The global barite market size stood at USD 1.57 billion in 2023. The market revenue is anticipated to rise from USD 1.63 billion in 2024 to USD 2.21 billion by 2032, registering a CAGR of 3.9% from 2024 to 2032.

Barite is a mineral, also known as baryte. It is highly preferred as a valuable weighting agent in drilling fluids used in the oil and gas industry due to its high specific gravity. This helps regulate pressure and avoid blowouts when drilling. It is also utilized in the medical sector for diagnostic imaging tests, including X-ray and CT scans, due to its superior radiation absorption capabilities.

Source: https://www.fortunebusinessinsights.com/barite-market-109775

The COVID-19 pandemic had a detrimental effect on the market. Delayed projects due to lockdowns, decreased drilling fluid demand, and dropping oil costs restrained market expansion during the pandemic.

Fortune Business Insights™ shares this information in its report titled “Barite Market, 2024-2032.”

Segments

Oil & Gas Segment Dominated the Market due to Instabilities in Oil Costs and Investment in Drilling Techniques

By application, the market is categorized into oil & gas, filler, chemical, and others. The oil & gas segment led the barite market share. Instabilities in oil costs and investment in drilling techniques, including horizontal drilling and hydraulic fracturing, are driving the adoption of barium sulfate-based drilling fluids.

Report Coverage

The report has studied the market in depth and underlined several crucial aspects and leading market participants. It provides important insights into the recent market trends and key industry developments. In addition to the factors mentioned above, the report covers many other factors that have helped the market grow.

Drivers and Restraints

Rising Adoption of Barite in Unconventional Drilling Applications to Fuel Market Progress

Barite assists as an essential weighing agent in drilling fluids, enabling the control of wellbore pressure by boosting fluid density. This is important to avoid fluid influxes and regulate stability, mostly in geological formations, including shale. It improves fracture propagation by accelerating fluid density in hydraulic fracturing. It enhances access to hydrocarbon-bearing zones and improves productivity. The increasing need for smooth drilling procedures and avoiding blockage is driving the demand for drilling fluids.