The size of the global barite market was estimated at USD 1.19 billion in 2020 and is anticipated to increase at a CAGR of 3.7% from 2021 to 2028. Since barite is a common weighting agent in drilling operations, an increase in worldwide oil and gas production is predicted to boost market growth. In 2020,
the COVID-19 pandemic had an impact on product demand, which was reflected in a slowdown in market growth. However, with the introduction of vaccines and the observance of safety precautions by oil and gas companies, output is accelerating, and with the impending investments, the need for barite is anticipated to soar.
Among the top barite consumers is the United States. The chemical is primarily utilised in the nation as a weighing additive in fluids for oil and gas drilling. Additionally, it is utilised in paints, rubber, and plastic as a filler and extender. In 2019, the nation used over 3 million tonnes of barite, the majority of which was imported.
Due to the COVID-19 epidemic in 2020, most mines had to be shut down, which had an impact on barite output. Additionally, as a result of various constraints, the oil and gas industry saw a fall in both production and consumption. Numerous travel limitations resulted in a decrease in the requirement for transportation fuel, which had an effect on the production of crude oil and the need for barite.
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Market trends for bauxite
In terms of volume and value, the oil and gas sector held the greatest share of the global barite market in 2020. Barite is used as a weighing component in drilling mud formulation. It functions as a lubricant and protects drilling equipment because of its softness.
Since numerous mines were shut down as a result of COVID-19, there will be less barite available in 2020. The effect on exploration and investment activity continued until 2021. The total crude oil production in the United States in 2021 was 4,083,494 thousand barrels, down 1.1% year over year from 4,129,563 thousand barrels in 2020, according to the Energy Information Administration (EIA).
The barite market is expected to be driven by increased investment in oil and gas development as a result of the reduction in geopolitical tensions and the easing of COVID-19 limitations.
Over 77.0% of the total income in 2020 came from the oil and gas category, and it is anticipated that this trend would continue over the forecast period. The substance is used as a weighting agent in the production of drilling mud in the oil and gas sector. It increases the hydrostatic pressure of the slurry and makes up for high-pressure areas that are encountered during drilling. The mineral’s softness enables it to function as a lubricant and safeguards it from damaging drilling equipment.
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Some prominent players in the global barite market include:
- Andhra Pradesh Mineral Development Corporation Ltd.
- Ashapura Group
- Excalibur Minerals LLC
- P & S Barite Mining Co. Ltd.
- Schlumberger Limited
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa