Barite Market - Insights, Opportunity Analysis, and Industry Forecast till 2025

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Barite Market - Global Industry Insight, Trends,
Outlook, and Opportunity Analysis 2017-2025

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REPORT DESCRIPTION
Barite Market Overview
Baryte or barite is a white or colorless mineral
and is a major source of barium. The barite group
consists of anhydrite, baryte, celestine, and
anglestite. Barite can be commonly found in the
lead-zinc veins in limestones and are deposited
through wide range of processes including,
evaporation, hydrothermal, and biogenic, among
others. It is an industrial mineral that contains
34.3 sulfate and 65.7 barium oxide when in pure
form. The properties such as low solubility, high
density, chemical inertness, and low cost makes
barite an essential industrial mineral, with high
demand in the oil and gas, paint and coatings,
and pharmaceutical industries. Growing demand
for oil and gas throughout the globe is the major
factor driving growth of the global barite
market. Oil and gas accounts for the largest user
of barite, owing to its property as a weighing
agent for drilling fluids. Growing demand for oil
and gas in the emerging economies so as to become
energy sufficient, is fueling growth of the oil
and gas industry, in turn, augmenting demand for
barite. According to the International Energy,
the global energy demand is set to increase from
268 mboe/d in 2013 to 399 mboe/d by 2040.
Moreover, increasing demand for barite in the
paints and coating and pharmaceutical industries,
is further expected to fuel growth of the barite
market. Furthermore, the low oil absorption and
high brightness of barite makes it desirable to
be used in the pigments of paints and coatings
for automobiles and consumer goods.
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REPORT DESCRIPTION
According to the Organization Internationale des
Constructeurs dAutomobiles (OICA), the
automotive industry has witnessed a growth of
4.5 during 2015-2016. However, the limited
presence of barite throughout the globe and high
costs associated with its transportation pose as
major restraints to growth of the global barite
market. In terms of revenue, Asia Pacific is the
fastest growing market for barite, witnessing a
CAGR of 6.49 over the forecast period. The
rapidly growing oil and gas industry in the
emerging economies of the region such as India
and China, is the major driving factor for market
growth. Growing population coupled with
increasing disposable income among the populace
in the region has augmented demand for energy in
the region. As per data released by the U.S.
Energy Information Administration (EIA), total
liquid fuel consumption in Asia Pacific is
estimated to reach 33.3 million barrels per day
(bpd) in 2017, with China accounting for 80 of
the consumption in the region. Furthermore, the
recent discovery of barite deposits in the
Krishna-Godavari basin (KGD6) India, has brought
in investments from various companies, with
Reliance announcing an investment of US 6
billion in 2015. Request sample Copy of this
Reporthttps//www.coherentmarketinsights.com/insi
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REPORT DESCRIPTION
North America is the largest market for barite
and is expected to retain its dominance through
2025. North America barite market was valued at
US 0.56 billion in 2016 and is expected to
exhibit a CAGR of 6.21 over the forecast period.
The shale oil revolution in the region has surged
the growth in the exploration and development
activities, which in turn has led to major
capacity addition in the region, subsequently
fueling demand for barite as weighting agent in
the oil and gas industry. According to the U.S
Energy information Administration (EIA), around
15.8 trillion cubic feet of natural gas was
produced from shale reserves in the U.S. in
2016. Europe is the second largest market for
barite, projected to witness a CAGR of 5.24
during the forecast period. The growth in the
exploration and production activities, especially
in the North Sea has surged the barite market in
the region. Moreover, the dominant automobile and
consumer goods industry in the region has
increased the demand for paint and coating in the
region, which in turn is significantly driving
the barite market due to its major use in
pigments in paint and coating industry. Among
end-use industries, oil gas was the largest
segment in 2016 and is expected to show the same
trend during 20172025. Oil and gas held a market
share of 80.01 in 2016. Request For
Customization _at_ https//www.coherentmarketinsights
.com/insight/request-customization/912
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