The Cary Company
High demand from Oil & Gas Industry
Barite has huge demand in oil and gas drilling operations as a weighing agent in the drilling mud. It prevents the explosive release of oil and gas during drilling and it has unique physical and chemical properties such as high specific gravity, chemical and physical inertness, low solubility, and magnetic neutrality.
The properties like 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 to provide lubrication.
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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