Infinium Global Research Global Barite Market | Page 10

Global Barite Market: Trends and Forecast -2023
EXECUTIVE SUMMARY
GLOBAL BARITE MARKET HIGHLIGHTS, (USD MILLION)
The global Barite market was 2015 and it is projected to reach USD 1xxx.x million in
2023, expanding at a CAGR of 4.2% between 2017 and 2023. The global Barite
market is driven by the factors such as constant increase in oil and gas drilling
activities, growing applications of barite in automobile industry and growing
applications of barite in construction industry. However, high fluctuation of prices
is the key restraining factors affecting the growth in this market over the forecast
period.
Asia Pacific dominates the world barite market in terms of consumption followed
by North America. North America is anticipated to grow at the highest CAGR over
the forecast period.The growth in this region is primarily driven by rapid growth in
drilling activities in the U.S. and significant rise in shale gas production in the
region. Among the countries worldwide the U.S. is the largest consumer followed
by Middle East and China. In terms of production the Asia-Pacific region followed
by Middle East is the largest region. China alone accounts for over 40% of the world
barite production.
Asia Pacific is the largest revenue generating region and it is mainly driven by large
scale production and consumption of barite minerals in China and India. North
America is expected to growth at the highest CAGR of x.x% over the forecast
period. Some of the key players in the global Barite market are The Andhra Pradesh
Mineral Development Corporation Ltd , AshapuraMinechem Limited., Sojitz
Corporation, Halliburton Company, Baker Hughes Incorporated, TETRA Chemicals
(Tetra Technologies, Inc.)., and Schlumberger Limited.
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