The global barite market, with a CAGR of 5.8% expected between 2015 and 2023, is expected to reach an overall value of US$1.84 billion in 2023. The market’s value in 2014 was US$1.11 million, according to a report released by Transparency Market Research titled “Barite Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”. The key parts of the report delve into the global barite market in order to explain its growth as well as restraining factors.

According to the report, barite is a critical element that is primarily required in drilling activities. Barite is useful as a weighting agent, as it restricts surplus flow of drilling fluids. It also helps curb high pressures that get formed during the drilling process. The specific gravity of barite is what enables these characteristics.Application industries of the global barite market include chemicals, oil and gas, paint, rubber, automotive, medical, and electronics.The report further explains that the global rate of drilling activities has spiked recently in the oil and gas industry. This high growth rate needs to be supplemented by a high supply of barite, which is what will drive the global barite market in the next few years.

Browse full Barite Market report at:http://www.transparencymarketresearch.com/barite-market.html

Most manufacturers directly offer drilling quality barite. The global barite market could, however, face a few restraints. A key market restraint explored in the report is the ready availability of barite substitutes, including hematite, illmenite, celestite, and itabirite. The report adds that despite the growing usage of these substitutes, the global barite market can still prosper due to its potential applicative scope in multiple industries.The report provides details on the global barite market in terms of its segmentation. In terms of application, the oil and gas segment held the largest share in the global barite market in 2014; the segment held an overwhelming 80% of the global barite market. The report also pegs the oil and gas segment to be the fastest growing one within the given forecast period.

The oil and gas segment was followed by chemicals, a segment which is expected to expand at slow to moderate rates till 2023. Other segments that hold a market presence include rubber, electronics, and medical. All these segments are expected to grow at a slow rate in the near future.The report’s geographical segmentation reveals North America to lead the global barite market in 2014, with a hold over more than 40% of it. Asia Pacific followed closely, with Europe coming in third. The MEA region is expected to show moderate demand for barite over the next few years. Demand for barite from MEA is mostly restricted to the oil and gas industry.

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Key players operating in the global barite market include Excalibar Minerals LLC., China Shenzhou Mining and Resources Inc., Ashapura Group of Industries, and Andhra Pradesh Mineral Development Corporation Ltd.

Key segments of the Global Barite Market
Barite Market & Application Analysis
Oil and gas
Chemicals
Others (Including fillers and radiation shielding)

Barite Market - & Regional Analysis
North America
U.S.
Rest of North America
Europe
France
UK
Norway
Germany
Russia
Rest of Europe
Asia Pacific
China
India
Japan
ASEAN
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
GCC countries
South Africa
Rest of MEA

Browse the full Press Release:http://www.transparencymarketresearch.com/pressrelease/barite-market.htm

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