As per a new report on barytes by Fact.MR, a market research and competitive intelligence provider, the global market is projected to expand at a CAGR of around 3.7% and reach a market valuation of US$ 2.35 Bn by 2032-end, attributed to growing demand from the oil & gas and chemical sectors.
Historically, the barytes market has been driven by its consumption in the oil & gas industry across developed countries, with customers willing to buy barite not only industrial purposes but also for medical, plastics, rubber, etc.
Backward supply chain integration from manufacturers to suppliers would assist barite suppliers improve quality, enhance profit margins, and gain a competitive edge. This will allow corporations to use proprietary technology to produce higher-grade baryte, thereby improving its quality at a lower cost.
Key Takeaways from Market Study
- By end user, oil & gas drilling is projected to provide value worth US$ 1.65 Bn over the forecast period.
- The chemical end-use industry is projected to expand at a CAGR of around 3.5%.
- Other end users are projected to increase at a CAGR of around 2.8% over the decade.
- North America is projected to capture around 25.7% of the global barytes market share by 2032, with Asia Pacific holding around 41.8%.
“The U.S. is responsible for a majority of baryte consumption, being widely used across petrochemical and oil & gas industries in the country. Such dominance is anticipated to open up new opportunities for manufacturers willing to invest in this established market,” says a Fact.MR analyst.
Winning Strategy
Market players involved in the production of barytes can be seen investing in ensuring a regular supply of the raw material required for the manufacturing of barytes.
Market players should opt for sustainable sourcing as a mean to minimize individual carbon footprint, and cater to the differentiated requirements of every end use.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the barytes market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of the end user (oil and gas drilling, chemicals, other end users) and five major regions of the world (North America, Latin America, Europe, Asia Pacific and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the food and beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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