Barite Market size to increase by USD 353.88 Million between 2023 to 2028, Market Segmentation by Type, End-user, Geography, Color, Deposit Type , Technavio
PR Newswire
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NEW YORK, Jan. 17, 2025 /PRNewswire/ -- The global barite market size is estimated to grow by USD 353.88 million from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.25% during the forecast period. The report provides a comprehensive forecast of key segments below-
Technavio has announced its latest market research report titled Global Barite Market 2024-2028
Segmentation Overview
Type
1.1 Powder
1.2 Lumps
End-user
2.1 Drilling mud
2.2 Chemical manufacturing
2.3 Paints and coatings
2.4 Others
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 Middle East and Africa
3.5 South America
Country US, China, Japan, Germany, and UKColorDeposit Type
The global barite market is experiencing notable growth, particularly in the barite powder segment. Barite powder, derived from the mineral barite or barium sulfate (BaSO4), is commonly used as a filler in various industries such as paints, plastics, and engine compartments for sound reduction. In the construction industry, it serves as a substitute for sand, enhancing the mechanical performance of concrete. Barite powder production surpassed 7.5 million metric tons in 2022. The oil and gas industry remains a significant consumer, while improvements in its use in the construction sector contribute to market expansion. Emprada Mines and Minerals Private, based in India, is among the providers of barite powder in various grades, catering to diverse applications. The powder's unique properties, including radiation shielding capabilities and improved mechanical strengths like compressive, flexural, splitting tensile, and modulus of elasticity, make it a valuable addition to various industries. These factors underpin the positive growth trajectory of the global barite powder market.
Analyst Review
The Barite Market is witnessing significant growth due to the increasing demand for barite in various industries, particularly in the Plastics and Petroleum-based products sectors. Barite, a mineral composed of barium sulfate, is widely used as a weighting agent in drilling mud for the oil and gas industry. In the Plastics industry, barite is used as an industrial filler in the production of plastic products, reducing their carbon footprint by improving density and reducing the need for additional raw materials. The Powder segment of the Barite Market is expected to dominate due to its wide application in various industries, including the production of radiation-proof structures for shielding against gamma rays and X-rays. The Barite Mining Market is expected to grow due to the increasing energy demand and the need for drilling mud in the oil and gas industry. Other significant applications of barite include use in the Fine Chemical Market, as a filler in rubber, and as a hydrostatic pressure agent in brake linings.
Market Overview
The Barite market is witnessing significant growth due to its extensive applications in various industries, particularly in the production of Plastic and Petroleum-based products. Barite, a mineral composed of barium sulfate, is widely used as a weighting agent in drilling mud for Oil & Gas industry to enhance drilling efficiency. It also finds extensive usage in Radiation-proof structures as a radiation shielding material against Gamma rays and X-rays. In the Plastics industry, it acts as an industrial filler, reducing the carbon footprint by improving the density and durability of the final product. The Powder segment holds a major share in the market due to its wide applications in various industries, including the Fine chemical market, Paints and coatings, Textiles, and Rubber. Barite is also used in Hydrostatic pressure testing as a replacement for water and sand. In the Energy sector, it is used in the production of Nuclear fuel, Cable cars, Submarines, and Ballast tanks. In the Medical industry, it is used in X-ray machines, Shielding panels, CT scans, Diagnostic tests, Tablets, and Capsules. Barite is also used in the production of White paint applications, Adhesive industry, and Rubber industry. The demand for Barite is driven by the increasing Energy demand, Natural gas resources, Sedimentary rock, Lead, Zinc, Silver, and Oil prices. Barite suppliers are exploring new opportunities in Nano silica, Celestite, and Barite substitutes like Nano-silica grains to cater to the evolving market trends.
The Andhra Pradesh Mineral Development Corporation Ltd.
BARIT MADEN TURK A.S.
Barium and Chemicals Inc.
CSGLOBAL
Dev International
Guizhou Red Star Development Co. Ltd.
IBC Ltd., Mil-Spec Industries Corp.
Milwhite Inc.
Newpark Resources Inc.
Sachtleben Minerals GmbH and Co. KG
Sojitz Corp.
12 Appendix
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