The global barite market will reach 2.11 billion USD by 2025 from 1.46 billion USD in 2018 at a CAGR of 5.42% during the period.
Growth by Region
Asia Pacific will grow at a significant rate due to increasing consumption in oil & gas, paints and plastics industries. North America will also hold major share in the market due to increasing demand for paints, automotive, plastics and oil & gas industries. Consumption of barite is also high in Middle East & Africa owing to the presence of large reserves of crude oil in the region.
Drivers vs Constraints
Increase in production of oil and gas is the key factor driving the barite market. The market is further boosted by the factors such as increasing demand in other applications such as textiles, paper and paints. On the other hand, availability of large number of substitutes for barite is likely to hamper the market.
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Industry Trends and Updates
CIMBAR Performance Minerals completed USD 6 million upgrades in its two plants located in Houston, Texas and Wellsville, Ohio. The upgrade and expansion of these ISO certified facilities resulted in an overall increase in production capacity up with 400,000 tons annually.