Enjoy complimentary customisation on priority with our Enterprise License!
The barite market size is forecast to increase by USD 353.88 million at a CAGR of 4.25% between 2023 and 2028. The comprehensive market report on barite mining market growth analysis and forecasting presents an insightful view into the industry's dynamics. Barite, extensively used in diverse sectors like petroleum-based products, pharmaceuticals, and the plastics industry, witnesses significant demand due to its unique properties. From its role in oil and gas exploration projects to its applications in automotive soundproofing material and oil well drilling fluids, barite's versatility drives its market forecast upwards.
Furthermore, its importance in radiation shielding applications, pharmaceuticals, and white paint applications underscores its widespread utility. With market research and growth analysis, the forecast for the market remains optimistic, propelled by increasing demand across various industries.
To learn more about this report, Request Free Sample
The powder segment is estimated to witness significant growth during the forecast period. The barite powder segment is growing significantly and accounted for a higher market share in the global barite market in 2023. Barite-powder or barite is a mineral consisting of barium sulfate (BaSO4).
Get a glance at the market contribution of various segments View the PDF Sample
The powder segment was the largest and was valued at USD 1.07 billion in 2018. The barite powder can be used as a substitute for siliceous sand in the production of ordinary concrete with only minor effects on the mechanical properties of concrete, as it has higher radiation shielding capabilities. This is because barite possesses minimum compressive strength, which, in turn, provides stronger mechanical strength. The other properties of barite that improve strength when added to concrete are its flexural strength, splitting tensile strength, and the modulus of elasticity. For instance, Emprada Mines and Minerals Private, based in Andhra Pradesh, India, provides Barite-powder in different grades, which are used for many different applications such as the construction industry and more. Hence, due to these above-mentioned factors, the powder segment of the global market will witness positive growth during the forecast period.
Based on the end-user segment, the market has been segmented into drilling mud, chemical manufacturing, paints and coatings, and others.
APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to witness significant growth during the forecast period. The growth of the market in focus will be driven by countries such as China, Japan, India, South Korea, and Australia. China, Japan, and India are the major markets for barite in APAC.
For more insights on the market share of various regions Download PDF Sample now!
In addition, The high demand for energy in APAC is resulting in the commencement of several oil and gas projects. Countries in APAC, such as India and China, have also planned new refinery projects to meet the increasing domestic demand for petroleum products. For instance, India is projected to commence operations of 85 crude oil refinery projects during the forecast period. Out of these, two crude oil refineries will be newly built, while 83 will be capacity expansion of existing projects. The two new refinery projects that are expected to commence operations by 2025 include the Barmer and Nagapattinam II projects. A few of the key refinery expansion projects in India include the Vadinar crude distillation unit (CDU) expansion and the Panipat CDU expansion project, which are expected to commence operations in 2024. Thus, the demand for barite from such refineries is expected to increase during the forecast period.
The burgeoning utilization of barite within the paint industry significantly propels market growth. Barite, a staple in primers, sealers, and topcoats, offers distinct advantages: high purity, low oil absorption, excellent whiteness, and chemical inertness. Its properties, including UV resistance and fast drying, drive its demand in coatings. Additionally, as a primer extender, barite-imparts clean whiteness, smooth finish, and chemical resistance to walls. Notably, government initiatives to bolster barite-production shape market trends. For instance, Nigeria's move to promote domestically sourced barite aims to reduce imports, boost economic development, and create jobs. Such efforts align with market forecasting, highlighting barite's pivotal role in various industries.
Key Market Driver
The burgeoning demand for barite in the paint industry significantly influences both market growth and forecasting. Barite serves as a crucial component in primers, sealers, and topcoats within the paint and coatings sector. Its advantages, such as high purity, low oil absorption, and superior chemical inertness, drive its extensive use. Furthermore, its low silica content contributes to reduced abrasiveness and enhanced resistance to acids and alkalis. Barite's properties align perfectly with market forecasting, indicating a promising future within the industry. Additionally, its applications extend beyond paints, including its role in the petroleum industry, glass barium salt production, and its use in cable cars, submarines, and ballast tanks.
Furthermore, barite is employed as a primer extender, enhancing pristine whiteness and ensuring smooth walls and undercoats, crucial in shielding against Gamma rays and X-rays. Its integration in the paint industry is highly prized for its robust resistance to acids and alkalis, coupled with its elevated bulk density and refractive index. Consequently, the burgeoning applications of barite in paint and coatings play a pivotal role in propelling the growth of the market during the forecast period.
Significant Market Trends
Emerging government initiatives aimed at enhancing barite production are reshaping the market landscape. Barite's versatile applications, ranging from radiation-proof structures to weighting agents in the oil and gas industry, fuel its market growth. Governments worldwide are implementing strategies to leverage barite's diverse uses. For instance, Nigeria's launch of domestically sourced barite underscores this trend, fostering economic growth and reducing the nation's carbon footprint associated with imports. This move not only strengthens Nigeria's position in the market but also stimulates local industries like pharmaceuticals and construction. By promoting barite-utilization in various sectors, governments aim to meet energy demands sustainably while boosting economic development and creating job opportunities.
In addition, one of the seven essential minerals required for Nigeria's solid minerals industry to develop to its full potential. It is a crucial component used in the oil and gas sector as a weighting agent to raise the density of drilling fluids, especially when drilling for oil and gas. Hence, such initiatives and organizational schemes can spur growth in the market during the forecast period.
Major Market Challenges
The availability of close substitutes, such as ilmenite and synthetic hematite is a significant challenge hindering market growth. The uses of barite include its widespread applications, such as automotive, drilling, and others. In drilling muds, ilmenite and synthetic hematite can also be used in place of barite. Because synthetic hematite has a higher specific gravity (4.9) than barite (specific gravity of 4.5), less synthetic hematite is needed to build mud weight. Celestine is also used in the oil and gas sector as a substitute. It consequently lowers the costs of weighing the mud and the quantity of solids added to the system because of the higher specific gravity of the substitutes. Furthermore, synthetic hematite is more resistant to particle-size degradation than barite because it is a harder mineral. Moreover, ilmenite, which is used in drilling mud, has a higher density than barite.
For instance, ilmenite is used as a substitute for barite in applications such as paints and coatings, abrasives, paper, plastics, and more. Therefore, the availability of these alternatives may restrict the amount of barite-consumed. Hence, the availability of close substitutes could hamper the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anglo Pacific Minerals Ltd. - The company offers barite, such as micronized white-barite, precipitated barium sulphate, and API barite-powder.
The research report also includes detailed analyses of the competitive landscape of the market and information about 19 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the market, the demand for barite is driven by various industries, including the oil and gas industry, where it serves as a crucial weighting agent in drilling fluids. This mineral effectively controls hydrostatic pressure and enhances drilling efficiency, vital for oil drilling and exploration projects. Moreover, its application extends to radiation shielding, making it indispensable in radiation-proof structures utilized in X-ray machines and CT scans.
Beyond the oil and gas sector, barite finds utility in diverse fields. It is a key ingredient in industrial fillers, enhancing properties in plastics, rubber, and paints. Its radiation shielding properties make it valuable in automotive soundproofing and construction materials, reducing the carbon footprint of various products, including computer monitors and brake linings.
As barite-substitutes face limitations, their role in various industries remains unchallenged. With barite suppliers catering to the refinery process chemical market and the fine chemical market, its significance in global energy demand is set to endure. From pharmaceuticals to cosmetics, textiles to adhesives, this continues to be a cornerstone mineral, meeting diverse industrial needs efficiently.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.25% |
Market Growth 2024-2028 |
USD 353.88 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.71 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 57% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anglo Pacific Minerals Ltd., BARIT MADEN TURK A.S., Barium and Chemicals Inc., CIMBAR Performance Minerals, CSGLOBAL, Dev International, Guizhou Red Star Development Co. Ltd., IBC Ltd., Mil Spec Industries Corp., Milwhite Inc., Newpark Resources Inc., Sachtleben Minerals GmbH and Co. KG, Schlumberger Ltd., Sojitz Corp., SVA S.r.l., The Cary Co., Emprada Mines And Minerals LLC, J and H Minerals Pvt. Ltd., PVS global trade Pvt. Ltd., and Vishnu Chemicals Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.