Theglobal baritemarket size stood at USD 1.57 billion in 2023. The market revenue is anticipatedto rise from USD 1.63 billion in 2024 to USD 2.21 billion by 2032, registering a
CAGR of 3.9% from 2024 to 2032.
Barite is a mineral, also known as baryte. It ishighly preferred as a valuable weighting agent in drilling fluids used in the
oil and gas industry due to its high specific gravity. This helps regulate
pressure and avoid blowouts when drilling. It is also utilized in the medical sector
for diagnostic imaging tests, including X-ray and CT scans, due to its superior
radiation absorption capabilities.
The COVID-19 pandemic had a detrimentaleffect on the market. Delayed projects due to lockdowns, decreased drilling
fluid demand, and dropping oil costs restrained market expansion during the
pandemic.
Fortune BusinessInsights™ shares this information in its reporttitled “Barite Market, 2024-2032.”
Segments
Oil & Gas SegmentDominated the Market due to Instabilities in Oil Costs and Investment in
Drilling Techniques
Byapplication, the market is categorized into oil & gas, filler, chemical,
and others. The oil & gas segment led the barite market share. Instabilities
in oil costs and investment in drilling techniques, including horizontal
drilling and hydraulic fracturing, are driving the adoption of barium
sulfate-based drilling fluids.
Report Coverage
The reporthas studied the market in depth and underlined several crucial aspects and
leading market participants. It provides important insights into the recent
market trends and key industry developments. In addition to the factors
mentioned above, the report covers many other factors that have helped the
market grow.
Drivers and Restraints
Rising Adoption of Barite in UnconventionalDrilling Applications to Fuel Market Progress
Barite assistsas an essential weighing agent in drilling fluids, enabling the control of
wellbore pressure by boosting fluid density. This is important to avoid fluid
influxes and regulate stability, mostly in geological formations, including
shale. It improves fracture propagation by accelerating fluid density in hydraulic
fracturing. It enhances access to hydrocarbon-bearing zones and improves
productivity. The increasing need for smooth drilling procedures and avoiding
blockage is driving the demand for drilling fluids.
