Barite, a crucial weighting agent in fluids used for drilling oil and natural gas wells. Barite holds significant position in one of the largest markets, namely the U.S. oil & gas industry. The substantial of the barite market, marked by an increased investments and tight oil production. The surge in market expansion is likely due to escalating activities in offshore drilling, especially in deep and ultra-deep exploration. Despite rise in renewable energy consumption and dominance of coal, oil, and gas is expected to account for almost half of the growth in energy supply in the next two is expected to propel drilling activities and further drive the barite market over the forecast period.
The barite market is experiencing significant growth due to the increasing demand for paints & coatings in the construction of new residential and non-residential buildings. This surge is closely linked to escalating urbanization, industrialization, increasing population, and improved standard of living. These factors are subsequently drive the robust growth of construction industry, thereby increasing the consumption of paints and coatings in the region. Moreover, the construction industry requires several types of paints and coatings for different applications. These formulations include high-temperature, abrasion-resistant, wear-resistant, water-resistant, and intumescent coatings. Barite is used as a crucial filler in all these types of paints, used for residential and commercial constructions as well as construction equipment to maintain operational efficiency, durability, resistance to corrosion and wear and tear.
Ilmenite, synthetic hematite, iron ore, nano-silica, and celestite are widely employed as alternatives to barite in various industries. Celestite, in particular, stands out as a favorable substitute in oil and gas drilling activities owing to its comparable properties. The proven substitute of barite such as hematite and bentonite used in drilling fluids in the oil & gas industry. However, the usage of these substitutes is limited as barite is still the most preferred mineral in the oil & gas industry. Nano-silica grains can also be used as a substitute for improving lubrication, upgrading drilling mud density, lowering pressure transmission, and reducing permeability. Utilization of nano silica grains will ensure enhanced production of oil & gas production with an overall decline in the drilling cost, owing to the reduction in rig time with a better penetration rate. The properties associated with using nano-silica grains can hamper the adoption and growth of the barite industry.
This section will provide insights into the contents included in this barite market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member