Worldwide Barite Industry to 2025 - Middle-East Region to Dominate the Market - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Barite Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The market for barite is expected to register a CAGR of over 4% during the forecast period.

Companies Mentioned

• APMDC
• CIMBAR PERFORMANCE MINERALS
• DESKU GROUP INC
• Excalibar Minerals LLC
• International Earth Products
• Kaomin Industries LLP
• Milwhite Inc.
• New Riverside Ochre
• Sachtleben Minerals GmbH & Co. KG
• The Cary Company

Key Market Trends

High demand from Oil & Gas Industry

Barite has huge demand in oil and gas drilling operations as a weighing agent in the drilling mud. It prevents the explosive release of oil and gas during drilling and it has unique physical and chemical properties such as high specific gravity, chemical and physical inertness, low solubility, and magnetic neutrality.

• The properties like non-corrosiveness, non-abrasiveness, insolubility in water, inertness, and high specific gravity enable barite's application as a weighting agent in drilling operations to remove the cutting from the bits, transport cutting to the surface to reduce the friction in the drilling string, control pressure, prevent blow-out and at the same time to provide lubrication.
• The prospectus for the future growth of the petroleum industry suggests that petroleum exploration will continue to grow and simultaneously the consumption of barite. Furthermore, more drilling must be done per unit of oil as hydrocarbon discoveries become less productive with time.
• Daily global demand for crude oil (including biofuels) is on the rise and is projected to cross 100 million barrels per day mark by the end of 2020.
• Hence, the rising demand for barite from oil & gas industry globally is expected to drive market growth during the forecast period.

Middle-East Region to Dominate the Market

Middle-East has the largest market share in the barite market owing to its dominance of over 30% in global oil production. This is due to the presence of some of the leading oil-producing nations of the world in this region, like Saudi Arabia, Iran, Iraq, Kuwait, and UAE.

• It was estimated that among OPEC's total oil reserves, the majority was held by Middle-East nations. The proven oil reserves of this region were evaluated at about 113.2 billion metric tons.
• As of 2019, Saudi Arabia produces roughly 12 million barrels of oil per day which accounts for 15% of the global output, making it the largest oil producer in the world.
• In fact, Middle-East produces one-third of the world's total oil production, which was estimated to be roughly around 32 million barrels per day in the year 2019.
• Global oil demand in 2019 is estimated to be around 99 million barrels per day. This will fuel the production from the oil & gas industries of Middle-East countries, which in turn will increase the consumption of barite in this region.
• Hence, with the rising demand from various industries, the demand for barite is expected to grow considerably in Middle-East & Africa region over the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Rapidly Increasing Demand from the Oil and Gas Industry

4.1.2 Growing Use in the Plastic Industry

4.2 Restraints

4.2.1 Availability of Close Substitutes

4.2.2 Other Restraints

4.3 Industry Value Chain Analysis

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Type

5.1.1 Vein

5.1.2 Residual

5.1.3 Bedded

5.1.4 Other Types

5.2 End-user Industry

5.2.1 Oil and Gas

5.2.2 Chemical

5.2.3 Rubber

5.2.4 Other End-user Industries

5.3 Geography

5.3.1 Asia-Pacific

5.3.2 North America

5.3.3 Europe

5.3.4 South America

5.3.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis**

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/wy34jo