Barite Market by Grade (Up to SP 3.9, SP 4.0, SP 4.1, SP 4.2, SP 4.3 and above) and Application (Paints & Coating, Oiling & Drilling, Pharmaceutical, Textile, Others): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 1 billion mark in 2022 and is expected to hit US$ 2 billion by 2030, recording a CAGR of 4% during the forecast period.

Increasing demand for plastics and paints 

The rising usage of barite as a filler in plastics, paints, rubber, and several other products further increases the demand for barite. Barite is being increasingly used as a non-toxic and stable chemical filler for enhancing the gloss, strength, and wearability of plastic products. Thus, with the rapid expansion of the plastics industry across the globe, demand for barite is bound to rise at a substantial pace over the forecast period. These factors are expected to propel the market in the forecast period.

Within the report, the market is segmented into grade, application, and geography. By grade, the market is segmented into Up to SP 3.9, SP 4.0, SP 4.1, SP 4.2, SP 4.3 and above. By application, the market is categorized into paints & coating, oiling & drilling, pharmaceutical, textile, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

High demand from the oil & gas industry

There is a huge demand for barite in oil and gas drilling operations as a weighing agent in the drilling mud. It is used to prevent the explosive release of oil and gas during drilling, and it has unique physical and chemical characteristics such as high specific gravity, chemical and physical inertness, low solubility, and magnetic neutrality. About 80% of the global demand is from the petroleum industry. The demand for barite would continue till petroleum products are preferred as the chief source of energy, given their importance in the transportation and industrial end-use sectors.

Growing demand for barite from diverse industries

The increasing adoption of barite among diverse industries, such as oil & gas, paints & coatings, pharmaceuticals, and construction along with various technological innovations is driving the market growth. Barite is one of the majorly utilized minerals across the industrial, automotive, and medical sectors. The adoption of barite is gaining immense traction in many industrial sectors due to its versatile properties such as strong inertia, superior stability, high specific gravity, and moderate rigidity. It has become an ideal candidate for weighting agents in mud drilling activities across the oil and gas industry. Thus, due to its diversified uses the barite market is expected to drive in the forecast period.

Recent strategic developments in the super barite market

The barite market has undergone several significant developments, and a few of these have been mentioned below:

• In 2021, Cimbar Performance Minerals, Inc., a division of United Minerals and Properties, Inc., announced the acquisition of TOR Mineral’s North American assets and barite and alumina trihydrate business. The acquisition will help the company to expand its product portfolio.
• In March 2021, BASF invested USD 30.1 million in new excellence center for its hygiene business. With these investments, BASF will increase innovation capabilities for its super absorbent polymer business by building a state-of-the-art Super absorbents Excellence Center at its Verbund site in Antwerp, Belgium.

The barite market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Milwhite, Corpomin, Excalibar Minerals, International Earth Products LLC., BariteWorld are among the prominent players operating in the market.

Target audience for the report:

• Raw material providers
• Barite manufacturer
• Chemical related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policymakers
• Venture capitalists, private equity firms, and start-up companies
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Grade

• Up to SP 3.9
• SP 4.0
• SP 4.1
• SP 4.2
• SP 4.3 and above

• Application

• Paints & Coating
• Oiling & Drilling
• Pharmaceutical
• Textile
• Others

• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled

• Milwhite
• Corpomin
• Excalibar Minerals
• International Earth Products LLC.
• BariteWorld