Barite Market Players: Ashapura Group, Excalibur Minerals LLC, P & S Barite Mining Co. Ltd., And Schlumberger Limited

 Barite Industry Overview

The global barite market size is expected to reach USD 1.59 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. Rising investments in increasing offshore explorations in the oil and gas industry are anticipated to augment the market growth over the forecast period.

Barite is a naturally occurring barium-based mineral. It is found in hydrothermal ore veins, sedimentary rocks like limestone, clay deposits, marine deposits, and cavities in igneous rock. According to the USGS, its global mine production was 7,500 kilotons in 2020 down from 8,870 kilotons in 2019 owing to the COVID-19 pandemic. China and India are the leading producers of barite.

The oil and gas application segment accounted for the largest revenue share in 2020 as barite is mainly used as a weighting agent in formulating drilling mud. Investments in new offshore exploration projects are anticipated to benefit the market growth. For instance, in January 2021, Egypt announced to invest USD 1.4 billion in exploring oil and gas at nine new sites. The country’s Ministry of Petroleum and Mineral Resources expects to drill 23 new wells across the Mediterranean and Red Sea.

The Middle East and Africa held the second-largest revenue share in 2020. Investments in oil and gas projects of the region are expected to boost the product demand. For instance, in June 2021, the Nigerian Content Development and Monitoring Board (NCDMB) approved four firms: Nishan Industries Limited, Delta Prospectors Limited, Ana Industries Limited, and Bakers Hughes Company Limited for supplying barite required for any drilling project in the Nigerian oil and gas industry.

The market is competitive with the growing interest of players in barite projects. For instance, in July 2021, Apollo Gold & Silver Corp. acquired 100% interest in the Waterloo Silver-Barite project from Pan American Minerals, Inc. The project is located in San Bernadino County California, U.S.


Barite Market Segmentation

Grand View Research has segmented the global barite market on the basis of application and region:

Based on the Application Insights, the market is segmented into Oil & Gas, Chemicals, Fillers, and Others.

  • The chemicals segment held the second-largest revenue share in 2020. Barite is used as a feedstock for manufacturing barium-containing compounds, which are widely employed in a variety of end-use sectors. For example, barium sulfate is used in coating in the paper and rubber industries and linoleum materials, whereas barium chloride is used in weaving in the leather industry.
  • The barite-derived compounds find application in industries, such as ceramics, glass, and construction. For instance, they are used in the glass industry as a melting ingredient that helps reduce bubbles and improves product luminosity and transparency. Glass that contains barite is clearer and brighter than lead glass. The characteristics of barite enhance the properties of the final product.
  • Barite is also preferred as a filler in various applications, including paints, plastic, coatings, and paper. In paints, it helps in adjusting thickness and increasing its stability and brightness. It also offers smoothness to undercoats along with chemical resistance to the walls. The paints and coatings industry is expected to witness high growth on account of the increased spending on the renovation and construction of new houses, which is expected to prove fruitful for the product demand.

Barite Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies & Market Share Insights

The market is competitive due to the presence of various players. According to the USGS, China and India are major barite producers in the world. Market players are engaged in mergers & acquisitions and capacity expansions to cater to the growing demand and widen their geographical footprints. For instance, in April 2021, CIMBAR Performance Minerals acquired the U.S. Barite and Alumina Trihydrate manufacturing assets and business of TOR Minerals. The acquisition aims at broadening CIMBAR’s portfolio and increasing its customer reach across multiple locations. 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

 

Order a free sample PDF of the Barite Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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