Barite Market
key regional markets for barite. With more than 30 % share, North America led this market in 2015, thanks to the increased demand for barite drilling mud in the oil and gas industry. With continual rise in oil and gas drilling activities, the regional market is likely to retain its position over the forthcoming years. The U. S. is expected to surface as the leading consumer of barite in North America over the forecast period.
Asia Pacific is also emerging as a potential market for barite, thanks to the remarkable growth in the rubber and plastic industry in this region. Going forward, this regional market is likely to present most promising growth opportunities to barite vendors across the world in the near future. On the other hand, the markets for barite in Latin America and the Middle East and Africa are projected to demonstrate stable growth throughout the forecast period, states the research report.
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Increase in Oil and Gas Production to Boost Demand for Barite As barites have high specific gravity, they are used as weighting agents in drilling fluids, which make them an essential component of the process of oil and gas production.“ With the increasing demand for energy across the world, the oil and gas production is witnessing a monumental rise, which consequently, is influencing the demand for barite, globally,” says the author of this study.
The increasing usage of barite as a filler agent in plastics, paints, and rubber is also projected to reflect positively on the global market for barite over the forecast period. However, the stringent regulations of various governments and their interference over the production of barite may hamper the growth of this market, notes the study.
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TABLE OF CONTENT
1. Preface 1.1. Report Scope and Market Segmentation 1.2. Research Highlights
Transparency Market Research
3