The major trend being witnessed in the global barite market is increased investments by companies to boost the exploration and production of the mineral (barite). Owing to the large-scale application of the mineral in various industries, a large number of market players engaged in the processing of the mineral are focusing on expanding their production capacity. Thus, investments by these companies are resulting in the exploration of new mines, upgradation of existing mines, development and expansion of production facilities, and geographical expansion in new markets.
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Based on grade, the market has been categorized into barite of specific gravity (Sp. Gr.) up to 3.9, 4.0–4.3, and above 4.3. Different grades of the mineral have different applications. The 4.0–4.3 Sp. Gr. category held a significant share in the barite market during the historical period. This category of the mineral is considered suitable for use as a weighting agent for different chemicals in the oil and gas industry. Other grades of barite are used in paints and coatings, and plastic and rubber formulations.
The major factor driving the growth of the barite market is the rising demand for oil and gas across the world. Due to the increasing energy demand, conventional oil and gas resources are being used up and, therefore, depleting at a fast pace. Thus, in order to meet the ever-increasing demand for energy, major oil companies are shifting their focus toward the exploration of unconventional sources of energy, such as shale oil, shale gas, tight oil, tight gas, and coal bed methane, which involves the use of barite-based weighting agents.
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The barite market is expected to witness significant growth in emerging oil-producing regions, particularly Africa and the Pacific Ocean. These regions have vast unexplored reserves of oil and gas, which are sufficient to meet the growing energy demand. The untapped oil reserves in these regions, therefore, offer lucrative opportunities to the players manufacturing barite-based weighting agents used in the oil and gas industry.
The barite industry is highly consolidated in nature, as few players control the production of the mineral. Some of the major companies operating in the global barite market are Mil-Spec Industries Corporation, Milwhite Inc., International Earth Products LLC, Seaforth Mineral & Ore Co. Inc., Ashapura Minechem Ltd., and Kaomin Industries.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.