Barite Market Poised for Stable Growth; Drilling Mud Continues to Register Maximum Demand Slated for a steady growth outlook in the near future, the global barite market is predominantly driven by the consumption for petroleum products. An ascending number of oil and gas drilling activities further accelerate barite sales in global market, which currently account for more than 75% of the total barite demand worldwide. Surging barite adoption by the plastic industry is also likely to remain among the prime boosters to market growth. Besides, its potential application in rubber, chemicals, pharmaceuticals, medical, and even diagnostics industries will also be responsible for upholding the market revenue over the forecast period. The inert, non-corrosive, non-abrasive, and water insoluble nature of barite mainly accounts for its high application potential as a weighting agent (for drilling operations) in addition to its higher specific gravity. Being an eco-friendly commodity mineral, barite does not require the European Union’s Registration, Evaluation, Authorisation and Restriction of Chemicals (EU REACH) regulatory registration. This is another strong factor boosting its preference over other equivalent alternatives. Moreover, it is a non-toxic, economical solution that places it ahead of others like ilmenite, further supporting the market growth. However, wide availability of close, equivalent substitutes like iron ore, and celestite will however continue to pose a challenge to rapid market growth. Get a Sample Copy of Barite Market @ https://www.fairfieldmarketresearch.com/report/barite-market/request-sample Barite of Sp. Gr. 4.2 Grade Preeminent for its Continued Traction in Oil and Gas Industry The specific gravity, and purity of barite define its application potential. One that belongs to Sp. Gr. 4.2, grade along with its 4.3, and 4.0 counterparts, has been the most sought-after one for applications in the oil and gas industry, as indicated by the American Petroleum Institute (API). However, recently, a new grade SG. Gr. 4.1 has been introduced specifically targeting the oil and gas industry, in the wake of the depleting natural reserves of Sp. Gr. 4.2 that continues to be the grade of choice among land-based drilling operators. Analysing the COVID-19 Impact on Barite The International Energy Agency (IEA) reveals that the global crude oil demand saw a heavy dip by nearly 57% in 2020 over that recorded the previous year. Lockdowns, and mobility restrictions amid COVID-19 pandemic have cast a severe impact on the oil and gas industry, thereby on the barite market as well. Temporarily halted production of chemicals also held a massive impact on the performance of the barite market throughout 2020. The demand game is expected to speed up in 2021 and beyond as the oil and gas industry has been showcasing
In Depth Research On Barite Market Trends, Size, Growth, Challenges and Forecast 2025
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