Barite Market-Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026
Barite is
a mineral containing barium sulfate. The chemical formula for barite
is BaSO4. It is found in various colors such as yellow, brown, white,
blue, and gray. It can even be colorless. The U.S., China, India, and
Morocco are the primary countries where commercial deposits of barite
are found. High density and chemical inertness make barite an ideal
mineral for usage in various applications. Barite is an important
mineral because of its usage in exploration and development of
petroleum and natural gas resources. It is mostly mined from layers
of sedimentary rock. In some cases, barite is a by-product of mining
lead, zinc, silver, or other metal ores.
global
barite market
In terms
of grade, the global barite market has been divided into up to 3.9,
Sp. Gr. 4.0, Sp. Gr. 4.1, Sp. Gr. 4.2, and Sp. Gr. 4.3 & above.
Barite is chemically inert and insoluble. Each grade is used for
certain specific applications. Barite is classified based on its
purity, i.e. the concentration of barium sulfate present in barite.
Accordingly, the specific gravity of barite varies. Barite with
specific gravity of 3.9 g/cm3 or less falls under the up to Sp. Gr.
3.9 grade segment. The Sp. Gr. 4.0 segment comprises barite with
specific gravity of 4.0 g/cm3. Sp. Gr. 4.0 grade barite is usually
used as a weighting agent in drilling mud applications, specifically
in the oil & gas industry. Barite with specific gravity of 4.1
g/cm3 falls under the Sp. Gr. 4.1 grade segment. Barite of this grade
is largely used in oil and gas drilling activities across the globe.
Barite of the Sp. Gr. 4.1 grade is approved by the American Petroleum
Institute (API) for usage as a weighting agent in oil and gas
drilling fluids. Sp. Gr. 4.2 grade barite is a widely used barite. It
has specific gravity of 4.2 g/cm3. The API has authorized its usage
as weighting agent in drilling fluids. Sp. Gr. 4.2 grade barite can
be used as a filler in industries such as paints & coatings,
rubber, and plastics. Barite with specific gravity equal to or more
than 4.3 g/cm3 falls under the Sp. Gr. 4.3 & above segment.
Barite of this grade is primarily used as a filler in industries such
as paints & coatings, rubber, plastics. It is also employed in
pharmaceutical applications due to its high purity and low
reactivity.
Based
on application, the barite market can be segmented into drilling mud,
pharmaceuticals, rubber & plastics, and others. Barite is
primarily employed as a weighting agent for drilling fluids in oil
and gas drilling activities. Its high density, low oil absorption,
low hardness, and abundance make it an ideal drilling fluid additive.
Barite is widely used as filler agent in paints, coatings, and
rubbers owing to its high specific density. It is employed
extensively in the paints & coatings industry owing to the
decrease in production of oil across the globe. Higher grades of
barite are employed for medical purposes, due to their high purity,
and the ability to completely absorb gamma and X-rays. Barium sulfate
in suspension is regularly used medically as a radiocontrast agent
for X-ray imaging and other diagnostic procedures. It is often used
in imaging of the gastrointestinal tract.
In terms
of region, the global barite market has been segregated into North
America, Europe, Asia Pacific, Latin America, and Middle East &
Africa. North America is the leading consumer of barite across the
globe; the U.S. accounts for significant share of barite, primarily
for oil and gas drilling activities. Asia Pacific follows North
America. Consumption of barite in Asia Pacific is not only limited to
oil and gas drilling activities, but the mineral is also used as
filler material in paints, coatings, rubber, and ceramics.
Consumption of barite is also high in Middle East & Africa owing
to the presence of large reserves of crude oil in the region.
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Increase
in production of oil and gas is the key factor driving the barite
market. Barite is used to elevate hydrostatic pressure to counteract
high-pressure zones during drilling activities. Rise in global demand
for energy has boosted the production of oil and gas. Developing
nations such as China and India are expected to dominate in terms of
energy consumption, largely due to the rapid industrialization and
urbanization in these countries. Global production of oil and natural
gas increased substantially from 2005 to 2017. This has resulted in
excessive drilling and exploration activities, thereby propelling the
global demand for barite. Availability of large number of substitutes
for barite is likely to hamper the market. Celestite (strontium
sulfate, SrSO4) and iron ore are ideal substitutes for barite.
However, these alternatives are not yet widely used in the oil
industry; barite continues to be the preferred commodity for usage in
this application.
The
barite market is highly fragmented in China, while consolidation is
evident in most regions of the world. Major producers of barite
include Andhra Pradesh Mineral Development Corporation Limited,
Excalibar Minerals LLC, and CIMBAR Performance Minerals.
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