GVR Report cover Barite Market Size, Share & Trends Report

Barite Market Size, Share & Trends Analysis Report By Application (Oil & Gas, Chemicals, Fillers), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2021 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-171-1
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 120

Report Overview

The global barite market size was valued at USD 1.19 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028. An increase in global oil and gas production is anticipated to augment the market growth as barite is widely used as a weighting agent in drilling operations. The COVID-19 pandemic affected the product demand in 2020, which was reflected in the decline of the market growth. However, with vaccine roll-out and safety precautions being adhered to by oil and gas producers, the production is gaining pace and with the upcoming investments, the demand for barite is expected to flourish. The U.S. is amongst the leading consumers of barite. The country mainly utilizes the product as a weighting agent in fluids that are used in the drilling of oil and gas. It is also used as an extender and filler in plastic, rubber, and paints. The country consumed around 3 million tons of barite in 2019, of which the majority of the portion was imported.

U.S. barite market size, by application, 2018 - 2028 (USD Million)

In 2020, most of the mines were idled owing to the COVID-19 pandemic, which impacted barite production. Furthermore, its consumption declined too as the oil and gas industry was negatively impacted on account of various restrictions. Numerous travel restrictions led to the reduced demand for transport fuel, which impacted crude oil production and the need for barite.

With the economic recovery, the production and consumption of oil and gas are expected to rise, thus, benefitting the product demand. For instance, according to the U.S. Energy Information Administration, around 98.8 million barrels/day of liquids and petroleum were consumed in July 2021, which was an increase of 6 million barrels/day compared to July 2020.

Being a drilling fluid, the number of rigs has a major impact on barite consumption. In the second week of August 2021, the rig count for the U.S. increased by 9, reaching 500. On a year-on-year basis, the rig count is up by 256 units compared to 244 units working last year. The rise in drilling rig counts is expected to benefit the market growth.

Application Insights

The oil and gas segment accounted for the largest revenue share of over 77.0% in 2020 and this trend is expected to continue over the forecast period. In the oil and gas industry, the product is employed as a weighing agent in the formulation of drilling mud. It raises the slurry's hydrostatic pressure and compensates for high-pressure locations encountered while drilling. The mineral's softness also protects it from harming drilling instruments and allows it to act as a lubricant.

The chemicals segment held the second-largest revenue share in 2020. Barite is used as a feedstock for manufacturing barium-containing compounds, which are widely employed in a variety of end-use sectors. For example, barium sulfate is used in coating in the paper and rubber industries and linoleum materials, whereas barium chloride is used in weaving in the leather industry.

The barite-derived compounds find application in industries, such as ceramics, glass, and construction. For instance, they are used in the glass industry as a melting ingredient that helps reduce bubbles and improves product luminosity and transparency. Glass that contains barite is clearer and brighter than lead glass. The characteristics of barite enhance the properties of the final product. This is anticipated to positively influence its usage in different chemicals over the forecast period.

Barite is also preferred as a filler in various applications, including paints, plastic, coatings, and paper. In paints, it helps in adjusting thickness and increasing its stability and brightness. It also offers smoothness to undercoats along with chemical resistance to the walls. The paints and coatings industry is expected to witness high growth on account of the increased spending on the renovation and construction of new houses, which is expected to prove fruitful for the product demand.

Regional Insights

North America held the largest revenue share of over 35.0% in 2020. This is attributed to the U.S. oil and gas industry, where barite finds major use. An increase in the number of exploration projects is expected to benefit the product demand in the region. For instance, in January 2021, the Government of Canada approved three offshore oil drilling projects operated by Chevron, Equinor, and BHP.

Global barite market share, by region, 2020 (%)

Asia Pacific is anticipated to register the highest growth rate of 4.4%, in terms of revenue, over the forecast period. Developing economies such as India and China are likely to see a rise in the production of oil and gas, which is anticipated to benefit the market growth. For example, in August 2021, India launched a new oil and gas exploration bid round. With this, India aims at receiving investments of over USD 300 million in discovering hydrocarbon reserves in the country.

The Middle East and Africa accounted for the second-largest revenue share in 2020. This is attributed to the widespread presence of crude oil reserves and exploration in the region. For instance, in November 2020, Abu Dhabi added another 22 billion barrels of recoverable unconventional oil resources after a major onshore appraisal program by Adnoc. This new resource’s production is comparable to the largest shale oil operations in North America.

Key Companies & Market Share Insights

The market is competitive due to the presence of various players. According to the USGS, China and India are major barite producers in the world. Market players are engaged in mergers & acquisitions and capacity expansions to cater to the growing demand and widen their geographical footprints. For instance, in April 2021, CIMBAR Performance Minerals acquired the U.S. Barite and Alumina Trihydrate manufacturing assets and business of TOR Minerals. The acquisition aims at broadening CIMBAR’s portfolio and increasing its customer reach across multiple locations. Some prominent players in the global barite market include:

  • Andhra Pradesh Mineral Development Corporation Ltd.

  • Ashapura Group

  • Excalibur Minerals LLC

  • P & S Barite Mining Co. Ltd.

  • Schlumberger Limited

Barite Market Report Scope

Report Attribute


Market size value in 2021

USD 1.21 billion

Revenue forecast in 2028

USD 1.59 billion

Growth Rate

CAGR of 3.7% from 2021 to 2028

Market demand in 2021

7,496.2 kilotons

Volume forecast in 2028

9,169.2 kilotons

Growth Rate

CAGR of 2.8% from 2021 to 2028

Base year for estimation


Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million, volume in kilotons, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; Norway; Russia; China; India; Brazil

Key companies profiled

The Andhra Pradesh Mineral Development Corporation Ltd.; Ashapura Group; Excalibur Minerals LLC; P & S Barite Mining Co. Ltd.; Schlumberger Limited

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global barite market report on the basis of application and region:

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Oil & Gas

    • Chemicals

    • Fillers

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    •  Europe

      • Germany

      • Norway

      • Russia

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

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