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SAN FRANCISCO, Jan. 13, 2021 /PRNewswire/ -- The global barite market size is expected
to reach USD 2.08 billion by 2027, according to a new report by Grand View Research, Inc. It is expected
to expand at a CAGR of 3.8% from 2020 to 2027. The market is expected to be driven by rising demand for oil & gas drilling applications. The COVID-19 pandemic is likely to restrict the industry growth in 2020 as oil & gas production is expected to fall drastically in 2020
.
Key suggestions from the report:
The oil & gas application segment dominated the market with a revenue share of 77.1% in 2019 owing to extensive utilization of barite as a weighting agent, particularly for offshore drilling