Barite Mining Market Size, Share & Industry Analysis, By Type of Mine (Open-Pit Mining, Underground Mining), By Grade (Up to Grade 3.9, Grade 4.0, Grade 4.1, Grade 4.2, Grade 4.3, Above Grade 4.3 ), By Deposit Type (Residual, Bedding, Vein, Cavity Filling) And Regional Forecast, 2024-2032

Barite is a mineral ore that is naturally occurring and is barium-based. Barite has a high density and is chemically inert but is relatively soft. Barite is explored in various regions all over the world, in various colors and deposit types. Its chemical and physical properties have found its wide-ranging applications in various industries, which has led to a surge in demand for barite mining.

Based on the type of mine, the market is classified into open-pit and underground. The open-pit segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period, as they provide greater recovery of the barite ore due to the increased maneuverability using heavy machinery. Open-pit mining is also a safer alternative to underground mining.

Based on the grade, the global market is classified into up to grade 3.9, grade 4.0, grade 4.1, grade 4.2, grade 4.3, above grade 4.3. The grade determines the purity of barite by measuring the specific gravity of the barite based on the concentration of barium sulfate present in the ore. Different grades have different applications. The grade 4.2 segment accounted for the major share in the market. Grade 4.2 barite has a specific gravity of 4.22 g/cm3 and is the most found grade in explorations and finds its use in fluid drilling applications. Based on the deposit type, the market is classified into residual, bedding, vein, and cavity filling. The bedding segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period. It is the most widely used barite, used in oil well drilling, and is grey in color.

Due to the increased industrialization and urbanization, there has been a surge in energy consumption all over the world. This has given rise to increasing crude oil explorations and mining, which requires barite as a weighting agent in drilling processes. This increase in demand for barite is likely to drive the global barite mining market during the forecast period.

The key market restraint for the market is the rising awareness of the negative impacts of barite mining on the sulfate levels in the groundwater. The sulfates tend to act as laxatives in water and give it a bad taste and odor, which is affecting the growth of the market.

Key Players Covered:

Some of the major companies in the barite mining market are New Riverside Ochre, Halliburton, Cimbar Performance Minerals, Inc., Excalibar Minerals, LLC, Chemical Products Corporation, Intercontinental Mining, Thriveni EarthMovers Pvt.Ltd, Nhat Huy Group, Ashapura Minechem Ltd, P&S Barite Mining Co., Ltd. Schlumberger, and Sojitz Corporation.

Regional Analysis:

The global barite mining market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the major share of the global market, as most of the barite deposits are located in this region, like China and India. China is the world’s largest barite producer, producing over 45% of barite of the world’s total barite mining produce. Middle East & Africa is the fastest-growing region for the global barite mining market, owing to the increasing number of successful explorations in the region, especially in nations such as Morocco, Iran, Turkey, Algeria, Nigeria, and Egypt. North America is also a rapidly growing market due to the increased mining activities in the U.S.

Segmentation

Key Industry Developments

• On Mar 08, 2021, the Institute of Geologists of Ireland (IGI) urged Ireland and the rest of the Europe to be open to exploration and mining of critical metals, like silver, gold, copper, lead, lithium, barytes, antimony, cobalt, platinum group elements and rare earth elements, to ensure the transition to a green economy, as the region has vast deposits.


• On Sept 09, 2019, Halliburton expanded the production in Rossi Mine, Elko County, Nevada, USA to increase production of barite to enhance operations in the country, to supply to the oil drilling industry in the region.