United States, Rockville, MD, May 17, 2022 (GLOBE NEWSWIRE) -- As per a new report on Barites by Fact.MR, a market research and competitive intelligence provider, the global market is projected to expand at a CAGR of around 3.7% and reach a market valuation of US$ 2.35 Bn by 2032-end, attributed to growing demand from the oil & gas and chemical sectors.
Historically, the Barites market has been driven by its consumption in the oil & gas industry across developed countries, with customers willing to buy barite not only industrial purposes but also for medical, plastics, rubber, etc. Barite sales accounted for approximately 0.5% share of the global mineral market in 2021, and due to its increasing application across various sectors, this market share is predicted to increase to 0.7% - 1% by 2032.
Backward supply chain integration from manufacturers to suppliers would assist barite suppliers improve quality, enhance profit margins, and gain a competitive edge. This will allow corporations to use proprietary technology to produce higher-grade baryte, thereby improving its quality at a lower cost.
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Key Takeaways from Market Study
- By end user, oil & gas drilling is projected to provide value worth US$ 1.65 Bn over the forecast period.
- The chemical end-use industry is projected to expand at a CAGR of around 3.5%.
- Other end users are projected to increase at a CAGR of around 2.8% over the decade.
- North America is projected to capture around 25.7% of the global Barites market share by 2032, with Asia Pacific holding around 41.8%.
- Majority of barite deposits are found in Georgia, Nevada, and Missouri. As the U.S. stands as one of the market leaders in oil & gas drilling, the use of this material is also high.
When barite comes in contact with iodine, it creates certain reactions that can help obstruct radiation in diagnostic trials and tests.
"The U.S. is responsible for a majority of baryte consumption, being widely used across petrochemical and oil & gas industries in the country. Such dominance is anticipated to open up new opportunities for manufacturers willing to invest in this established market," says a Fact.MR analyst.
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Market players involved in the production of Barites can be seen investing in ensuring a regular supply of the raw material required for the manufacturing of Barites.
Market players should opt for sustainable sourcing as a mean to minimize individual carbon footprint, and cater to the differentiated requirements of every end use. Barite consumption in oil & gas drilling accounts for the highest market share, which is mainly attributed to the fine properties of baryte in comparison to other minerals. Barite is a different form of mineral, which is a combination of barium and sulphate, and is one of the most easily available and economical minerals across the world.
Key Segments Covered in Barytes Industry Research
Barytes Market by End User:
- Oil and Gas Drilling
- Other End Users
Barytes Market by Region:
- North America Barytes Market
- Latin America Barytes Market
- Europe Barytes Market
- APAC Barytes Market
- Middle East & Africa Barytes Market
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the Barites market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of the end user (oil and gas drilling, chemicals, other end users) and five major regions of the world (North America, Latin America, Europe, Asia Pacific and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the food and beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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