Barite Market Expected to Witness a Sustainable Growth over 2026
The global barite market was valued at US$ 1,276.60 Mn in 2017 and is anticipated to expand at a CAGR of 4.8% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘ Barite Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026. ’ The global barite market is driven by the rise in demand in the oil & gas industry. North America accounts for major share of the global barite market, due to the increase in production of oil and gas in the region. Rise in Production of Oil and Gas and Increase in Drill Rig Count Projected to Drive Market Barite possesses high specific gravity, and is thus used as weighting agent in drilling fluids. It is used to elevate hydrostatic pressure to counteract high-pressure zones during drilling activities. In this process, barite is crushed and mixed with water and other materials. It is then pumped into the drill hole. The weight of this mixture counteracts t...