The Increasing Use Of Barite In Oil And Gas Industry To Boost The Barite Market Growth

Barite
Barite

Global Barite Market by Grade (Up to Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, Grade above 4.3), by Color (Brown, White & Off-White, Grey, Others), by End-Use Industry (Oil & Gas, Paints & Coating, Pharmaceuticals, Rubber & Plastics, Textiles, Adhesives and Others), and Region - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025

The global Barite for Market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Barite is the key, organically occurring and barium-type mineral. Barium, atomic number 56, got its term from Greek which means heavy. Barite is also called as baryte, and in Missouri is it is called as tiff. It is a either white or colorless mineral.

Competitive Landscape:

Key players in the global Barite Market are Shijiazhuang Oushun Mineral Products Company Limited, Shanghai Titanos Industry Company Limited, Seaforth Mineral & Ore Co. Inc., International Earth Products LLC., CIMBAR Performance Minerals, Spectrum Chemical Manufacturing Corporation, Excalibar Minerals LLC, Anglo Pacific Minerals, and Desku Group Inc,

Market Key Drivers:

The increasing use of barite in oil and gas industry is expected to propel the growth of global Barite Market. For instance, as per the U.S. EIA, over 98.8 million barrels/day of oil and petroleum were used in July 2021.

The rising number of rigs is projected to boost the growth of global Barite Market. For instance, there were 586 rotary rigs in U.S. in 2021, which is a rise of 44% compared to 407 rotary rigs in 2020.

Covid-19 Impact Analysis:

The Covid-19 outbreak had adversely affected the growth of global Barite Market owing to the strict regulations and rules imposed by the regulatory. The halt in supply of raw materials due to restriction on transportation and closure of manufacturing and production units impeded the market growth.

Key Takeaways:

The global Barite Market is anticipated to exhibit a CAGR of XX % during the forecast period owing to increasing production of cement. For instance, as per the U.S. Geological Survey, the manufacture of cement in the U.S. enhanced to 92 Mn tons in 2021 from 89 Mn tons in 2020.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global Barite Market due to increasing oil and gas industry, rising regulatory approvals and increasing launches. For instance, in September 2021, the Indian government granted oil & gas projects worth US$ 13.03 billion for the north-eastern India.

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