Allied Market Research published a report,
titled, "Barite Market by Form (Lumps and Powder), Grade (Up to
Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, and Grade Above 4.3),
Colour (White & Off-white, Grey, Brown, and Others), Deposit Type (Residual,
Bedding, Vein, and Cavity Filling), and End-use Industry (Oil & Drilling,
Paints & Coatings, Pharmaceuticals, Rubber & Plastics, Textiles,
Adhesives, and Others): Global Opportunity Analysis and Industry Forecast,
2020–2027." According to the report, the global barite
industry generated $1.4 billion in
2019, and is expected to reach $2.4 billion by 2027, witnessing a
CAGR of 7.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in the U.S. shale oil drilling activities
and demand from the paints & coatings industry
in Asia-Pacific drive the growth of the global barite maarket.
However, availability of substitutes restrains the market growth. On the other
hand, emerging oil-producing regions present new opportunities in the coming
years.
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Covid-19 Scenario
- Owing to a halt in the oil & gas drilling
activities across the globe during the lockdown and as a preventive
measure to eliminate the possibility of Covid-19 infection, the demand for
barite has been decreased significantly.
- The demand from the U.S. dropped considerably
as drill rig count fell during the Covid-19 pandemic. The oil producers
suffered a sharp decline in supply and demand.
- In addition, there has been a significant
reduction in production activities of paints & coatings, textiles,
plastics, and adhesive industries with disruptions in the supply chain.
This also affected the demand for barite.
- The demand would grow gradually as oil &
gas drilling activities have resumed and manufacturing activities among
end-use industries of barite have begun during the post-lockdown period.
The powder segment to continue its dominant share
during the forecast period
Based on form, the powder segment accounted for the
highest market share in 2019, contributing to more than half of the global
barite market, and is expected to continue its dominant share during the
forecast period. Moreover, this segment is estimated to witness the largest
CAGR of 7.7% from 2020 to 2027. This is due to barite powder being used as
filler in the manufacturing of plastics and surge in plastic consumption across
various industries including automotive, construction, and electrical &
electronics. The report also analyzes the lumps segment.
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The oil & gas drilling segment to maintain its
lead position by 2027
Based on end-use industry, the oil & gas
drilling segment accounted for the largest market share in 2019, contributing
to nearly two-thirds of the global barite market, and is projected to maintain
its lead position by 2027. This is due to rise in crude oil and petrochemical
consumption across various industries including transportation, energy,
plastics, textiles, and others along with increase in investments in deep and
ultra-deep offshore exploration activities. However, the pharmaceuticals
segment is expected to portray the highest CAGR of 8.2% during the forecast
period, owing to its usage in a high-purity form in the gastrointestinal tract.
North America to maintain its leadership status
throughout the forecast period
Based on region, North America accounted
for the highest share in terms of revenue of the global barite market, holding
more than one-third of the total share in 2019, and will maintain its
leadership status throughout the forecast period. This is due to surge in
consumption in the U.S. with significant increase in rig counts, specifically
offshore drilling rigs in leading oil and gas producing states.
However, Asia-Pacific is expected to witness the highest CAGR of
8.2% from 2020 to 2027, owing to increase in oil & gas exploration &
production activities, rise in rubber production across the Southeast
Asia region, and installation of new production plants.
Leading Market Players
- Chinchana Group
- Demeter O&G Supplies SN BHD
- KIA Energy Company Ltd.
- NHAT HUY Group
- General Electric
- Ashapura Group
- Halliburton
- Sibelco
- Schlumberger
- Sojitz Corporation
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