The major trend being witnessed in the global barite market is increased investments by companies to boost the exploration and production of the mineral (barite). Owing to the large-scale application of the mineral in various industries, a large number of market players engaged in the processing of the mineral are focusing on expanding their production capacity.
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On the basis of application, the barite market has been categorized into drilling mud, pharmaceuticals, and rubber and plastics. The mineral is essentially used as a weighting agent in drilling fluids during oil and gas exploration activities.
The major factor driving the growth of the barite market is the rising demand for oil and gas across the world. Due to the increasing energy demand, conventional oil and gas resources are being used up and, therefore, depleting at a fast pace.
The barite market is expected to witness significant growth in emerging oil-producing regions, particularly Africa and the Pacific Ocean. These regions have vast unexplored reserves of oil and gas, which are sufficient to meet the growing energy demand.
The barite industry is highly consolidated in nature, as few players control the production of the mineral. Some of the major companies operating in the global barite market are Mil-Spec Industries Corporation, Milwhite Inc., International Earth Products LLC, Seaforth Mineral & Ore Co. Inc., Ashapura Minechem Ltd., and Kaomin Industries.
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The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.
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