The barite market is expected to see gradual growth in the coming years, with an estimated value of USD 1,582.2 million in 2024 and a projected compound annual growth rate (CAGR) of 3.90% throughout the forecast period. By 2034, industry analysts anticipate the barite industry to expand significantly, reaching nearly USD 2,317.0 million in market share. Despite the sluggish pace of growth, steady demand for barite across various sectors such as oil and gas, paints and coatings, and healthcare is expected to underpin this upward trajectory, driving market expansion in the long term.
Growing demand for barite from diverse industries such as oil & gas, paints & coatings, pharmaceuticals, and construction is the major force behind the expansion of the barite market. Rising oil and gas exploration activities, and the increasing use of barite for the manufacturing of plastic products, rubber, paints, coatings, and several other products are expected to fuel the barite production in the coming days.
Similarly, the demand for barite is rising for application in the medical industry, making a variety of barium compounds that act as X-ray shielding materials. It is also used in various diagnostic medical tests. The growing popularity of barite in the medical industry is expected to support the growth of the market in the future.
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“Barite has emerged as an ideal replacement for expensive materials like Crypton, Basofor, and titanium dioxide. So, SP 4.3 and above remain the most widely used barite grades for multiple applications due to their purity of content and high specific gravity,” says a lead analyst at FMI.
Key Takeaways from the Barite Market Study Report
- China is the leading barite producer globally and is expected to account for almost 3.9% of the global revenue in 2024.
- The United States barite market is leading in the development of barite applications and is expected to contribute 4% of revenue in 2024.
- Mexico’s market is likely to contribute 3.6% of the global market share in 2024.
- India is a remarkably growing market for barite manufacturers, and in 2024, it is expected to represent 3.8% of the global market.
Competitive Landscape for Barite Market Participants
The overall market is concentrated in the regions with sufficient barite mineral deposits or barite processing industries in China or the United States. Growing industrialization and greater investment by emerging economies to strengthen chemical industries are expected to encourage new industries and diversify the market in the coming days.
Recent Developments by the Barite Industry Players
- In October 2021, the Mines and Steel Development Department of Nigeria, unveiled the made-in-Nigeria brand of barite, citing it as a direct outcome of many efforts and productive stakeholder participation. The creation of the barite brand is a component of their strategy to lessen the country’s reliance on its deposits of crude oil and to encourage the expansion of the mineral industry.
- In July 2023, Vishnu Chemicals Limited, a maker of chromium and barium compounds, completed trials for sodium sulfide and precipitated barium sulfate production. The precipitated barium sulfate to be produced, with a 30,000 TPA capacity, is expected to be whiter than natural barium sulfate and nearly free of contaminants. According to the firm, the substance has a 95-degree glossiness and the paint’s capacity to reflect 98.1 percent of sunlight has earned it a spot in the Guinness Book of World Records.
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Key Players Profiled in the Barite Market
- Milwhite
- Corpomin
- Excalibar Minerals
- International Earth Products LLC.
- BariteWorld
- The Kish Company, Inc.
- New Riverside Ochre Company, Inc.
- Global Reach FZE
- Andhra Pradesh Mineral Development
- Anglo Pacific Minerals Ltd.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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