of 4.8% from 2018 to 2026.

On the basis of geography, North America holds high potential to dominate the global barite market during the forecast period. This is because of the presence of several end-use industries in the region. Of the various applications, drilling mud contributes for over 70% overall market share in the global barite market. This can be attributed to the extensive use of barite in oil and gas industry. However, the segment may lose its share to rubber and plastics in the coming years owing to fluctuating prices of oil and gas.

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Rising Demand of Oil and Gas across Globe to bolster Barite Market

A recent boost to the barite market is credited to shale gas boom in the U.S. and China. The shale gas is an effective substitute of the depleting natural oil reservoirs in the Middle East. This has resulted in rising drilling & production activities to meet energy demand. Barite is primarily used in drilling owing to its heavy weight. This is likely to propel the global barite market. Apart from heavy weight, chemical inertness with other additives, non-toxicity, non-abrasiveness, and easy availability are some other properties that likely to increase demand for barite during forecast period.

Moreover, barite is also used in the paints, coatings, and rubbers industries, mainly on account of its high specific gravity.