Barite Market to Expand at CAGR of 5.8% between 2015 and 2023 due to Extensive Use in Drilling

2024-03-07 09:24:58 Business

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Transparency Market Research has released a new market study on the global barite market, titled "Barite Market for Oil and Gas, Chemicals, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global barite market, which was valued at US$1.1 bn in 2014, is expected to reach a value of US$1.8 bn in 2023, expanding at a CAGR of 5.8% between 2015 and 2023 owing to the increase in the production of oil and gas.

Barite is a colorless mineral consisting of barium sulfate. It can also be found in various shades of blue, green, yellow, and is also available in milky white color. Barite is found in sedimentary rocks and weighs twice as much as ordinary rocks of the same size and has a specific gravity of 4.50g/cu cm, which enables them to possess characteristics useful for drilling. Barite is an element that is critical to drilling applications. Since it is insoluble in water and chemically inactive, it is highly useful as a weighting agent in the oil and gas industry.

A typical barite mining operation makes use of the open pit method to extract the ore. It is used as a weighting agent and helps restrict surplus flow of drilling fluids. It is reduced to tiny particles and mixed with water and other materials. It is then pumped into the drill hole, where the weight of this mixture restrains the force with which oil and gas is released from the ground. Thus, rig operators are able to contain the explosive release of oil and gas.

Barite also helps curb the high pressures that are formed during the drilling process. The diverse applications of barite in the chemical industry, the paints industry, rubber, automotive, medical, and the electronics industry, along with the oil and gas industry, have boosted the global market for barite. However, the barite market can be challenged by the easy availability of substitutes such as illmenite, hematite, itabirite, and celestite.

The global barite market is segmented on the basis of application and geography. On the basis of application, the market is segmented into chemicals, oil and gas, and others such as fillers and radiation shielding. Of these, the oil and gas application segment accounted for over 80% of the barite market in 2014 in terms of volume.

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By geography, the global barite market is segmented into North America, the U.S., Latin America, the Middle East and Africa, Europe, Asia Pacific, and Rest of the World. In 2014, North America accounted for more than 40% of the global barite market in terms of volume. 45% of barite consumption in Europe was accounted for by chemical and filler applications.

Some of the companies profiled in the report actively extracting and processing barite are: Ashapura Group of Industries, The Andhra Pradesh Mineral Development Corporation Ltd (APMDC Ltd), Anglo Pacific Minerals, Excalibar Minerals LLC, China Shenzhou Mining and Resources Inc., International Earth Products LLC, Milwhite Inc., Mil-Spec Industries Corporation, Oren Hydrocarbons Private Limited, CIMBAR Performance Minerals, and P&S Barite Mining Co., Ltd.

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