The barite market is poised for significant growth, with an estimated value of approximately USD 1,537.3 million in 2024, a notable increase from USD 1,261.2 million in 2019. This upward trajectory is supported by a projected compound annual growth rate (CAGR) of 4.10% from 2024 to 2034, reflecting the rising demand for barite across various industries, particularly in oil and gas drilling and as a filler in paints and plastics. By 2034, the market is forecasted to reach a valuation of USD 2,253.9 million, driven by ongoing developments and applications of barite in multiple sectors.
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.
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.
Key Companies Profiled
- 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.
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Key Segments Covered by Barite Industry Survey Report
By Form:
- Lumps
- Powder
By Grade:
- Up to SP 3.9
- SP 4.0
- SP 4.1
- SP 4.2
- SP 4.3 and Above
By Application:
- Drilling Mud
- Pharmaceuticals
- Rubbers & Plastics
- Paints & Coatings
- Textiles
- Other Applications
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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