As per a new report on barytes by Fact.MR, a market research and competitive intelligence provider, the global barytes market is projected to expand at a CAGR of around 3.7% and reach a market valuation of US$ 2.35 Bn by 2032-end, attributed to growing demand from the oil & gas and chemical sectors.

Historically, the barytes market has been driven by its consumption in the oil & gas industry across developed countries, with customers willing to buy barite not only industrial purposes but also for medical, plastics, rubber, etc.

Backward supply chain integration from manufacturers to suppliers would assist barite suppliers improve quality, enhance profit margins, and gain a competitive edge. This will allow corporations to use proprietary technology to produce higher-grade baryte, thereby improving its quality at a lower cost.

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Key Takeaways from Market Study

• By end user, oil & gas drilling is projected to provide value worth US$ 1.65 Bn over the forecast period.
• The chemical end-use industry is projected to expand at a CAGR of around 3.5%.
• Other end users are projected to increase at a CAGR of around 2.8% over the decade.
• North America is projected to capture around 25.7% of the global barytes market share by 2032, with Asia Pacific holding around 41.8%.

“The U.S. is responsible for a majority of baryte consumption, being widely used across petrochemical and oil & gas industries in the country. Such dominance is anticipated to open up new opportunities for manufacturers willing to invest in this established market,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Barytes Market

Some of the key companies in the market include Milwhite Inc., Sachtleben Minerals GmbH & Co.KG, New Riverside Ochre, Newpark Resources Inc. and CIMBAR Performance Minerals, Deutsche Baryt Industrie, Halliburton, Spectrum Chemical Manufacturing Corporation, Anglo Pacific Minerals, Apmdc, Ashapura Group, Seaforth Mineral & baryte market Ore Co. Inc, Excalibar Minerals LLC.

Country-Wise Analysis

Most of the barite deposits occur in Georgia, Nevada, and Missouri. Since the U.S. is among the market leaders of oil & gas drilling, consumption of this material is also higher.

The O&G sector applies bulk of the baryte extracted as a weight additive during the preparation of drilling mud. Baryte increases the hydrostatic pressure of the drilling mud, allowing it to balance for high-pressure areas experienced during drilling. The softness of barytes also protects it from ruining drilling tools and allows it to serve as a lubricant during drilling.

In the North American continent, specifically in the U.S., Y-o-Y growth from 2022 to 2023 is projected to be 3.3% compared to the 1.8% in the past years. The medical industry is another reason why such growth is projected to happen since this mineral has tremendous potential to block dangerous radiations that are emitted while making diagnoses.

Winning Strategy

Market players involved in the production of barytes can be seen investing in ensuring a regular supply of the raw material required for the manufacturing of barytes.

Market players should opt for sustainable sourcing as a mean to minimize individual carbon footprint, and cater to the differentiated requirements of every end use.

Key Segments Covered in Barytes Industry Research

By End User:

1. Oil and Gas Drilling
2. Chemicals
3. Other End Users

By Region:

1. North America Barytes Market
2. Latin America Barytes Market
3. Europe Barytes Market
4. APAC Barytes Market
5. Middle East & Africa Barytes Market

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the barytes market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of the end user (oil and gas drilling, chemicals, other end users) and five major regions of the world (North America, Latin America, Europe, Asia Pacific and MEA).

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