The global barite market is anticipated to reach a value of USD 1,582.2 million by 2024, with a projected sluggish compound annual growth rate (CAGR) of 3.90% over the forecast period. By 2034, the industry’s market share is expected to expand significantly, approaching USD 2,317.0 million. This growth trajectory reflects steady demand and evolving applications across various industries such as oil and gas drilling, paints and coatings, and pharmaceuticals.
Growing demand for barite from diverse industries such as oil & gas, paints & coatings, pharmaceuticals, and construction is the major force behind the expansion of the barite market. Rising oil and gas exploration activities, and the increasing use of barite for the manufacturing of plastic products, rubber, paints, coatings, and several other products are expected to fuel the barite production in the coming days.
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Similarly, the demand for barite is rising for application in the medical industry, making a variety of barium compounds that act as X-ray shielding materials. It is also used in various diagnostic medical tests. The growing popularity of barite in the medical industry is expected to support the growth of the market in the future.
“Barite has emerged as an ideal replacement for expensive materials like Crypton, Basofor, and titanium dioxide. So, SP 4.3 and above remain the most widely used barite grades for multiple applications due to their purity of content and high specific gravity,” says a lead analyst at FMI.
Competitive Landscape for Barite Market Participants
The overall market is concentrated in the regions with sufficient barite mineral deposits or barite processing industries in China or the United States. Growing industrialization and greater investment by emerging economies to strengthen chemical industries are expected to encourage new industries and diversify the market in the coming days.
Key Companies Profiled
- Milwhite
- Corpomin
- Excalibar Minerals
- International Earth Products LLC.
- BariteWorld
- The Kish Company, Inc.
- New Riverside Ochre Company, Inc.
- Global Reach FZE
- Andhra Pradesh Mineral Development
- Anglo Pacific Minerals Ltd.
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Key Segments Covered by Barite Industry Survey Report
By Form:
- Lumps
- Powder
By Application:
- Drilling Mud
- Pharmaceuticals
- Rubbers & Plastics
- Paints & Coatings
- Textiles
- Other Applications
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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