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Barite Market is forecast to reach $2.4 billion by 2026, after growing at a CAGR of 5% during 2021-2026 due to increasing consumption from various end-use industries such as textile & paper, rubber, automotive, paint & coatings, oil & gas, medical sector, and others. Barite is also known as barium sulfate and has a high density which is required for the drilling system to reduce the mud’s cost. Barite features properties such as corrosion resistance, abrasion resistance, chemical resistance, ink mobility, color stability, water insolubility, and others that is estimated to grow the barite market size. Additionally, barite is used as a lubricating agent in the oil & gas industries for drilling muds. Also, the barite group consists of anglesite and anhydrite which are used as paint pigment and varnish. Barite is also used as filler, extender, and weighting agent in various sectors such as construction, electrical & electronics, sports, power plant, laboratories, paper & pulp, and others. Thus, the high production of drilling fluids is projected to grow the consumption of barite.
During the Covid-19 pandemic, the barite market witnessed a drastic decrease in growth in terms of production and distribution. Many industries faced heavy losses due to the global economic lockdown which led to a series of market shutdowns. Various restrictions relating to export and import in countries across the globe owing to the pandemic have also majorly impacted the barite market. However, the barite market saw a considerable amount of growth during the year-end of 2020 and is set to improve further during the year 2021.
Barite Market Segment Analysis – By Grade
Grade 4.22 held the largest share for the global barite market in 2020. Grade 4.22 is used as filler in the rubber industry which is estimated to grow the demand for barite grade 4.22. According to the Malaysian Rubber Council, in 2019, global rubber production was 28.8 million tons as compared to 29.2 million tons in 2018. Also, it improves the hardness, wears resistance, and aging resistance of rubber. The barite filler for the rubber requires BaSO4 greater than 98%, CaO less than 0.36%, and not containing Magnesium Oxide and lead. Hence, the growing rubber demand is likely to propel the demand for barite grade 4.22 during the forecast period.
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Barite Market Segment Analysis – By Deposit Type
Bedding deposit type held the highest share of the global barite market in 2020. Bedding deposits are the major source of worldwide barite production which is associated with stratiform sulfide mineralization of sufficient quantity. Bedded deposits contain organic-rich shale, mudstone, or chert. The barite beds vary in thickness from centimeters to 100 meters or more. The barite can be dark in color which reflects the presence of organic carbon and occurs in massive form. Hence, such factors are estimated to grow the demand for bedding deposits for barite.
Barite Market Segment Analysis – By Application
Weighting agents have dominated the barite market in 2020. Barite is mainly used as a weighting agent for drilling muds with high density at a low cost. These barite/barium sulfate weighting agents consume 99% of the United States for drilling. These high-density muds are pumped into the drilling system to suspend the rock cuttings produced by the drill and carry them up to the surface. Thus, increasing consumption of barite weighting agents is estimated to grow the market size. According to the Anglo Pacific Minerals, China and Saudi Arabia have consumed barite approximately 1.6 million tons and 1 million tons, respectively in 2017. Therefore, the aforementioned factors are driving the barite market size.
Barite Market Segment Analysis – By End-Use Industry
Adhesive segment held a significate share of the global barite market in 2020 and is growing at a CAGR of 5.4% during 2021-2026, owing to its various properties such as good rheological properties, high filling, and chemical resistance which makes them suitable for adhesives systems. Additionally, barite provides high gloss, color stability, low coacervation, and combined with its mobility to ink adhesives which are estimated to grow the demand for barite from adhesives. Therefore, increasing demand for adhesive taps from the packaging industry is estimated to grow the consumption of barite. According to the India Brand Equity Foundation (IBEF), the rural FMCG market in India is estimated to reach worth US$ 220.00 billion by 2025 from US$ 23.63 billion in FY18. The gross merchandise value (GMV) of the online grocery segment in India is expected to increase by US$ 37 billion by 2025. Hence, the increasing demand for adhesives is estimated to contribute to barite market growth.
Barite Market Segment Analysis – By Geography
North America dominated the global Barite market with a share of 37% in 2020 due to the growing consumption of barite in North American countries such as the United States, Canada, and Mexico. Barite is used as a filler, paint pigment agents such as anglesite and anhydrite, lubricating agent, and extender for various end-use industries such as adhesives, automotive, medical, and others which is estimated to boost the market size. Additionally, North America is dominating the oil & gas industry where barite is used as a weighting agent for drilling well. Thus increasing the oil & gas industry in the region is creating an opportunity for the barite market. According to U.S. Energy Information Administration (EIA), in 2020, the United States’ natural gas production reached 34.4 trillion cubic feet (Tcf). According to the U.S. Energy Information Administration (EIA), 13 offshore drilling projects could account for about 200,000 barrels per day (bpd) of total Gulf of Mexico crude oil production by 2022. Thus, the Gulf of Mexico (GOM), accounts for 15%–16% of crude oil production of the United States. Hence, GOM crude oil production is forecast to reach 1.71 million bpd in 2021 and 1.75 million bpd in 2022. Furthermore, according to Energy Shale Gas Production, the total natural gas production is projected to contribute 30% and more than 75% in Canada & Mexico, respectively by 2040 which has further derived the demand for barite.
Barite Market Drivers
Rapidly Increasing Oil & Gas Production activities
Barite also called barium sulfate is used as a weighting agent for drilling muds as it offers high density, low solubility, and magnetic neutrality. Also, it has various properties such as corrosion resistance, abrasion resistance, water insolubility, inertness, and high specific gravity thus it is used for drilling operations to reduce the friction in the drilling well, control pressure, prevent blow-out, and at the same time to provide lubrication which is accelerating oil & gas productivity. Additionally, according to the Oil & Natural Gas Corporation (ONGC), in India, crude oil production was 1788.92 TMT in 2020 which is 1.24 higher than in 2019. According to India Brand Equity Foundation (IBEF), oil production is expected to rise 36 billion cubic meters (bcm) in 2021. Additionally, according to U.S. Energy Information Administration (EIA), the global crude oil production will average 26.9 million b/d in 2021 and 28.7 million b/d in 2022. Furthermore, according to the International Monetary Fund (IMF), the crude oil production in United Arabia Emited was 2.78 million barrels per day and is expected to grow 2.85 million barrels per day in 2021 and 2.95 million barrels per day in 2022. Apart from this, according to U.S. Energy Information Administration (EIA), residential commercial and industrial natural gas consumption is expected to reach 13.1 Bcf/d, 9.3 Bcf/d, and 23.8 Bcf/d, respectively in 2021. Hence, due to such factors, the demand for barite from the oil and gas industry is expected to drive market growth during the forecast period.
Growing Consumption from Automotive Industry
Barite (barium sulfate) is used in the production of brake pads, clutches for cars, and as a weighting filler in rubber to make anti-sail mudflaps for trucks. Additionally, barite is used for sound reduction in engine compartments in vehicles. Also, it is a base coat of automobile finishes for smoothness, friction reduction, and corrosion resistance. Additionally, anglesite and anhydrite are closely group components of barium sulfate which are used for paint and varnish. Thus, increasing automotive production is estimated to grow the consumption of barite. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production increased by 21.08 million in January-march 2021 compared to 18.03 million in January-March 2020. Additionally, according to the Federation of Automobile Dealers Associations (FADA), in India, sales of passenger vehicles increased by 2,91,001 units in November 2020 compared to 2,79,365 units in November 2019. Furthermore, according to India Brand Equity Foundation (IBEF), the Indian Government expects the automobile sector to attract US$ 8 to US$10 billion in local and foreign investments by 2023. According to the International Trade Administration (ITA), the Chinese government expected to run the production of automobiles with 35 million units by 2025. Thus, the increasing automotive production is a growing demand for automotive components which is estimated to boost the barite market.
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Barite Market Challenges
Availability of Substitutes
Ilmenite and synthetic hematite is a substitute for barite in drilling muds. Synthetic hematite is less than barite (gravity 4.5) required to build mud weight because of its higher specific gravity (4.9). Celestine is also a substitute for barite in the oil & gas industry. Thus, due to its specific gravity, it reduces the cost of weighing the mud and the number of solids added to the system. Additionally, synthetic hematite is a harder mineral than barite, so it is more resistant to particle-size degradation. Furthermore, ilmenite is also had a higher density than barite which is used for drilling muds. Thus, the availability of substitutes may limit the consumption of barite.
Barite Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Barite Market. Major players in the Barite Market include:
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North America dominates the market of barite due to the growing consumption of barite as a lubricating agent from the oil & gas industry in North American countries such as the United States, Canada, Mexico.
Barite or barium sulfate is consumed as filler, anglesite & anhydrite as paint pigments, and extenders in various end-use industries such as sport, power plants, electrical components, automotive manufacturing, construction, and others.
Additionally, barite helps to block radiation in diagnostic tests with iodine and is used to prevent X-ray penetration which may act as an opportunity for the barite market in the medical sector.
However, the availability of substitutes such as ilmenite, celestine, and synthetic hematite for barite may create a hindrance for the market.
Barium Sulphate Market
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