Published Date : Mar 31, 2016
Barite is a colorless mineral found in sedimentary rocks, weighing twice as much as other rocks would weigh of the same size. The specific gravity of barite (450g/cm3) makes them ideal for drilling operations. Moreover, they possess other striking properties such as insolubility in water and chemically inactiveness. These characteristics of barite makes it highly useful for the oil and gas industry, and thus the global market value of barite is expected to rise from US$1.11 bn in 2014 to US$1.84 bn by 2023, according to a report published by a market expert company called Transparency Market Research.
Multiple Applications of Barite in Various Industries Encourages Growth of the Market
Barite are not only critical for oil and gas industry due to their weight or specific gravity, but also used in the chemical, paint, automotive, medical, chemical, electronics, and rubber industries. The requirement for barite from many different industries is expected to lead to a growth of the global barite market in the coming years. However, the market faces a challenge in the form of availability of various barite substitutes such as illmenite, hematite, itabirite, and celestite.
North America Emerged as a Leading Region for Global Barite Market In 2014
The barite consumption in Europe in the year 2014 was 45% in the global market. The growth can be attributed to the growing demand for barite from the chemical and filler industries. In terms of volume however, the North America region dominated accounting for 40% of the global market.