(MENAFN- GlobeNewsWire - Nasdaq) Dublin, July 05, 2023 (GLOBE NEWSWIRE) -- The "barite market size, share & trends analysis report by application (fillers, oil & gas, chemicals, fillers), by region (north america, europe, asia pacific, central & south america, middle east & africa), and segment forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global barite market size is expected to reach USD 2.13 billion by 2030., expanding at a CAGR of 5.1% over the forecast period. The market is projected to be driven by the growing investments in the oil & gas sector and rising demand from industries, such as paints & coating, chemicals, cosmetics, plastics, cement, and rubber. The flourishing oil & gas industry directly fuels the demand for barite, which finds use as a weighting agent in drilling mud formulations. Energy demand worldwide has increased abruptly owing to the growing global population.
The rising population has led governments to invest increasingly in enhancing their energy generation capacity, which in turn, is boosting investments in onshore and offshore oil & gas exploration activities to cater to the growing global energy demand. A rise in drilling activities is eventually expected to augment barite consumption.
Furthermore, the product is also used in medical applications, power plants, laboratories, and pharmaceutical units. It is used in special X-ray tests wherein it acts as a shielding material. It is also employed for carrying out different medical tests, such as CT scans. Growing expenditure on healthcare is expected to positively influence market growth. For instance, the U. S. healthcare expenditure rose by around 30% from 2017 to 2022.
Market players are adopting strategic initiatives, such as mergers & acquisitions, to expand their presence and capacity. To meet the new rising demand, key players are focusing on R&D for innovations, technologies, and recognition.
Companies Mentioned
Anglo Pacific Minerals Ltd. Ashapura Group CIMBAR Performance Minerals Demeter O&G Supplies Sdn Bhd Excalibur Minerals Corp. Internaional Earth Products LLC P & S Barite Mining Co., Ltd PVS Chemicals SLB The Andhra Pradesh Mineral Development Corporation Ltd
Barite Market Report Highlights
Based on application, the chemicals segment is expected to grow at the fastest CAGR of 5.3%, in terms of revenue, over the forecast period. The growth is attributed to its unique properties that include low oil absorption, chemical inertness, and insolubility The oil & gas segment accounted for the largest revenue share of over 76.0% in 2022. Barite is used as a weighting agent in fluids for drilling mud North America dominated the market with a revenue share of more than 40.0% in 2022. Growing investments in oil & gas exploration activities in the U. S. are propelling product demand For instance, in the past two years, the U. S. government has approved 6,430 drilling permits for oil & gas well on public land Middle East & Africa is expected to register a CAGR of 4.3%, in terms of revenue, over the forecast period. It is one of the key oil & gas producers in the world, which makes barite demand high in the region
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 89 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.43 Billion |
| Forecasted Market Value (USD) by 2030 | $2.13 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Outlook
3.2. Value Chain Analysis
3.2.1. Sales Channel Analysis
3.3. Technology Overview
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Market Opportunity Analysis
3.5.4. Market Challenges
3.6. Porter's Five Forces Analysis
3.7. PESTLE Analysis
3.8. Import Export Data, 2017-2021
Chapter 4. Barite Market: Application Estimates & Trend Analysis
4.1. Barite Market: Application Movement Analysis, 2022 & 2030
4.2. Oil & Gas
4.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.3. Chemicals
4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.4. Fillers
4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.5. Others
4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Barite Market: Regional Estimates & Trend Analysis
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, By Key Market Participants
6.2. Krajlic Matrix
6.3. Company Categorization
6.4. Heat Map Analysis
6.5. Vendor Landscape
6.5.1. List of equipment supplier
6.5.2. List of distributors
6.5.3. List of prospective end-users
6.6. Strategy Mapping
6.7. Company Profiles/Listing
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