The global barite market is expected to increase at a CAGR of 7.3 percent, from $1.4 billion in 2019 to $2.4 billion in 2027.
The worldwide barite market is being propelled forward by rising demand for oil and gas around the world. Because barite may be used as a weighing agent for drilling fluids, it is most commonly used in the oil and gas industry. Growing need for oil and gas in emerging nations to become energy self-sufficient is boosting the oil and gas industry's expansion, which in turn is increasing demand for barite. Global energy demand is expected to rise from 268 mboe/d in 2013 to 399 mboe/d by 2040, according to the International Energy Agency.
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