BARITE MARKET ANALYSIS

Barite MarketSize and Trends

Growing demand for oil and gas throughout the globe is the major factor driving growth of the global barite market. Oil and gas accounts for the largest user of barite, owing to its property as a weighing agent for drilling fluids. Growing demand for oil and gas in the emerging economies so as to become energy sufficient, is fueling growth of the oil and gas industry, in turn, augmenting demand for barite. According to the International Energy, the global energy demand is set to increase from 268 mboe/d in 2013 to 399 mboe/d by 2040. Moreover, increasing demand for barite in the paints and coating and pharmaceutical industries, is further expected to fuel growth of the barite market. Furthermore, the low oil absorption and high brightness of barite makes it desirable to be used in the pigments of paints and coatings for automobiles and consumer goods. Hence, the growing automobile industry also contributes to growth of the global barite market. According to the Organization Internationale des Constructeurs d’Automobiles (OICA), the automotive industry has witnessed a growth of 4.5% during 2015-2016.

In terms of revenue, Asia Pacific is the fastest growing market for barite, witnessing a CAGR of 6.49% over the forecast period.

North America is the largest market for barite and is expected to retain its dominance through 2025. North America barite market was valued at US$ 0.56 billion in 2016 and is expected to exhibit a CAGR of 6.21% over the forecast period.

Europe is the second largest market for barite, projected to witness a CAGR of 5.24% during the forecast period.