The global barite market size was valued at USD 1.57 billion in 2023 and is projected to grow from USD 1.63 billion in 2024 to USD 2.21 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period.
Barite, also referred to as barium sulfate, is a naturally occurring mineral that consists of thin white flakes or colorless prismatic crystals. The surging incidence of gastrointestinal diseases and the increasing healthcare spending across the globe is poised to surge the product demand in the healthcare industry.
India, the U.S., and China observed a significant influence of the COVID-19 pandemic. In addition, travel restrictions, instability pertaining to the economy, and lockdowns led to supply chain upheavals and delays in major industrial activities.
Fortune Business Insights™ provides this information in its research report, titled “U.S. Barite Market, 2024-2032”.
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Segmentation:
Utilization of Oil Grade Product in Drilling Mud to Propel Segment Growth
In terms of type, the U.S. market for barite is segregated into oil grade, construction grade, medical grade, and others. The oil grade segment is projected to occupy the largest share of the market during the forecast period. The deployment of the oil grade product as a weighting agent in drilling mud for the prevention of explosive release of oil & gas during drilling activities is boosting the segment expansion.
Product Utilization in Drilling Fluid to Spur Segment Expansion
With respect to application, the market is categorized into barium compounds, plastics and rubber, X ray indicator, paints and coatings, drilling fluid, and others. The drilling fluid segment captured the largest U.S. barite market share in 2023. The usage of products in drilling fluids to surge the density while balancing formation pressure and preventing blowout during drilling into high-pressure zones is escalating segment growth.
List of Key Players Mentioned in the Report:
- Andhra Pradesh Mineral Development Corporation (India)
- CSGLOBAL Group (Turkey)
- Shenzhen Rocky Mountains Industry Development Co. (China)
- Sinobarite Industrials Ltd (China)
- GUIZHOU SABOMAN IMP EXP CO, LTD (China)
- China Zhashui Heqi Barite Mining Co., Ltd. (China)
- Baribright Co. Ltd (China)
- Huber Engineered Materials (U.S.)
- New Riverside Ochre (U.S.)
Report Coverage
The research report offers an in-depth analysis of the major factors affecting the market growth. It further provides detailed insights into the competitive strategies adopted by top companies to gain a competitive edge. Additional aspects of the report include the top trends, COVID-19 pandemic impact, and leading segments.
Drivers and Restraints:
Increasing Product Demand from Oil & Gas Industry to Fuel Market Growth
The expansion of oil & gas industry has led to the development of supporting industries, such as the barite market, which is deployed massively in drilling operations. In addition, the product is witnessing heightened demand in the oil & gas industry owing to its substantial role in drilling.
Despite an expanding scope for the adoption of the product, the presence of substitutes may hamper the U.S. barite market growth. Hematite, celestite, synthetic ilmenite, calcium carbonate, and iron ore are some of the substitutes of the product.
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Competitive Landscape:
Key Companies Prioritize Agreements to Boost Their Position
Leading companies have well-established distribution networks, developed production units, and robust brand recognition. The market is observing the implementation of many strategic moves, such as mergers, acquisitions, joint ventures, and partnerships by leading players to stand out from the competition. Several companies are also emphasizing entering agreements to enhance their position.
Key Industry Development:
May 2022 – The Andhra Pradesh Mineral Development Corporation (APMDC) has signed a MoU to supply 1.6 million metric tons of baryte to the U.S., valued at nearly USD 100 million. The company also plans further investments to expand its business in the U.S., aiming to capture more market share in North America.
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