The “Barite Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Barite market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
- Andhra Pradesh Mineral Development Corporation Ltd.
- Anglo Pacific Minerals Ltd
- ALCOR MINERALS
- Cimbar Performance Minerals
- DESKU GROUP INC.
- Halliburton Energy Services, Inc.
- International Earth Products LLC
- Kaomin Industries LLP
- MILWHITE, INC.
- Newpark Resources Inc.
- New Riverside Ochre
- Pands Group
- PVS Global Trade Pvt Ltd
- Sachtleben Minerals GmbH & Co. KG
- Schlumberger Limited.
- Sojitz Corporation.
- Spectrum Chemical Manufacturing Corp
- The Cary Company
- The Kish Company, Inc.
Key Market Trends
High demand from Oil & Gas Industry
- Barite has huge demand in oil and gas drilling operations as a weighing agent in the drilling mud. It prevents the explosive release of oil and gas during drilling and it has unique physical and chemical properties 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 worldwide 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.
- The properties like non-corrosiveness, non-abrasiveness, insolubility in water, inertness, and high specific gravity enable barite’s application as a weighting agent in drilling operations to remove the cutting from the bits, transport cutting to the surface to reduce the friction in the drilling string, control pressure, prevent blow-out and at the same time to provide lubrication.
- The prospectus for the future growth of the petroleum industry suggests that petroleum exploration will continue to grow and simultaneously the consumption of barite. Furthermore, more drilling must be done per unit of oil as hydrocarbon discoveries become less productive with time.
- Daily global demand for crude oil (including biofuels) in 2019, was 99.7 million barrelsper day, this value fell to 91 million barrels per day in 2020 due to the lockdown and mobility impacts of COVID-19 and is anticipated to reach above 96.5 million barrels per day in 2021.
- Hence, the rising demand for barite from oil & gas industry globally is expected to drive market growth during the forecast period.
Middle-East Region to Dominate the Market
- Middle-East has the largest market share in the barite market owing to its dominance of over 30% in global oil production. This is due to the presence of some of the leading oil-producing nations of the world in this region, like Saudi Arabia, Iran, Iraq, Kuwait, and UAE.
- It was estimated that among OPEC’s total oil reserves, the majority was held by Middle-East nations. The proven oil reserves of this region were evaluated at about 113.2 billion metric tons.
- As of 2020, Saudi Arabia produced roughly 9.21 million barrels of oil per day which accounts for 15% of the global output, making it the largest oil producer in the world.
- Around 8.5 million barrels per day were produced by Saudi Arabia, According to the United States Energy Information Administration, In the first quarter of 2021, Saudi Arabia produced around 8.49 million barrels which accounts for 31% of the Middle-East output.
- In fact, Middle East produces one-third of the world’s total oil production, which was estimated to be roughly around 25.98 million barrels per day in the year 2020.
- A growth in the production is witnessed in Middle-East Crude Oil production in the first quarter of 2021 with a production of 26.55 million barrels per day, indicating growth in the demand for barite.
- Global oil demand in 2021 is estimated to be around 96.5 million barrels per day. This will fuel the production from the oil & gas industries of Middle-East countries, which in turn will increase the consumption of barite in this region.
- Hence, with the rising demand from various industries, the demand for barite is expected to grow considerably in Middle-East & Africa region over the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rapidly Increasing Demand from the Oil and Gas Industry
4.1.2 Growing Use in the Plastic Industry
4.2.1 Availability of Close Substitutes
4.2.2 Unfavorable Conditions Arising Due to COVID-19
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.2 End-user Industry
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Laura Wood, Senior Press Manager
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