Barium Nitrate Market Overview:
The global barium nitrate market is primarily driven by growing demand from major applications such as pyrotechnics/fireworks, glass manufacturing, ceramics, tracer bullets, detonators, and vacuum tube production, among others. The higher demand for fireworks during different festivities and occasions increasing the consumption of barium nitrate. Additionally, the increasing demand for manufacturing destructive explosives for hand grenades from military and defense sector is the major factor positively influencing the market growth of barium nitrate.
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The use of barium nitrate in manufacturing of optical fiber is witnessing a significant growth due to the various beneficial properties it confers to end product such as improved refractive index, high quality, and low thermal expansion. The growing demand for barium nitrate in ceramic powder to produce capacitors, semiconductors, and superconductors is expected to bolster the global market growth further. However, being a water-soluble compound, it can be absorbed by marine and aquatic animals, which adversely affects the aquatic food chain. The compound is highly toxic and causes skin and eye irritation, stomach flu, and others if ingested. This is anticipated to restrain the growth of the market during the assessment period.
Barium nitrate is a crystalline, inorganic salt of barium and nitrate ions. The thermal decomposition of barium nitrate takes place at around 500ºC-700ºC with the release of oxygen, barium oxide, and nitrogen dioxide. It naturally occurs in nitrobarite, which is a rare earth mineral. Commercially, barium nitrate is produced using following two processes. The first is to carry out the reaction of barium carbonate with nitric acid and then precipitating, evaporating, and filtering iron impurities. The second way to produce the compound involves the reaction of heated sodium nitrate solution with barium chloride, which results in barium nitrate crystals. It acts as an oxidizer and is widely consumed to produce green fireworks. It is mixed with thermite to form Themate-TH3, a military thermite grenade. It forms highly explosive flash powder when mixed with aluminum powder.
The barium nitrate finds its applications in pyrotechnics/fireworks, glass manufacturing, ceramic powder, detonators, tracer bullets, and vacuum tube production, among others. The global barium nitrate market is mainly driven by its growing use in the manufacturing of explosives used in defense and military industry. The increasing demand for the compound in electrical and electronics industries in manufacturing semiconductors, superconductors, and capacitors is anticipated to favor the market growth during the years to follow. Moreover, the growing demand for the product in manufacturing various types of glass such as optical, art, and crystal glass is likely to further fuel the market growth during the forecast period. However, there are some restraining factors operating in this market which are needed to be taken under consideration are the highly toxic nature of the product, which can be absorbed by aquatic animals due to its water-soluble nature and can eventually enter the food chain and its harmful effects on human health due to indigestion.
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Market Segmentation
The global barium nitrate market is segmented on the basis of its application and region.
On the basis of the applications, the global barium nitrate market is segregated into explosives, glass manufacturing, ceramics, fireworks/pyrotechnics, tracer bullets, detonators, vacuum tube production, other barium compounds production, and others.
Regional Analysis
The global barium nitrate market is segmented into five major regions North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is the leading the global barium nitrate market owing to the high production of barium nitrate in this region. The growing demand for barium nitrate to create a powerful defense and increasing military ammunitions is anticipated to boost the market growth in coming years. The U.S accounts for major share of the regional market closely followed by Canada.
Following North America, Europe is another region fuelling the global market growth due to the heavy investments in the defense sector. Russia is the major contributor to this regional market on account of the high production of various types of explosives used in military and defense.
The Asia Pacific is projected to be the fastest growing region in the global barium nitrate market. China, India, and Japan are the major countries contributing to market growth due to the rising demand for fireworks, pyrotechnics, and electronics in this region. Currently, China is a major manufacturer and exporter of fireworks across the globe, which is primarily driving the market growth in this region.
Competitive Analysis
Some of the key manufacturers in the global barium nitrate market are Basstech International (U.S), Solvay (Belgium), SAKAI CHEMICAL INDUSTRIES CO., LTD (JAPAN), Mil-Spec Industries Corp. (New York), Spectrum Chemical Manufacturing Corp. (U.S), Pro Chem, Inc. (Georgia), GFS Chemicals, Inc. (U.S), Aldon Chemicals (U.S), Barium & Chemicals, Inc (U.S), All-Chemie, Ltd. (U.S), Divjyot Chemicals Private Limited (India), Qingdao Jiaozi International Trade Co., Ltd (China), Hongkong Sheng Shi Jiao Zi Industrial Co., Ltd (China), Merck KGaA (Germany), and Jiaocheng Sanxi Chemical Co., Ltd (China).
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