Barite Market is forecast to reach $2.4 billion by 2026, after growing at a CAGR of 5% during 2021-2026 due to increasing consumption from various end-use industries such as textile & paper, rubber, automotive, paint & coatings, oil & gas, medical sector, and others. Barite is also known as barium sulfate and has a high density which is required for the drilling system to reduce the mud’s cost. Barite features properties such as corrosion resistance, abrasion resistance, chemical resistance, ink mobility, color stability, water insolubility, and others that is estimated to grow the barite market size. Additionally, barite is used as a lubricating agent in the oil & gas industries for drilling muds.
The top 5 players in the Barite industry are –
1. Spectrum Chemical Manufacturing Corporation
2. Deutsche Baryt Industrie
4. New Riverside Ochre Company
5. Albar Industrial Minerals Ltd.
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1. Grade 4.22 held the largest share for the global barite market in 2020. Grade 4.22 is used as filler in the rubber industry which is estimated to grow the demand for barite grade 4.22. According to the Malaysian Rubber Council, in 2019, global rubber production was 28.8 million tons as compared to 29.2 million tons in 2018.
2. Weighting agents have dominated the barite market in 2020. Barite is mainly used as a weighting agent for drilling muds with high density at a low cost. These barite/barium sulfate weighting agents consume 99% of the United States for drilling.
3. Bedding deposit type held the highest share of the global barite market in 2020. Bedding deposits are the major source of worldwide barite production which is associated with stratiform sulfide mineralization of sufficient quantity.
4. North America dominated the global Barite market with a share of 37% in 2020 due to the growing consumption of barite in North American countries such as the United States, Canada, and Mexico. Barite is used as a filler, paint pigment agents such as anglesite and anhydrite, lubricating agent, and extender for various end-use industries such as adhesives, automotive, medical, and others which is estimated to boost the market size.
Grade 3.95, Grade 4.0, Grade 4.10, Grade 4.22, and Grade 4.30
North America, Europe, Asia-Pacific, South America and Rest of World
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Market Drivers and Challenges:
1. Rapidly Increasing Oil & Gas Production activities : Barite also called barium sulfate is used as a weighting agent for drilling muds as it offers high density, low solubility, and magnetic neutrality.
2. Growing Consumption from Automotive Industry : Barite (barium sulfate) is used in the production of brake pads, clutches for cars, and as a weighting filler in rubber to make anti-sail mudflaps for trucks.
3. Availability of Substitutes : Ilmenite and synthetic hematite is a substitute for barite in drilling muds. Synthetic hematite is less than barite (gravity 4.5) required to build mud weight because of its higher specific gravity (4.9). Celestine is also a substitute for barite in the oil & gas industry.
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