Europe Barite Market: Introduction
The barite market in Europe was valued at US$ 244 Mn in 2020 and is expected to reach US$ 370 Mn by 2031, expanding at a CAGR of 4.1% during the forecast period. Barite is a primary, naturally occurring, barium-based mineral, which exhibits high density and chemical inertness, making it an ideal mineral for numerous applications. Barite, which may be found in a variety of colors, including yellow, brown, white, blue, gray, or even colorless, has a vitreous to pearly luster. Barite is primarily used in the oil & gas industry as a weighing agent in drilling fluids.
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Properties such as non-corrosiveness, non-abrasiveness, insolubility in water, inertness, and high specific gravity enable barite’s application as a weighting agent in drilling operations to remove the cutting from the bits, transport cutting to the surface to reduce the friction in the drilling string, control pressure, prevent blow-out, and at the same time provide lubrication. The rising production of oil & gas around the globe coupled with increasing penetration of barite in drilling fluids is a key factor that is expected to boost the market in the near future.
Key Drivers of Europe Barite Market
The barite market in Europe is expanding due to rise in oil & gas drilling activities. Furthermore, increase in application of barite as a weighing agent in oil well drilling fluids to counteract certain pressures that result from well drilling operations significantly contributes toward the expansion of the market. Surge in offshore oil & gas drilling activities and increase in investment by major oil companies in deep and ultra-deep offshore exploration are expected to further augment the market during the forecast period.
Barite is also utilized as a filler in paint and coating industries. Thus, expansion of the barite market can be attributed to increase in paint and coating consumption in construction, automotive, and general industries in Europe. Barites are also used as fillers or additives in industrial products, including rubber, ceramics and glass, high density concrete and plaster, dielectrics, and medical applications.
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Growing End-use Industry to Create Opportunities for Barite Market
The increasing penetration of the barite as a filler in paints is projected to fuel the market during the forecast period. Rapid expansion of the construction sector in emerging economies of Asia Pacific is expected to drive the production of paints & coatings and plastics, which, in turn, is likely to propel the demand for fillers, such as barite. Barite is also utilized as a filler in the manufacturing of rubber and plastics. Consumption of plastic has increased in automotive, and electrical & electronics industries. Expansion of these end-use industries has led to a surge in production of plastics. Consequently, the demand for barite from plastic manufacturers is expected to rise during the forecast period.
The rising demand for barite from the medical industry is also fuelling the barite market in Europe. High pure barite is used in the gastrointestinal tract where its density helps prevent x-ray penetration and hence, is visible on an x-ray. Thus, it helps determine normal and abnormal anatomy.
In Europe, gastrointestinal infection (GI) is cause of approx. one million deaths each year across all ages. Furthermore, gastrointestinal cancer is a leading cause of cancer death in Europe. It is also a highly common cancer in men and the second-most common in women, after breast cancer. Incidence and prevalence of several gastrointestinal disorders are considerably high among geriatric people. An ageing population in Europe is also likely to lead to future increases in disease burden across the region.
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Currently, countries in Eastern Europe are registering significantly high incidence and prevalence of these GI disorders, which includes the most common functional disorders. These disorders if inadequately treated can lead to potentially life-threatening complications. Consequently, a surge in the number of patients suffering from this disease fuels the demand for barite across the medical industry for the examination of gastrointestinal tract diseases or infections.
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