Barite Market to Grow at a CAGR of 4.2% through 2029 Barite Market-converted | Page 4

Barite Market Analysis
Riding the growing trend of high energy consumption, and the resultant demand for oil and gas, the
global barite market is projected to display a moderate 4.2% CAGR through the end of 2029.
Capabilities of barite to absorb gamma and x-rays has generated lucrative opportunities for growth of the
barite market. A new Future Market Insights (FMI) study reveals that product innovations and
geographic expansion would remain the focal point for manufacturers in the barite market.
"Major players in global barite market are diversifying their product portfolio across multiple end-use
industries through expansion and innovation to sustain their market position," says the FMI report.
Barite Market: Key Findings
1. Oil and gas industry to remain key application area of barite through 2029, owing to population
growth.
2. Increased adoption of coating applications has triggered the uptake of barite in paints, varnishes,
automotive, and textiles.
3. North America will remain a leading regional market for barite.
4. Asia Pacific is projected to display strong growth during the forecast period.
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