Share this article Share this article ResearchAndMarkets.com's offering. The global barite market was valued at $1.4 billion in 2019, and is projected to reach $2.4 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027. Barite is comprised of barium sulphate is a common mineral used by oil & gas companies in their drilling activities. It is used in the drilling fluids to maintain the pressure in the well during drilling and to prevent the influx of unwanted fluids from the formation. It is also used as a filler, extender, or weighting agent in products such as paints, plastics, and rubber. The barite market is mainly driven by its growing consumption in oil & gas drilling industry. According to the U.S. Department of the Interior and U.S. Geological Survey, drilling activity accounts for around 90.0% of global barite consumption. Increase in crude oil and petrochemical consumption across various industries such as transportation, plastics, and paints & coatings has surged oil & gas exploration activities in offshore sites. In addition, rise in investment in deep and ultra-deep offshore exploration activities is expected to further augment the market growth during the forecast period.