Barite Market size to surpass $2.4 billion by 2027, growing at 7.3% CAGR from 2020 to 2027

Global Barite industry growth is driven by increase in the U.S. shale oil drilling activities and demand from the paints & coatings industry in Asia-Pacific.

WILMINGTON, DELAWARE, UNITED STATES, January 23, 2024 /EINPresswire.com/ -- According to new published report Allied Market Research, the barite market size was $1.4 billion in 2019, and is projected to exceed $2.4 billion by 2027, witnessing a CAGR of 7.3% from 2020 to 2027. Global Barite industry growth is driven by increase in the U.S. shale oil drilling activities and demand from the paints & coatings industry in Asia-Pacific. However, availability of substitutes restrains the market growth. On the other hand, emerging oil-producing regions present new opportunities in the coming years.

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By form, the powder segment contributed to the largest market share in 2019, holding more than half of the global market, and is projected to maintain its highest contribution throughout the forecast period. Moreover, this segment is projected to portray the fastest CAGR of 7.7% from 2020 to 2027. The report also discusses the lumps segment.

By end-use industry, the oil & gas drilling segment held the largest market share in 2019, accounting for nearly two-thirds of the global barite market, and is projected to continue its leadership status by 2027. However, the pharmaceuticals segment is projected to manifest the largest CAGR of 8.2% during the forecast period

The global Barite market report outlines the upstream raw materials, marketing channels, downstream customer surveys, and industry development trends to provide detailed information about major manufacturing equipment suppliers, major distributors, raw materials suppliers, and major customers.

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By region, North America accounted for the highest market share in terms of revenue of the market in 2019, contributing to more than one-third of the total share, and will maintain its lead throughout the forecast period. However, Asia-Pacific is estimated to grow at the fastest CAGR of 8.2% from 2020 to 2027.

Key benefits for stakeholders

The barite market analysis covers in-depth information of major industry participants.
Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Major countries have been mapped according to their individual revenue contribution to the regional market.
The report provides in-depth analysis of the barite market forecast for the period 2020–2027.
The report outlines the current barite market trends and future scenario of the global barite market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
Key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.

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The Barite industry is studied on the basis of geography along with the competitive landscape in every region. The report targets North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). These insights aid to devise business strategies and how to react to new lucrative opportunities.

Key Market Players:
CHINCHANA GROUP, NHAT HUY GROUP, SOJITZ CORPORATION, KIA ENERGY COMPANY LTD., SCHLUMBERGER LIMITED, GENERAL ELECTRIC, SIBELCO, DEMETER O&G SUPPLIES SN BHD, HALLIBURTON, ASHAPURA GROUP and Others.

Related Report:

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Carbonates Market
https://www.alliedmarketresearch.com/carbonates-market

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https://www.alliedmarketresearch.com/superalloys-market

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